Edgewater Exploration Ltd.
TSX VENTURE : EDW
OTCQX : EDWZF

Edgewater Exploration Ltd.

January 24, 2013 09:30 ET

Edgewater Receives Final In-Fill Drilling Results at Corcoesto, Spain

Results include: 56.6m grading 1.38 g/t Au and 6.20m grading 8.18 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2013) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to report it has now received final assay results from the in-fill diamond drilling program on the Company's 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.

George Salamis, President and CEO stated: "Over the past twelve months we have consistently released results from the infill drilling program at Corcoesto that met or exceeded our expectations in terms of intersected widths and grades, with a number of gold zones returning longer widths and better grades than anticipated (see Edgewater press release March 29, 2012 which included 66.5 m grading 2.00 g/t Au). The In-fill drilling results continue to demonstrate excellent grade and continuity of the gold mineralization at Corcoesto and all 50,000 m of infill drilling will be included in an updated NI 43-101 Resource Estimate being prepared by Tetra Tech which is scheduled to be completed during Q1 this year. The Tetra Tech Feasibility Study for Corcoesto will be completed in early Q2/2013."

Highlights of recent drilling results are tabulated below and include: 56.60 m grading 1.38 g/t Au (DDH 12W271), 15.90 m grading 2.04 g/t Au (DDH 12W273) and 6.20 m grading 8.18 g/t Au (DDH 12W261).

Table 1 Highlight of Recent Corcoesto Drill Results
Drill Hole From To Length Au
m m (metres) g/t
12W271 106.90 163.50 56.60 1.38
12W261 113.20 119.40 6.20 8.18
12W261 incl 113.20 115.20 2.00 22.43
12W264 165.60 171.00 5.40 6.72
12W264 incl 167.90 170.00 2.10 12.86
12W273 105.70 110.00 4.30 7.73
12W273 incl 108.90 110.00 1.10 19.45
12W251 17.40 33.30 15.90 2.04
12W251 incl 31.30 32.30 1.00 19.80
12W267 201.60 215.40 13.80 2.29
12W267 incl 203.60 204.90 1.30 16.10
12W259 119.10 137.20 18.10 1.34
12W253 38.00 50.00 12.00 1.71
12W256 77.10 88.90 11.80 1.63
12W267 172.80 182.00 9.20 1.85
12W258 251.80 271.00 19.20 0.82
12W275 203.00 210.40 7.40 2.07
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. This news release is reporting previously un-released results for holes 12W245 to 12W278 (34 holes - 6124.16 metres).

