Edgewater Exploration Ltd.
TSX VENTURE : EDW
OTCQX : EDWZF

Edgewater Exploration Ltd.

November 28, 2011 09:30 ET

Edgewater Intersects Broad Zones of Gold Mineralisation Including 0.53 g/t Gold Over 81.0 Metres at Enchi Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) -

  • SWDDH051, 0.53 g/t gold over 81.0 metres inc. 1.15 g/t gold over 9.0 metres
  • SWDDH061, 0.67 g/t gold over 32.0 metres inc. 1.10 g/t gold over 8.0 metres
  • SWDDH062, 0.65 g/t gold over 27.0 metres inc. 2.05 g/t gold over 8.0 metres

Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce results from the ongoing drilling programme at the Company's, Enchi Gold Project ("Enchi or the Project") in Ghana. Phase I drilling at the Boin, Sewum and Nyam projects have been completed and confirmed the continuity of mineralization between previous drill holes. Phase II drilling has commenced at Boin and Nyam and is focused on increasing the size of the known gold zones by testing the mineralized zones at depth and along strike. Highlights from the Phase I drilling at Sewum gold zone include: 0.53 g/t gold over 81.0 metres, including 1.15 g/t gold over 9.0 metres (SWDDH051), 0.67 g/t gold over 32 metres, including 1.10 g/t gold over 8.0 metres (SWDDH061) and 0.65 g/t gold over 27.0 metres, including 2.05 g/t gold over 8.0 metres (SWDDH062).

George Salamis, President and CEO of Edgewater, stated, "Phase I diamond drilling at the Sewum zone continues to define broad zones of near surface low grade gold mineralization which correlate with an intrusive contact that has been traced for more than 6.0 km of cumulative strike length and remains open for expansion in all directions. A 5.0 km2 gold-in-soil anomaly overlaps the Sewum zone of which less than half has been drill tested and only at very shallow depths. We now have a very good interpretation of the different gold zones at Enchi and our Phase II drilling is currently concentrating on defining gold zone extension continuity both along strike and down dip. We are on track to produce our maiden Enchi gold resource in Q1, 2011."

SEWUM GOLD ZONE

The Phase I drill programme consisted of seventy holes totalling 9878m and initially targeted steeply dipping shears hosted in carbonaceous sediments at the southern end of the Sewum Shear Zone. The latter part of Phase I drilling was focused on a 500 m wide 3 km long steeply dipping dolerite intrusive located within the 7.0 km x 1.5 km Sewum gold-in-soil anomaly. Drilling showed that the intrusive has a complex irregular contact composed of mineralized breccia, shears and stockworks developed both within the intrusive and the adjacent host sediments. Phase I drilling identified three consistently mineralized gold zones that partially overlap.

Follow-up Phase II drilling is planned at Sewum to continue testing the zones of mineralization once the assay results for the final 10 holes have been received. Based on the open ended nature of the intercepts to date, the interpretation of the orientation of the zone, as well as additional geological, geochemical and geophysical data Edgewater's geologist consider the Phase II drilling to have an excellent chance at increasing the size of the known gold zones at Sewum.

BOIN GOLD ZONE PHASE II DRILLING

The Boin Gold Zone is host to gold intercepts over a known strike length in excess of 10 km identified by previous RC and RAB drilling. Gold mineralization at Boin is localised in the hanging wall of a west dipping thrust fault that branches off the prolific Bibiani Shear Zone.

Phase I drilling at Boin was focused on shallow (<75 m vertical depth) drilling focused at confirming continuity between pre-existing drilling completed by previous operators. Edgewater succeeded in Phase I drilling, highlight drilling results included; 1.72 g/t gold over 24 m, (see news release April 12, 2011) 1.58 g/t gold over 24 m, 1.41 g/t over 34 m, 1.42 g/t gold over 24 m and 1.39 g/t gold over 22 m, (news release May 04, 2011).

In September Phase II deeper drilling commenced and 25 holes totalling 4115 m have been completed to date. The drilling is aimed at extending the zone of continuous gold mineralization at Boin by testing "down-plunge" gold mineralized shoots projected from better grade zones drilled near surface as well as testing the mineralized zone along strike. Significant widths of quartz veining that typically host the gold mineralisation at Boin have been logged in most drill core collected to date from the deep drilling. Assays for holes drilled during Phase II have not yet been received. Based on the results of these drill programs a maiden NI 43-101 resource statement for Boin is expected to be prepared by early 2012.

NYAM GOLD ZONE

A second phase of combined diamond and RC drilling aimed at expanding the known resources by testing the mineralised structure along strike and at depth has commenced at the Nyam Gold Zone. Holes drilled 400 m SW and along strike of Phase I drilling have intersected broad zones of altered and brecciated sediment typical of the mineralisation found at Nyam extending the known length of the Nyam zone to a cumulative length of over 2.0 km. It is anticipated that the results of these drill programmes will allow the preparation of an NI 43-101 resource statement for Nyam early 2012.

The Nyam Zone lies along a regional scale structure (Nyambekyere Shear Zone) that can be traced for >15.0 km to the south of Nyam. Numerous gold prospects lie along this structure including the Kwakyekrom gold zone.

