Emerita Resources Receives Conditional Approval for Acquisition of the Salobro Zinc Project, Brazil

TORONTO, ONTARIO--(Marketwired - Oct. 5, 2017) - Emerita Resources Corp. ("Emerita" or the "Company") (TSX VENTURE:EMO) has received conditional approval from the TSX Venture Exchange ("TSXV") to complete the acquisition of the Salobro zinc project (the "Salobro Project") located in Minas Gerais State, Brazil (the "Transaction"). Please see Emerita's press release issued on July 14, 2017 for further details regarding the Transaction.

Final acceptance by the TSXV 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.

About the Salobro Project

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.

A summary of the historical resource estimate can be found on the Company's website in a report entitled "Mineralizações De Zinco E Chumbo Do Depósito Salobro, Porteirinha (Mg) (2006)". According to this report, the Salobro Project deposit is estimated to contain 8.3 million tonnes grading 7.12% zinc and lead. A "qualified person", as defined in National Instrument 43-101 ("NI 43-101"), has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. Further work must be completed in order to demonstrate whether a reasonable expectation for commercial extraction exists. The mineral resource estimate is a historical estimate and should not be relied upon.