Edgewater Exploration Ltd.

Edgewater Exploration Ltd.

October 13, 2010 10:01 ET

Edgewater Exploration Ltd.: Major Exploration Program Begins at the Enchi Gold Project, Ghana

+12,000 Metre Drill Program Planned to Expand Existing Gold Zones

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW) is pleased to announce that the Company has commenced exploration activities on the Enchi Gold Project ("Enchi or the Project"). The 568 km2 Enchi Gold Project located in southwest Ghana, West Africa covers a 40 kilometre strike length of the Bibiani Shear Zone ("BMZ") that hosts a number of major gold mines and deposits including Kinross Gold Corporation's (TSX: K, NYSE: KGC, "Kinross") Chirano Gold Mine located 70 km northeast of the Project and the Bibiani Gold Deposit located 90 km northeast of the Project. Edgewater can earn a 45.9% direct interest in the Enchi Gold Project from Kinross (formerly Red Back Mining) by spending a total of $5.0 million on work expenditures on the Project over 26 months. The Company's proposed exploration and drilling program is directed at further evaluating numerous high priority gold targets on the Project aiming to generate a sufficient amount of new data, alongside the existing drill information, to support a NI 43-101 compliant resource estimate to be completed for the Project in the first half of 2011. The proposed program includes a total of 6,850 m of RC drilling in 55 drill holes and 5,400 m of diamond drilling in 30 holes.

Kinross and previous workers discovered 16 separate gold mineralized zones on the Enchi Gold Project that have the characteristics of epigenetic mesothermal Ashanti-style quartz vein style gold deposits. This style of gold mineralization is the most important type of gold occurrence in West Africa. The drilling program will be a combination of in-fill and step-out drilling on previously drill tested zones.

One of the 16 gold targets includes the Boin gold zone where mineralization has been traced for over 10km along strike and is located on a parallel structure to the Bibiani Shear Zone. Red Back completed 112 Reverse Circulation ("RC") drill holes totalling 13,033 metres generating a total of 80 separate drill hole intercepts that assayed greater than 1.0 g/t Au. The Boin gold zone is open for expansion along strike and further at depth and is characterised by massive 20-30 m wide zones of intensive quartz veining. Selected RC drilling results greater than 1.0 g/t Au from the Boin Zone are summarized in Table 1. All 80 RC drilling gold intercepts greater than 1.0 g/t Au from the Boin Zone are available on the Company's website. Details of the Enchi Project are available in the technical report entitled "Technical Report on the Enchi Gold Project, Ghana" dated June 15, 2010 authored by Todd McCracken, P.Geo. of Wardrop Engineering Inc. (the "Technical Report") filed on SEDAR at www.sedar.com under Edgewater's profile.

Table 1
Boin Gold Zone - Selected RC Drilling Results

Hole From (m) To (m) Intercept (m) Au (g/t)
KBRC001 29 49 20 1.57
KBRC005 94 99 5 1.41
KBRC007 84 96 12 1.75
KBRC011 105 126 21 2.56
KBRC023 41 51 10 1.08
KBRC035 12 24 12 1.61
KBRC041 26 38 12 1.39
KBRC044 87 116 29 1.68
KBRC052 111 150 39 1.79
KBRC062 98 104 6 2.13
KBRC074 24 32 8 2.53
KBRC076 19 35 16 2.51
KBRC079 44 48 4 1.55
KBRC081 139 147 8 4.61
KBRC083 41 45 4 2.99
KBRC100 19 32 13 4.11
KBRC108 34 39 5 2.85

1) All reported drill intercepts are core length and true widths are estimated at 80 per cent of core length.
2) Weighted averages calculated using uncut assays.

In addition to the Boin gold zone the current program will include drilling on other high priority gold zones such as Nyamebekyere and Sewum where previous drilling has been successful in identifying significant gold mineralization. 

Field work has already commenced with the establishment of a field base in the village of Enchi, the re-establishing of existing control grids and the completion of additional cut lines to cover previously un-sampled areas along strike from existing gold zones. This will lead to an extension of the existing soil geochemistry grid, where significant gold-in-soil anomalies have already been highlighted, some in excess of 2.5 km in length and up to 800 m wide. The goal of this additional sampling is to expand the already extensive foot-print of the gold mineralized systems at Enchi. On-going work also includes a trenching program directed at extending several of the known gold zones on the Project and further defining targets in preparation of first phase drill testing.

Mr. Gregory Smith, P.Geo, the 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.

Detailed Project information, including trenching and drilling locations can be viewed at http://www.edge-water.com/s/Enchi_Gold.asp.

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the Enchi Gold Project in Ghana, West Africa and the Corcoesto Gold Project in northwest Spain.

On behalf of the board of EDGEWATER EXPLORATION LTD.

"George Salamis"

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."

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