Emerita Resources Corp. provided an update on the ongoing metallurgical testing program and provide test results. The goal of the program is to demonstrate that commercial grade concentrates can be produced from the Iberian Belt West project (IBW or Project) and at recoveries which are potentially economic and provide required data for planned mill plant design.

The preliminary results indicate that commercial grade concentrates can be produced from IBW using traditional methods at recoveries similar to other operations in the Iberian Pyrite Belt. Test results outlined below are preliminary in nature. Additional locked cycle test results are pending and have potential to further improve on the results.

Completed tests to date have returned zinc concentrates grading 52.4% Zn with Project average zinc recovery of 84%, which is approximately 5-10% higher than reported results for mines in operation in the Iberian Pyrite Belt. Tests on La Romanera deposit have returned Zn concentrate grade of 49.3% Zn at 85% recovery and tests of La Infanta deposit have returned 60% Zn concentrate grade with 81% Zn recovery. Testing continues and final results will be released at the completion of this phase of tests.

Copper focused tests of La Romanera (0.67% Cu head grade) and La Infanta deposits (0.86% Cu head grade) have shown that commercial grade copper concentrates of 22.26% Cu and 24.87% Cu with 69.4% and 51.69% copper recoveries, respectively, can be produced. These results are similar to operating mines in the region and would be expected to improve for ores with significantly higher copper grades. Both copper concentrates have reported gold and silver content at payable levels of 1.94g/t Au and 372.8g/t Ag for La Romanera copper concentrate, and 7.06g/t Au and 1534.6g/t Ag for La Infanta copper concentrate.

Testing continues including a focus on optimizing precious metals recoveries at La Romanera. Test work also showed potential to produce a Pb/Cu semi-bulk concentrate, increasing a potential payable Pb in concentrate, and the potential to improve overall copper recoveries. Project wide test results averaged 40% Pb and 7.2% Cu at 57% and 36.7% Pb and Cu recoveries, respectively, in semi-bulk concentrate.

These results are comparably higher Pb, Cu grades and higher Pb, Cu recoveries than regional operating mines which are also producing a Cu-Pb bulk concentrate. Individually, La Romanera deposit tests returned Pb/Cu semi-bulk concentrate containing 38.7% Pb and 7.51% Cu with 46.10% Pb and 37.6% Cu recoveries. La Infanta tests returned 44.11% Pb and 6.03% Cu grades in concentrate with 91.6% Pb and 52.2% Cu recoveries.