Approval For Acquisition Of Salobro Zinc Project

TORONTO - Emerita Resources Corp. received conditional approval to complete the acquisition of the Salobro zinc project located in Minas Gerais State, Brazil. Final acceptance is conditional upon the Company satisfying the TSXV that the Company will, on closing of the Transaction, have the financial resources to: (i) close the transaction, (ii) fund its property payment obligations for a minimum of six months, (iii) fund the first stage of any recommended work program, and (iv) fund six months of general and administrative expenses. As part of the TSXV approval process, the Company commissioned an independent NI 43-101 compliant Technical Report which will be filed on SEDAR promptly after the closing of the Transaction.

The Salobro Project is located in Minas Gerais State, Brazil in an area well serviced with infrastructure including a zinc smelter, paved roads, rail, water and power. The mineralization is hosted in the Archean to Paleoproterozoic Riacho dos Machados group, of metasedimentary rocks. The mineralization is stratabound with sphalerite and galena as the ore minerals. The metasedimentary sequence comprises carbonates, banded iron formations and banded cherts, suggesting either a Mississippi Valley Type or Sedex depositional environment for the sulphide accumulations. The thickest intercept to date is 13.92 meters grading 10.39% zinc and 2.13% lead.