Edgewater Exploration Ltd.
TSX VENTURE : EDW
OTCQX : EDWZF

Edgewater Exploration Ltd.

April 12, 2011 09:32 ET

Edgewater Intersects 1.72 g/t Gold Over 24 m on Boin Gold Zone and 4.75 g/t Gold Over 11 m on Nyam Gold Zone at Enchi Project, Ghana

-- 1.72 g/t gold over 24.0 m on the Boin Gold Zone

-- 1.13 g/t gold over 34.0 m on the Nyam Gold Zone

-- 4.75 g/t gold over 11.0 m on the Nyam Gold Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2011) -Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce additional diamond drill hole and trench results on the Company's Enchi Gold Project ("Enchi or the Project") in Ghana. Results continue to outline near-surface gold mineralization, at a depth of 25-50 m from surface on the Boin and Nyam Gold Zones (see a plan map here). The targets for this phase of drilling are three of the 16 known gold zones at Enchi; Nyamebekyere ("Nyam"), Boin, and Sewum.

George Salamis, President and CEO stated: "These are some of the widest and highest grade gold intercepts reported to date on Enchi, and we continue to outline encouraging gold mineralization at vertical depths of less than 50 m. As the 35,000 meter drill program continues to accelerate with additional rigs, we expect to drill test these same multi-kilometer-long gold-bearing structures at shallow depths averaging 150 m or less. At Kinross Gold's Chirano mine located 70 km northeast of the Enchi project, individual gold deposits are known to extend to over 700 m in depth."

Table 1 Drill Result Highlights
# Type Zone Section From(m ) To(m ) Interval(m ) Au g/t g/T*m
NBDDH021 Drill Hole Nyam 16000N 69.0   80.0   11.0   4.75 52.25
NBDDH021 Drill Hole Nyam Inc. 74.0   75.0   1.0   44.20 44.20
KBDDH003 Drill Hole Boin 4050N 44.0   68.0   24.0   1.72 41.28
NBDDH018 Drill Hole Nyam 15850N 31.0   65.0   34.0   1.13 38.42
KBDDH003 Drill Hole Boin inc 50.0   58.0   8.0   3.84 30.72
KBDDH004 Drill Hole Boin 4050N 3.0   13.0   10.0   2.60 26.00
NBDDH013 Drill Hole Nyam 15605N 43.0   64.0   21.0   1.04 21.84
NBDDH013 Drill Hole Nyam inc. 52.0   61.0   9.0   1.84 16.56
NBDDH018 Drill Hole Nyam 15850N 1.0   16.0   15.0   1.08 16.20
NBTR009 Trench Nyam 15800N 4.0   12.0   8.0   1.89 15.12
NBTR007 Trench Nyam 15680N 8.0   20.0   12.0   1.20 14.34
NBTR009 Trench Nyam 15800N 22.0   38.0   16.0   0.77 12.32
NBDDH018 Drill Hole Nyam inc 10.0   16.0   6.0   2.04 12.24
NBDDH022 Drill Hole Nyam 16035N 31.0   36.0   5.0   2.15 10.75
NBTR008 Trench Nyam 15710N 16.0   24.0   8.0   1.32 10.56
NBDDH012 Drill Hole Nyam 15710N 35.0   42.0   7.0   1.45 10.15
NBDDH009 Drill Hole Nyam 15550N 51.0   56.0   5.0   2.02 10.09
     
Notes: 1) All reported intercepts are core lengths and true widths are estimated at 80-85 per cent of core lengths
  2) Weighted averages calculated using uncut assays.
  3) See attached table for complete set of results.

Boin has a known strike length of over 10 km identified by previous shallow RC and RAB drilling, Edgewater currently has one drill operating on Boin with plans to add additional rigs in the coming weeks. Nyam has been traced in wide-spaced drilling for over 1600 m and is part of a continuous 15 km strike length of gold prospects on the Project from Nyam southwest through Kojina Hill to Sewum Hill in the south. To date, a total of 57 holes have been completed and 27 trenches have been dug by Edgewater at Enchi which continue to consistently intersect good grade gold mineralization. As expected, these recent results are now defining a series of steeply plunging gold zones along both of the Boin and Nyam structures. These shoots will be the focus of the next phase of drilling which will continue to test the structures at depths of 75 m to 150 m below surface within the unoxidized portion of the system.

The third gold zone to be tested in this phase of drilling will be Sewum which is host to three separately defined gold mineralized structures, each in excess of a kilometre in length. All three of these highly prospective areas occur along a key sedimentary-volcanic contact, and host similar geology to Kinross Gold Corporation's Chirano Gold mine (5 million oz) located along the Bibiani Shear Zone 70km northeast of the Project. Edgewater has now completed road access into the Sewum Zone and has commenced an initial 3000 m diamond drill program.

Road-work has also been initiated into the Eradi Zone where the Company expects to commence drilling in the next few months.

Sample analyses have been conducted at independent commercial facilities SGS Labs in Tarkwa Ghana. All sample analyses was completed using industry standard geochemical and fire assay practices and included a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of standards, blanks and duplicate samples randomly into the sample stream. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.

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.

