Edgewater Exploration Ltd.
TSX VENTURE : EDW
OTCQX : EDWZF

Edgewater Exploration Ltd.

January 08, 2013 09:30 ET

Edgewater Exploration Ltd.: In-Fill Drilling Program Complete at Corcoesto, Spain; Recent Results Include 12.35m @ 3.24 g/t Au and 6.85m @ 5.63 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to report it has now completed the in-fill diamond drilling program on the Company's 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.

"We are pleased with how our in-fill drilling program has gone over the last 12 months. Our focus was to convert Inferred resources to Measured and Indicated resources down to a depth of 250 m, in view of future open-pit mining. With the completion of the in-fill program we are working to announce an updated Resource Estimate before the end of January, 2013," stated George Salamis, President and CEO. "With the Environmental Impact Statement having been approved in December 2012, Edgewater remains firmly committed to seeing Corcoesto through to mine development and to ensuring that the surrounding communities derive maximum benefit from future gold production."

Assay sampling has been concluded for all in-fill holes and complete results will be included in the updated Resource Estimate currently being conducted by Tetra Tech and scheduled to be completed before the end of January 2013.

The final 10,000 metres of the 40,000 metre in-fill program targeted the Cova Crea Zone. Drilling continues to intersect significant widths and grades of gold mineralization including DDH12W238 that returned 12.35 metres grading 3.24 g/t Au.

Table 1: Corcoesto Highlight of Recent Drill Results

Drill From To Length Au G*T
Hole (m) (m) metres g/t (g-m/t)
12W238 39.70 52.05 12.35 3.24 40.01
12W238 incl 40.70 42.15 1.45 13.55 19.65
12W223 164.85 171.70 6.85 5.63 38.57
12W223 incl 166.85 167.90 1.05 30.00 31.50
12W222 224.40 234.20 9.80 2.87 28.13
12W222 incl 232.20 233.20 1.00 15.75 15.75
12W226 235.40 250.30 14.90 1.80 26.82
12W241 124.80 132.20 7.40 3.24 23.98
12W241 and 167.40 181.10 13.70 1.67 22.88
12W241 incl 167.40 168.40 1.00 11.28 11.28
12W217 102.20 107.90 5.70 4.20 23.94
12W217 incl 104.20 105.50 1.30 12.30 15.99
12W244 90.00 98.10 8.10 2.93 23.73
12W232 261.00 280.50 19.50 1.13 22.04
12W238 198.70 202.30 3.60 5.51 19.84
12W219 124.30 127.80 3.50 5.66 19.81
12W219 incl 126.60 127.80 1.20 15.70 18.84
12W231 184.00 185.20 1.20 14.99 17.99
12W231 325.00 329.50 4.50 3.92 17.64
12W244 225.00 248.50 23.50 0.71 16.69
12W244 incl 90.00 91.00 1.00 16.65 16.65
12W237 96.00 101.20 5.20 3.14 16.33
12W237 incl 98.00 99.20 1.20 11.63 13.96
12W242 39.20 50.80 11.60 1.38 16.01
12W234 27.80 33.90 6.10 2.52 15.37
12W234 incl 31.80 32.90 1.10 11.20 12.32
12W229 71.80 83.20 11.40 1.25 14.25
12W224 105.30 124.30 19.00 0.74 14.06
12W223 70.40 72.50 2.10 6.38 13.40
12W243 168.20 188.50 20.30 0.62 12.59
12W231 49.80 55.60 5.80 2.13 12.35

Notes:

1) All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths.

2) Weighted averages calculated using uncut assays.

3) See Table attached for complete results.

Edgewater has now completed 278 drill holes at Corcoesto totaling 52,940 metres. The most recent drill phase consisted of 64 drill holes (12W215 - 12W278) totaling 10,721.5 metres and this news release is reporting previously un-released results for holes 12W215 to 12W244. Analyses for holes 12W245 to 12W278 are in progress.

To view the plan map accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/edw18.jpg

Work continues by Tetra Tech on the NI43-101 compliant Feasibility Study on the Corcoesto Gold Project. Additional work on-going in support of the Feasibility Study includes detailed processing plant design, ore and waste mining scheduling, metallurgical testing and geotechnical studies.

Sample preparation and analyses are conducted using industry standard practices. Samples are delivered to Chemex Lab in Seville, Spain and sample analyses completed at independent commercial facilities of ALS Romania for Au and ALS Canada (Vancouver) for As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling and analyses include a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of blanks, duplicate samples, and check assays. Additional QA/QC includes re-assaying of random and selected samples at a second independent laboratory. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.

Mr. Gregory Smith, P.Geo., Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

About Edgewater Exploration Ltd.