In October a RC drill rig replaced one of the three diamond rigs on site at Enchi to speed up the drill programme and minimize costs. To date 23,462 m (195 drill holes) of a 38,000 m programme contracted for 2011 have been completed

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., 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

SEWUM WEST CONTACT ZONE
HOLE NO HOLE TYPE SECTION FROM (m) TO (m) INTERVAL (m) GOLD g/t
SWDDH046 Diamond Drill Hole 21300N 53 54 1 1.08
SWDDH046 Diamond Drill Hole 21300N 118 119 1 1.18
SWDDH047 Diamond Drill Hole 21500N 136 137 1 0.33
SWDDH048 Diamond Drill Hole 21500N 219 225 6 0.44
SWDDH049 Diamond Drill Hole 21500N 50 52 2 3.10
SWDDH049 Diamond Drill Hole 21500N 71 76 5 0.40
SWDDH050 Diamond Drill Hole 20950N 5 46 41 0.32
SWDDH050 Diamond Drill Hole inc. 19 36 17 0.45
SWDDH051 Diamond Drill Hole 20850N 6 7 1 1.99
SWDDH051 Diamond Drill Hole 20850N 21 22 1 0.55
SWDDH051 Diamond Drill Hole 20850N 48 129 81 0.53
SWDDH051 Diamond Drill Hole inc 66 75 9 1.15
SWDDH051 Diamond Drill Hole 20850N 105 117 12 1.09
SWDDH052 Diamond Drill Hole 21700N 103 111 8 0.35
SWDDH054 Diamond Drill Hole 21700N 1 21 21 0.30
SWDDH055 Diamond Drill Hole results pending
SWDDH065 Diamond Drill Hole 20850N 20 9 9 0.45
SWDDH065 Diamond Drill Hole 20850N 58 59 1 0.99
SWDDH065 Diamond Drill Hole 20850N 92 95 3 0.27
TABLE 1 "CONT" SEWUM RIDGE TOP SHEARS AND EAST CONTACT ZONE
HOLE NO HOLE TYPE GOLD
ZONE
SECTION FROM (m) TO (m) INT (m) GOLD g/t
SWDDH053 Diamond Drill Hole RTS 21650N 46 47 1 12.5
SWDDH053 Diamond Drill Hole RTS 21650N 53 61 8 0.27
SWDDH053 Diamond Drill Hole RTS 21650N 121 122 1 0.86
SWDDH056 Diamond Drill Hole RTS 21250N 36 42 6 1.19
SWDDH056 Diamond Drill Hole RTS 21250N 76 91 15 0.55
SWDDH056 Diamond Drill Hole ECZ 21250N 139 144 5 0.99
SWDDH056 Diamond Drill Hole ECZ 21250N 150 158 8 0.59
SWDDH057 Diamond Drill Hole RTS 21200N 54 81 27 0.43
SWDDH058 Diamond Drill Hole RTS 21300N 60 76 16 0.41
SWDDH058 Diamond Drill Hole ECZ 21300N 170 172 2 0.76
SWDDH059 Diamond Drill Hole results pending
SWDDH060 Diamond Drill Hole RTS 21100N 1 5 4 0.57
SWDDH060 Diamond Drill Hole RTS 21100N 31 34 3 0.96
SWDDH060 Diamond Drill Hole RTS 21100N 38 43 5 0.27
SWDDH061 Diamond Drill Hole RTS 21000N 0 5 5 0.38
SWDDH061 Diamond Drill Hole RTS 21000N 20 52 32 0.67
SWDDH061 Diamond Drill Hole RTS inc 22 30 8 1.10
SWDDH061 Diamond Drill Hole ECZ 21000N 84 85 1 3.20
SWDDH062 Diamond Drill Hole RTS 20800N 6 10 4 1.16
SWDDH062 Diamond Drill Hole RTS 20800N 24 32 8 2.05
SWDDH062 Diamond Drill Hole ECZ 20800N 67 94 27 0.65
SWDDH062 Diamond Drill Hole ECZ inc 76 83 7 1.06
SWDDH062 Diamond Drill Hole ECZ inc 87 92 5 1.12
SWDDH063 Diamond Drill Hole ECZ 21250N 3 4 1 0.28
SWDDH063 Diamond Drill Hole ECZ 21250N 60 62 2 0.57
SWDDH063 Diamond Drill Hole ECZ 21250N 78 81 3 0.43
SWDDH063 Diamond Drill Hole RTS 21250N 121 129 8 0.56
SWDDH064 Diamond Drill Hole ECZ 20700N 4 7 3 0.38
SWDDH064 Diamond Drill Hole ECZ 20700N 39 42 3 0.35
SWDDH064 Diamond Drill Hole ECZ 20700N 49 55 6 0.53
SWDDH066 Diamond Drill Hole No significant intercepts
SWDDH067 Diamond Drill Hole ECZ 20900N 71 83 12 0.50
SWDDH067 Diamond Drill Hole ECZ 20900N 89 97 8 0.79
SWDDH067 Diamond Drill Hole RTS 20900N 99 105 6 3.18
SWDDH067 Diamond Drill Hole RTS Inc. 102 103 1 14.40
SWDDH068 Diamond Drill Hole results pending
SWDDH069 Diamond Drill Hole results pending

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