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, President and CEO

# Type Zone Section From(m ) To(m ) Interval(m ) Au g/t g/T*m
NBDDH009 Drill Hole Nyam 15550N 51   56   5   2.02 10.09
NBDDH009 Drill Hole Nyam 15550N 66   68   2   1.41 2.82
NBDDH010 Drill Hole Nyam 15550N 30   31   1   0.74 0.74
NBDDH010 Drill Hole Nyam 15550N 46   47   1   0.67 0.67
NBDDH011 Drill Hole Nyam 15640N 12   16   4   0.66 2.64
NBDDH011 Drill Hole Nyam 15640N 24   28   4   1.64 6.56
NBDDH011 Drill Hole Nyam 15640N 74   75   1   1.46 1.46
NBDDH011 Drill Hole Nyam 15640N 80   86   6   1.45 8.70
NBDDH012 Drill Hole Nyam 15710N 35   42   7   1.45 10.15
NBDDH012 Drill Hole Nyam 15710N 47   53   6   0.78 4.68
NBDDH013 Drill Hole Nyam 15605N 43   64   21   1.04 21.84
NBDDH013 Drill Hole Nyam inc. 52   61   9   1.84 16.56
NBDDH015 Drill Hole Nyam 15755N 65   66   1   0.98 0.98
NBDDH015 Drill Hole Nyam 15755N 71   77   6   0.69 4.14
NBDDH015 Drill Hole Nyam 15755N 81   84   3   2.08 6.24
NBDDH016 Drill Hole Nyam 15900N 56   64   8   0.90 7.20
NBDDH016 Drill Hole Nyam 15900N 72   74   2   1.03 2.06
NBDDH016 Drill Hole Nyam 15900N 107   110   3   1.42 4.26
NBDDH016 Drill Hole Nyam 15900N 127   129   2   0.96 1.92
NBDDH017 Drill Hole Nyam 15900N 27   29   2   1.02 2.04
NBDDH017 Drill Hole Nyam 15900N 34   35   1   0.76 0.76
NBDDH017 Drill Hole Nyam 15900N 85   88   3   1.02 3.06
NBDDH017 Drill Hole Nyam 15900N 95   96   1   1.90 1.90
NBDDH017 Drill Hole Nyam 15900N 108   112   4   2.16 8.64
NBDDH018 Drill Hole Nyam 15850N 1   16   15   1.08 16.20
NBDDH018 Drill Hole Nyam inc 10   16   6   2.04 12.24
NBDDH018 Drill Hole Nyam 15850N 31   65   34   1.13 38.42
NBDDH019 Drill Hole Nyam 15950N 38   40   2   0.84 1.68
NBDDH019 Drill Hole Nyam 15950N 57   58   1   0.95 0.95
NBDDH020 Drill Hole Nyam 15950N 9   10   1   4.47 4.47
NBDDH020 Drill Hole Nyam 15950N 61   65   4   2.20 8.80
NBDDH020 Drill Hole Nyam 15950N 72   73   1   0.99 0.99
NBDDH020 Drill Hole Nyam 15950N 81   82   1   0.90 0.90
NBDDH020 Drill Hole Nyam 15950N 91   94   3   0.55 1.65
NBDDH021 Drill Hole Nyam 16000N 45   46   1   0.67 0.67
NBDDH021 Drill Hole Nyam 16000N 59   60   1   0.69 0.69
NBDDH021 Drill Hole Nyam 16000N 61   62   1   1.64 1.64
NBDDH021 Drill Hole Nyam 16000N 69   80   11   4.75 52.25
NBDDH021 Drill Hole Nyam Inc. 74   75   1   44.20 44.20
NBDDH022 Drill Hole Nyam 16035N 3   6   3   1.26 3.78
NBDDH022 Drill Hole Nyam 16035N 31   36   5   2.15 10.75
                       
Trench No Type Zone Section From(m ) To(m ) Interval(m ) Au g/t g/T*m
NBTR006 Trench Nyam 15640N 0   10   10   0.98 9.76
NBTR006 Trench Nyam 15640N 32   42   10   0.64 6.40
NBTR007 Trench Nyam 15680N 8   20   12   1.20 14.34
NBTR008 Trench Nyam 15710N 16   24   8   1.32 10.56
NBTR009 Trench Nyam 15800N 4   12   8   1.89 15.12
NBTR009 Trench Nyam 15800N 22   38   16   0.77 12.32
                       
Hole No Type Zone Section From(m ) To(m ) Interval(m ) Au g/t g/T*m
KBDDH003 Drill Hole Boin 4050N 44   68   24   1.72 41.28
KBDDH003 Drill Hole Boin inc 50   58   8   3.84 30.72
KBDDH004 Drill Hole Boin 4050N 3   13   10   2.60 26.00
KBDDH004 Drill Hole Boin 4050N 20   27   7   0.68 4.76
KBDDH004 Drill Hole Boin 4050N 41   42   1   1.09 1.09
KBDDH005 Drill Hole Boin 4150N 42   44   2   0.77 1.54
KBDDH005 Drill Hole Boin 4150N 47   48   1   1.31 1.31
KBDDH005 Drill Hole Boin 4150N 54   64   10   0.69 6.90
KBDDH005 Drill Hole Boin inc 61   64   3   1.64 4.92
KBDDH005 Drill Hole Boin 4150N 66   70   4   0.70 2.80
KBDDH005 Drill Hole Boin 4150N 75   78   3   0.89 2.67
KBDDH006 Drill Hole Boin 4150N 71   72   1   1.25 1.25
KBDDH006 Drill Hole Boin 4150N 99   100   1   0.53 0.53
KBDDH007 Drill Hole Boin 4150N 11   14   3   1.20 3.60
KBDDH007 Drill Hole Boin 4150N 35   36   1   1.03 1.03
KBDDH007 Drill Hole Boin 4150N 43   46   3   0.83 2.49
KBDDH007 Drill Hole Boin 4150N 51   55   4   0.86 3.44
KBDDH007 Drill Hole Boin inc 51   52   1   2.04 2.04

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