VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2013) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce the engagement of mining consultants Micon International ("Micon"), KD Engineering ("KD") and a subsidiary of Golder Associates ("Golder Espana") to prepare and deliver a definitive feasibility study and feasibility-level engineering design for the Corcoesto Gold Project ("Corcoesto"). The feasibility study has been underway for several months and the new lead engineering firm, Micon, will incorporate all data previously generated for the study. Edgewater expects the study to be completed Q3, 2013.
Micon will author the feasibility study and KD will complete the feasibility-level engineering of the processing facility and mine site infrastructure as well as contribute to the feasibility study. Golder Espana will complete the engineering design on the proposed tailings facility at Corcoesto.
George Salamis, President and CEO, stated: "We have recently chosen to complete the Corcoesto Gold Project feasibility study with Micon International, KD Engineering and Golder Associates. Edgewater's management team have completed several feasibility studies, built a number of gold projects as well as managed gold production. We have combined over 80 years experience and we feel this is the most appropriate technical and effective move for our shareholders. We have an excellent project and I am confident we will complete our Final Feasibility Study during Q3 this year."
Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimation, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, independent engineer services, economic analysis and litigation support.
Micon will immediately commence resource estimation of the Corcoesto gold deposit using resource information, geological data and interpreted wireframes which have been generated by the Company over the past several months. It is expected that the updated resource estimate will be delivered during Q2, 2013. This resource estimate will incorporate approximately 50,000 meters of in-fill drilling conducted on a drill spacing of 25m x 25m, completed during 2012.
Edgewater has terminated its engagement with Tetra Tech in its role as the lead engineering firm on the Corcoesto Gold Project.
Corcoesto was the focus of a PEA conducted in late 2011. The results from the PEA can be found on our website at www.edgewaterx.com.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on the development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.