VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE: EDW)(OTCQX: EDWZF) is pleased to announce that the Galician Government, Spain, have finalized their internal Environmental Impact Statement (EIS) approvals process on Corcoesto, with the publishing of a signed resolution in the Official Galician Bulletin. This is the final step which makes the EIS official within all levels of government, with immediate effect. The General Director of Industry, Energy and Mines, Mr. Angel Bernardo Tahoces, signed this final resolution approving the EIS.
George Salamis, President and CEO, stated, "On December 17, 2012, Edgewater reported that the Ministry of Environment had approved the Corcoesto Gold Project's Environmental Impact Statement. This approval of the EIS addressed all aspects of the Corcoesto Gold Project to proceed forward including site layout, plant design, open pit mining, and tailings and waste storage facility - essentially everything that we need to develop and operate a gold mine. This final signature and publishing of the EIS by the General Director of Industry, Energy and Mines is the final step in the EIS approval process, which took approximately 12 months from start to finish." Mr. Salamis also added "The next step for our Company is to complete an updated resource estimate on Corcoesto since our last resource was published in early 2011. The upcoming resource estimate due to be completed in January, 2013 will form an integral part of our on-going Feasibility Study on the Corcoesto Project and will benefit from having completed 256 diamond drill holes totaling 45,000 metres of infill drilling since the previous estimate."
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on the 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.
In Spain, Edgewater completed a Preliminary Economic Assessment (PEA) based on a Measured and Indicated Resource of 325,000 ounces of gold at a grade of 1.74 g/t and an Inferred Resource of 1.149 million ounces of gold at a grade of 1.76 g/t. A base cut-off grade of 0.65 g/t gold was used in the estimation of these resources, above an average depth of 200 m and a cut-off of 2.0 g/t below 200 m depth. The PEA was published in 2011 which demonstrated robust economics including a pre-tax Net Present Value (NPV) at 5% discount of $340 Million an Internal Rate of Return (IRR) of 34% and a Payback of 2.5 years using a gold price of $US1,500 per ounce in the financial models. Over the last 12 months Edgewater has completed 45,000 metres of infill drilling, initiated a final feasibility study with Tetra Tech, signed a debt mandate agreement with Credit Suisse AG and Barclays Bank PLC for up to $120 Million for project financing and received the full Environmental Impact Statement for the Corcoesto Gold Project. (please visit www.edgewaterx.com for further details).
In Ghana, the Company's Enchi Gold Project (51/49 JV with Kinross) is host to 749,000 ounces of gold at an average grade of 1.13 g/t, using a cut-off of 0.7 g/t gold.
On behalf of the board of EDGEWATER EXPLORATION LTD.
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.
Edgewater Exploration Ltd.
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