Edgewater is a mineral development and exploration company focused on advancement and 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

Previously Unreported Results from Recently Completed Drill Holes

Drill Hole From To Length Au G*T
m m (meters) g/t (g-m/t)
12W215 14.20 15.20 1.00 1.08 1.08
12W215 19.90 21.00 1.10 1.13 1.24
12W215 36.50 37.50 1.00 2.80 2.80
12W215 74.10 85.80 11.70 0.61 7.14
12W216 8.00 9.50 1.50 1.05 1.58
12W216 108.30 110.30 2.00 1.51 3.02
12W216 146.80 168.20 21.40 0.54 11.56
12W216 176.20 177.20 1.00 3.56 3.56
12W217 39.00 42.10 3.10 2.85 8.84
12W217 55.50 57.60 2.10 2.30 4.83
12W217 70.80 72.90 2.10 1.03 2.16
12W217 78.10 79.30 1.20 4.00 4.80
12W217 102.20 107.90 5.70 4.20 23.94
12W217 incl 104.20 105.50 1.30 12.30 15.99
12W217 143.50 144.80 1.30 6.09 7.92
12W217 149.20 159.00 9.80 0.71 6.96
12W217 169.30 171.40 2.10 2.72 5.71
12W217 incl 169.30 170.40 1.10 4.38 4.82
12W218 63.00 66.60 3.60 0.88 3.17
12W218 112.10 113.10 1.00 0.74 0.74
12W218 127.10 133.00 5.90 1.13 6.67
12W219 52.00 56.40 4.40 0.56 2.46
12W219 78.50 84.20 5.70 0.87 4.96
12W219 124.30 127.80 3.50 5.66 19.81
12W219 incl 126.60 127.80 1.20 15.70 18.84
12W219 157.60 158.90 1.30 1.92 2.50
12W219 173.50 174.50 1.00 1.08 1.08
12W219 190.60 191.60 1.00 0.54 0.54
12W220 131.20 132.20 1.00 0.65 0.65
12W220 185.00 187.10 2.10 0.98 2.06
12W221 78.80 97.60 18.80 0.57 10.72
12W222 10.10 11.10 1.00 0.73 0.73
12W222 68.20 69.20 1.00 1.14 1.14
12W222 96.20 100.10 3.90 0.82 3.20
12W222 129.90 130.90 1.00 0.56 0.56
12W222 182.60 184.90 2.30 2.32 5.34
12W222 209.30 215.30 6.00 0.68 4.08
12W222 224.40 234.20 9.80 2.87 28.13
12W222 incl 232.20 233.20 1.00 15.75 15.75
12W222 239.90 241.10 1.20 1.12 1.34
12W222 254.30 255.50 1.20 6.95 8.34
12W223 70.40 72.50 2.10 6.38 13.40
12W223 incl 70.40 71.40 1.00 10.60 10.60
12W223 120.00 121.00 1.00 1.14 1.14
12W223 139.10 144.10 5.00 0.70 3.50
12W223 164.85 171.70 6.85 5.63 38.57
12W223 incl 166.85 167.90 1.05 30.00 31.50
12W223 190.60 191.80 1.20 0.77 0.92
12W223 221.90 225.10 3.20 3.56 11.39
12W223 incl 221.90 222.90 1.00 8.34 8.34
12W223 244.40 245.50 1.10 4.04 4.44
12W224 68.00 69.00 1.00 0.75 0.75
12W224 89.70 91.70 2.00 0.54 1.08
12W224 105.30 124.30 19.00 0.74 14.06
12W225 191.85 203.60 11.75 0.61 7.17
12W225 207.40 208.60 1.20 0.58 0.70
12W225 243.90 249.10 5.20 1.15 5.98
12W226 235.40 250.30 14.90 1.80 26.82
12W226 incl 239.40 240.55 1.15 8.39 9.65
12W226 266.40 267.40 1.00 1.01 1.01
12W226 275.00 279.50 4.50 1.16 5.22
12W227 14.30 15.85 1.55 0.68 1.05
12W227 65.00 66.10 1.10 1.26 1.39
12W227 75.20 77.20 2.00 1.60 3.20
12W227 108.00 109.00 1.00 1.10 1.10
12W227 121.50 125.50 4.00 0.55 2.20
12W227 162.60 163.70 1.10 0.62 0.68
12W228 29.10 30.30 1.20 0.60 0.72
12W228 41.20 42.40 1.20 0.65 0.78
12W228 45.70 48.80 3.10 0.53 1.64
12W228 55.60 56.80 1.20 0.56 0.67
12W228 58.30 59.40 1.10 0.66 0.73
12W229 1.80 2.80 1.00 0.97 0.97
12W229 71.80 83.20 11.40 1.25 14.25
12W230 34.90 50.60 15.70 0.73 11.46
12W230 92.00 93.00 1.00 0.95 0.95
12W230 105.50 118.70 13.20 0.90 11.88
12W230 123.70 125.70 2.00 1.43 2.86
