Ms. Helia Bento reports

EMERITA RESOURCES ANNOUNCES INTENTION TO CONSOLIDATE SHARES

Emerita Resources Corp. intends to seek the necessary approvals to consolidate its common shares.

The company has called a special meeting of common shareholders for Wednesday, Dec. 19, 2018, at 10 a.m. Toronto time. The meeting will be held at the company's head office at 65 Queen St. W, on the eighth floor boardroom, Toronto, Ont., M5H 2M5. Emerita shareholders will be asked to consider and approve a share consolidation on the basis of one new common share of the company for up to every five existing common shares of the company, or such lower number of existing shares as may be determined by the board of directors of Emerita and as may be required to obtain approval of the consolidation from the TSX Venture Exchange.

The principal effects of the consolidation will be that the number of shares of the company issued and outstanding will be reduced from 142,095,829 existing shares as of the date hereof to approximately 28,419,165 new shares, assuming a consolidation ratio of one for five.

The expected benefits of the consolidation include improved trading liquidity from lower transaction costs, great investor interest as well as reduced future dilution from the ability to raise additional capital at a higher price per share. Additional benefits of the consolidation, as well as the procedure for implementing the consolidation and the full text resolution approving the consolidation may be found in the company's management information circular dated Nov. 21, 2018, that is being mailed to shareholders and may be found under the company's profile on SEDAR. The consolidation remains subject to shareholder approval and acceptance by the TSX Venture Exchange.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring its properties in Spain. The company's corporate office and technical teams are based in Seville, Spain, with an administrative office in Toronto, Canada.

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