VANCOUVER, Dec. 11, 2012 /CNW/ - Emerick Resources Corp. (TSX-V: ERC.H) ("Emerick" or the "Company") is pleased to announce that it has completed its reverse takeover ("RTO") of Medgold Resource Ltd. ("Medgold"), a private European-focused gold exploration company. Subject to TSX Venture Exchange acceptance, the Company's shares will trade under the name, Medgold Resources Corp.
The newly merged company will explore for major gold deposits in the
Mediterranean region, focusing on countries with a known history of gold
production, and mining-friendly legal/fiscal codes. The Company's project portfolio includes gold projects in Tuscany, Italy, and an extensive pipeline of projects in Portugal and Spain. The legislative environment covering mine planning and development has eased recently in the three targeted countries as a result of the on-going economic downturn in the Mediterranean region and the resulting need for investment and job creation.
The Company will be guided by a highly experienced Board of Directors made up of exploration and mining industry veterans led by Vancouver-based entrepreneur Simon Ridgway as Chairman of the Board and Chief Executive Officer. Mr. Ridgway, and the other members of the Board- Daniel James, Ralph Rushton, Jeremy Martin and David Hall -have been responsible for establishing and financing a number of successful exploration and mining companies including Fortuna Silver Mines Inc.,
Stratex International PLC, Northland Resources S.A. and Horizonte Minerals PLC.
Chairman Simon Ridgway said: "I am delighted to conclude the RTO of Medgold as I believe it places us in a strong position to discover and build the next generation of European gold mines, at a time when the region needs investment and job-creation. Medgold has been building an exciting project portfolio and pipeline in highly prospective regions with historic gold production. I'm confident that the technical teams that have been established in Italy, Spain and Portugal will deliver value for our new shareholders."
SOURCE Emerick Resources Corp.