EMGOLD MINING CORPORATION
Suite 1400 – 570 Granville Street
Vancouver, B.C. V6C 3P1
www.emgold.com
October 20, 2010
TSX Venture Exchange: EMR
US OTC: EGMCF.PK
U.S. 20-F Registration: 000-51411
Frankfurt Stock Exchange: EML
EMGOLD MINING CORPORATION REPORTS RESULTS
OF ANNUAL AND SPECIAL MEETING
Emgold Mining Corporation (EMR – TSX Venture)(the "Company" or "Emgold") is pleased to report that at the Annual and Special Meeting of the shareholders, held on Friday, October 15, 2010, David Watkinson, Sargent Berner, Kenneth Yurichuk, Stephen Wilkinson, and William Witte were re-elected as directors of the Company and PricewaterhouseCoopers was re-appointed as the Company's auditors for the following year. Shareholders ratified and approved the continuation of the Company's 10% rolling stock option plan and disinterested shareholders approved a decrease in the exercise price of outstanding stock options held by insiders of the Company, subject to regulatory approval.
Shareholders also approved: (1) a potential change of control of the Company that could result if warrants issued in connection with the settlement of debt related to accrued and unpaid dividend were exercised and no other outstanding common shares are issued; and (2) adoption of a new form of Articles for the Company. The new Articles will update and modernize the Company’s existing articles.
Information Regarding Emgold
Emgold is currently in the advanced stage of permitting the Idaho-Maryland Project, located in Grass Valley, CA. The Idaho-Maryland Mine was once the second largest underground gold mine in California, and is reported to have produced 2.4 million ounces of gold at an average recovered grade of 0.43 ounce per ton. It is adjacent to the Empire Mine, Newmont Mining Corporation's first operating gold mine and historically California's largest underground gold mine, which is reported to have produced 5.8 million ounces of gold. The Grass Valley Mining District is reported to have produced over 17 million ounces of gold from 1850 to 1956. Both the Idaho-Maryland Mine and Empire Mine shut down in 1956 due to the fixed price of gold at US$35 per ounce and rising labor and supply costs after WWII.
The Idaho-Maryland Project contains a NI 43-101 compliant measured and indicated resource of 472,000 ounces of gold at a grade of 0.28 ounces per ton and an inferred resource of 1,002,000 ounces of gold at a grade of 0.39 ounce per ton, estimated as at March 1, 2007 (See Emgold's NI 43-101 compliant Technical Report titled "Idaho-Maryland Mine Project" dated December 8, 2009, filed under the Company's profile atwww.sedar.com).
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Information in this news release that is of a scientific or technical nature was prepared by Mr. Robert Pease, Professional Geologist (California), Chief Geologist of the Company and a Qualified Person as defined in National Instrument 43-101.
For more information about Emgold, the Idaho-Maryland Gold Project and the Buckskin Rawhide, Stewart, and Rozan Properties, please visitwww.emgold.com.
This release is not an offer of securities for sales in the United States. Securities may not be offered or sold in the United States absent registration or exemption from registration.
On behalf of the Board of Directors
David G. Watkinson
President & CEO
For further information please contact:
Tel: 604-687-4622 Toll Free: 1-888-267-1400
Email:info@emgold.com
This release was prepared by the Company's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address the mineral resource estimates, are forward-looking statements and are based on a number of assumptions, including but not limited to the assumptions underlying the estimated resources outlined in the Technical Report are and remain valid, that the demand for and price of gold remains constant or increases and does not experience a material decline, and that the Company will be able to raise the capital required to hold and develop the Idaho-Maryland Project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes the price of gold, the price of the company's shares, the costs of labour, equipment and other costs associated with exploration, development and mining operations, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available atwww.sedar.com or the Company's website atwww.emgold.com.