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, mine 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 GxT
m m (metres) g/t (g-m/t)
12W245 122.10 133.20 11.10 0.83 9.21
12W245 143.20 145.30 2.10 1.08 2.27
12W246 57.20 58.20 1.00 5.31 5.31
12W246 65.70 66.70 1.00 0.78 0.78
12W246 72.60 76.80 4.20 0.96 4.03
12W246 85.80 86.80 1.00 0.52 0.52
12W246 197.50 198.80 1.30 2.13 2.77
12W246 204.30 208.60 4.30 2.60 11.18
12W246 217.60 219.60 2.00 0.93 1.86
12W247 48.50 49.50 1.00 0.55 0.55
12W247 80.80 81.90 1.10 1.37 1.50
12W248 11.00 12.00 1.00 1.00 1.00
12W248 19.70 20.80 1.10 5.83 6.41
12W248 183.00 184.00 1.00 0.51 0.51
12W248 188.00 189.00 1.00 0.70 0.70
12W248 194.00 195.20 1.20 0.87 1.04
12W248 205.60 206.70 1.10 2.23 2.45
12W249 29.20 30.50 1.30 1.88 2.44
12W249 95.50 98.30 2.80 0.82 2.30
12W249 107.90 111.40 3.50 1.39 4.87
12W249 123.70 124.70 1.00 2.34 2.34
12W249 149.70 150.70 1.00 3.92 3.92
12W250 2.00 4.45 2.45 0.62 1.52
12W250 54.50 55.50 1.00 1.05 1.05
12W250 111.30 118.80 7.50 0.58 4.35
12W250 126.80 130.80 4.00 0.45 1.80
12W250 146.70 147.70 1.00 5.77 5.77
12W250 204.00 222.50 18.50 0.50 9.25
12W250 242.00 244.40 2.40 4.79 11.50
12W251 8.75 11.10 2.35 5.08 11.94
12W251 17.40 33.30 15.90 2.04 32.44
12W251 incl 31.30 32.30 1.00 19.80 19.80
12W251 43.70 45.10 1.40 0.51 0.71
12W252 70.70 73.70 3.00 1.31 3.93
12W252 109.00 110.70 1.70 0.48 0.82
12W252 120.00 124.00 4.00 2.16 8.64
12W253 5.60 8.85 3.25 3.37 10.95
12W253 38.00 50.00 12.00 1.71 20.52
12W253 59.00 61.10 2.10 2.56 5.38
12W254 53.30 55.50 2.20 0.80 1.76
12W254 120.20 122.30 2.10 1.76 3.70
12W254 141.50 149.20 7.70 0.84 6.47
12W255 17.20 18.20 1.00 1.75 1.75
12W255 52.90 53.90 1.00 3.12 3.12
12W255 96.90 99.10 2.20 3.97 8.73
12W255 208.10 209.20 1.10 0.60 0.66
12W255 227.80 231.00 3.20 1.69 5.41
12W256 40.20 41.40 1.20 1.77 2.12
12W256 48.20 69.00 20.80 0.51 10.61
12W256 incl 50.50 52.70 2.20 1.40 3.08
12W256 77.10 88.90 11.80 1.63 19.23
12W257 3.80 5.10 1.30 0.74 0.96
12W257 14.60 15.60 1.00 0.76 0.76
12W257 117.60 118.60 1.00 2.15 2.15
12W257 151.50 158.50 7.00 0.47 3.29
12W258 18.00 19.05 1.05 1.62 1.70
12W258 30.70 33.30 2.60 4.18 10.87
12W258 incl 32.30 33.30 1.00 10.18 10.18
12W258 93.20 94.20 1.00 0.69 0.69
12W258 164.10 165.10 1.00 2.19 2.19
12W258 169.10 172.40 3.30 2.23 7.36
12W258 251.80 271.00 19.20 0.82 15.74
12W258 284.10 287.15 3.05 3.06 9.33
12W259 22.50 25.90 3.40 1.26 4.28
12W259 119.10 137.20 18.10 1.34 24.25
12W259 144.80 153.80 9.00 0.76 6.84
12W260 36.90 37.90 1.00 0.56 0.56
12W261 55.70 56.70 1.00 5.27 5.27
12W261 79.90 80.90 1.00 0.76 0.76
12W261 113.20 119.40 6.20 8.18 50.72
12W261 incl 113.20 115.20 2.00 22.43 44.86
12W261 140.30 141.30 1.00 3.68 3.68
12W261 146.50 147.60 1.10 0.85 0.93
12W261 164.60 166.00 1.40 0.82 1.15
12W261 178.80 179.80 1.00 1.22 1.22
12W262 49.00 50.00 1.00 2.73 2.73
12W263 7.80 8.80 1.00 0.53 0.53
12W263 21.60 27.90 6.30 1.02 6.43
12W264 49.90 58.70 8.80 1.38 12.14
12W264 68.60 74.60 6.00 0.64 3.84
12W264 114.60 119.20 4.60 1.24 5.70
12W264 149.80 153.80 4.00 1.40 5.60
12W264 165.60 171.00 5.40 6.72 36.29
12W264 incl 167.90 170.00 2.10 12.86 27.01
12W265 90.40 91.40 1.00 4.93 4.93
12W265 120.70 122.70 2.00 1.66 3.32
12W266 32.90 33.90 1.00 1.37 1.37
12W267 22.60 37.40 14.80 0.54 7.99
12W267 135.10 142.60 7.50 1.34 10.05
12W267 154.90 155.90 1.00 1.67 1.67
12W267 172.80 182.00 9.20 1.85 17.02
12W267 187.90 188.90 1.00 1.81 1.81
12W267 201.60 215.40 13.80 2.29 31.60
12W267 incl 203.60 204.90 1.30 16.10 20.93
12W268 18.00 20.20 2.20 1.42 3.12
12W269 55.10 56.10 1.00 1.01 1.01
12W269 65.30 66.30 1.00 1.61 1.61
12W269 88.50 89.70 1.20 9.94 11.93
12W269 99.90 100.90 1.00 1.02 1.02
12W270 32.80 33.80 1.00 4.65 4.65
12W270 97.45 99.85 2.40 0.77 1.85
12W271 44.90 45.90 1.00 0.57 0.57
12W271 74.50 78.80 4.30 0.77 3.31
12W271 106.90 163.50 56.60 1.38 78.11
12W272 14.85 20.20 5.35 0.53 2.84
12W272 48.70 49.80 1.10 0.91 1.00
12W273 4.95 6.65 1.70 1.32 2.24
12W273 70.10 71.10 1.00 0.65 0.65
12W273 75.10 76.10 1.00 0.94 0.94
12W273 105.70 110.00 4.30 7.73 33.24
12W273 incl 108.90 110.00 1.10 19.45 21.39
12W274 16.00 17.00 1.00 11.25 11.25
12W274 39.00 40.00 1.00 0.61 0.61
12W274 64.40 65.40 1.00 1.00 1.00
12W274 108.50 109.50 1.00 2.75 2.75
12W274 122.00 123.00 1.00 0.88 0.88
12W274 150.60 151.90 1.30 0.51 0.66
12W275 72.30 74.30 2.00 1.21 2.42
12W275 81.30 82.30 1.00 2.11 2.11
12W275 94.60 95.60 1.00 1.49 1.49
12W275 105.40 110.00 4.60 0.50 2.30
12W275 173.60 175.60 2.00 1.28 2.56
12W275 185.10 186.10 1.00 0.72 0.72
12W275 203.00 210.40 7.40 2.07 15.32
12W275 224.40 225.40 1.00 2.34 2.34
12W275 227.90 228.90 1.00 2.98 2.98
12W275 235.50 253.50 18.00 0.85 15.30
12W277 72.90 73.90 1.00 1.19 1.19
12W277 91.10 100.50 9.40 1.46 13.72
12W277 130.90 131.90 1.00 0.53 0.53
12W278 24.00 25.25 1.25 0.91 1.14
12W278 30.45 33.45 3.00 1.07 3.21
12W278 68.30 69.60 1.30 1.32 1.72
12W278 102.50 106.60 4.10 1.89 7.75

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