12W230 131.50 132.50 1.00 0.93 0.93
12W231 41.60 42.80 1.20 1.20 1.44
12W231 49.80 55.60 5.80 2.13 12.35
12W231 86.70 87.90 1.20 1.63 1.96
12W231 184.00 185.20 1.20 14.99 17.99
12W231 226.60 227.60 1.00 1.32 1.32
12W231 247.00 248.20 1.20 0.95 1.14
12W231 272.30 286.00 13.70 0.83 11.37
12W231 325.00 329.50 4.50 3.92 17.64
12W231 349.10 351.20 2.10 2.22 4.66
12W232 16.50 17.50 1.00 2.36 2.36
12W232 34.30 35.30 1.00 1.98 1.98
12W232 50.50 51.50 1.00 1.08 1.08
12W232 123.80 124.80 1.00 8.07 8.07
12W232 190.30 191.30 1.00 1.71 1.71
12W232 227.00 228.00 1.00 0.65 0.65
12W232 232.20 236.70 4.50 0.65 2.93
12W232 246.30 247.40 1.10 1.29 1.42
12W232 250.00 251.00 1.00 0.84 0.84
12W232 254.40 255.50 1.10 1.10 1.21
12W232 261.00 280.50 19.50 1.13 22.04
12W233 12.85 14.10 1.25 2.49 3.11
12W233 45.00 47.45 2.45 4.43 10.85
12W233 52.45 53.45 1.00 0.71 0.71
12W233 80.00 81.00 1.00 1.43 1.43
12W233 106.60 111.70 5.10 0.86 4.39
12W233 134.90 136.00 1.10 0.95 1.04
12W233 164.30 168.30 4.00 0.57 2.28
12W233 198.50 204.60 6.10 0.86 5.25
12W234 27.80 33.90 6.10 2.52 15.37
12W234 incl 31.80 32.90 1.10 11.20 12.32
12W234 53.90 54.90 1.00 3.79 3.79
12W235 61.20 62.70 1.50 0.87 1.31
12W235 67.60 68.80 1.20 0.67 0.80
12W235 77.00 78.30 1.30 0.81 1.05
12W235 109.30 110.40 1.10 0.55 0.61
12W236 38.6 39.6 1.00 0.81 0.81
12W236 57.3 58.4 1.10 0.59 0.65
12W237 52.50 53.80 1.30 1.01 1.31
12W237 58.80 59.90 1.10 2.28 2.51
12W237 96.00 101.20 5.20 3.14 16.33
12W237 incl 98.00 99.20 1.20 11.63 13.96
12W238 39.70 52.05 12.35 3.24 40.01
12W238 incl 40.70 42.15 1.45 13.55 19.65
12W238 73.90 74.90 1.00 2.48 2.48
12W238 81.40 82.40 1.00 1.10 1.10
12W238 92.40 93.40 1.00 4.20 4.20
12W238 121.00 123.00 2.00 1.21 2.42
12W238 139.00 157.10 18.10 0.65 11.77
12W238 181.30 182.30 1.00 4.01 4.01
12W238 184.70 185.70 1.00 1.23 1.23
12W238 198.70 202.30 3.60 5.51 19.84
12W239 22.30 23.30 1.00 4.31 4.31
12W239 109.80 120.90 11.10 0.85 9.44
12W239 130.30 131.50 1.20 0.89 1.07
12W239 137.50 138.50 1.00 0.63 0.63
12W239 145.20 148.40 3.20 3.72 11.90
12W239 167.20 168.40 1.20 0.67 0.80
12W240 94.60 95.60 1.00 0.50 0.50
12W240 107.90 108.90 1.00 0.70 0.70
12W240 117.30 127.00 9.70 0.56 5.43
12W240 135.00 140.00 5.00 1.25 6.25
12W241 34.00 35.00 1.00 0.58 0.58
12W241 124.80 132.20 7.40 3.24 23.98
12W241 167.40 181.10 13.70 1.67 22.88
12W241 incl 167.40 168.40 1.00 11.28 11.28
12W242 39.20 50.80 11.60 1.38 16.01
12W242 57.90 73.70 15.80 0.58 9.16
12W243 35.60 38.70 3.10 1.10 3.41
12W243 141.60 144.80 3.20 2.75 8.80
12W243 153.50 154.50 1.00 1.12 1.12
12W243 168.20 188.50 20.30 0.62 12.59
12W244 81.00 82.00 1.00 1.07 1.07
12W244 90.00 98.10 8.10 2.93 23.73
12W244 incl 90.00 91.00 1.00 16.65 16.65
12W244 136.50 137.50 1.00 0.90 0.90
12W244 148.50 149.50 1.00 0.54 0.54
12W244 154.50 155.50 1.00 0.55 0.55
12W244 173.50 177.10 3.60 1.50 5.40
12W244 181.10 182.10 1.00 0.93 0.93
12W244 188.00 189.00 1.00 1.59 1.59
12W244 225.00 248.50 23.50 0.71 16.69

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.

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