News Column

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

Jan 24 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- 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 1.3812W261 113.20 119.40 6.20 8.1812W261 incl 113.20 115.20 2.00 22.4312W264 165.60 171.00 5.40 6.7212W264 incl 167.90 170.00 2.10 12.8612W273 105.70 110.00 4.30 7.7312W273 incl 108.90 110.00 1.10 19.4512W251 17.40 33.30 15.90 2.0412W251 incl 31.30 32.30 1.00 19.8012W267 201.60 215.40 13.80 2.2912W267 incl 203.60 204.90 1.30 16.1012W259 119.10 137.20 18.10 1.3412W253 38.00 50.00 12.00 1.7112W256 77.10 88.90 11.80 1.6312W267 172.80 182.00 9.20 1.8512W258 251.80 271.00 19.20 0.8212W275 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 9.2112W245 143.20 145.30 2.10 1.08 2.2712W246 57.20 58.20 1.00 5.31 5.3112W246 65.70 66.70 1.00 0.78 0.7812W246 72.60 76.80 4.20 0.96 4.0312W246 85.80 86.80 1.00 0.52 0.5212W246 197.50 198.80 1.30 2.13 2.7712W246 204.30 208.60 4.30 2.60 11.1812W246 217.60 219.60 2.00 0.93 1.8612W247 48.50 49.50 1.00 0.55 0.5512W247 80.80 81.90 1.10 1.37 1.5012W248 11.00 12.00 1.00 1.00 1.0012W248 19.70 20.80 1.10 5.83 6.4112W248 183.00 184.00 1.00 0.51 0.5112W248 188.00 189.00 1.00 0.70 0.7012W248 194.00 195.20 1.20 0.87 1.0412W248 205.60 206.70 1.10 2.23 2.4512W249 29.20 30.50 1.30 1.88 2.4412W249 95.50 98.30 2.80 0.82 2.3012W249 107.90 111.40 3.50 1.39 4.8712W249 123.70 124.70 1.00 2.34 2.3412W249 149.70 150.70 1.00 3.92 3.9212W250 2.00 4.45 2.45 0.62 1.5212W250 54.50 55.50 1.00 1.05 1.0512W250 111.30 118.80 7.50 0.58 4.3512W250 126.80 130.80 4.00 0.45 1.8012W250 146.70 147.70 1.00 5.77 5.7712W250 204.00 222.50 18.50 0.50 9.2512W250 242.00 244.40 2.40 4.79 11.5012W251 8.75 11.10 2.35 5.08 11.9412W251 17.40 33.30 15.90 2.04 32.4412W251 incl 31.30 32.30 1.00 19.80 19.8012W251 43.70 45.10 1.40 0.51 0.7112W252 70.70 73.70 3.00 1.31 3.9312W252 109.00 110.70 1.70 0.48 0.8212W252 120.00 124.00 4.00 2.16 8.6412W253 5.60 8.85 3.25 3.37 10.9512W253 38.00 50.00 12.00 1.71 20.5212W253 59.00 61.10 2.10 2.56 5.3812W254 53.30 55.50 2.20 0.80 1.7612W254 120.20 122.30 2.10 1.76 3.7012W254 141.50 149.20 7.70 0.84 6.4712W255 17.20 18.20 1.00 1.75 1.7512W255 52.90 53.90 1.00 3.12 3.1212W255 96.90 99.10 2.20 3.97 8.7312W255 208.10 209.20 1.10 0.60 0.6612W255 227.80 231.00 3.20 1.69 5.4112W256 40.20 41.40 1.20 1.77 2.1212W256 48.20 69.00 20.80 0.51 10.6112W256 incl 50.50 52.70 2.20 1.40 3.0812W256 77.10 88.90 11.80 1.63 19.2312W257 3.80 5.10 1.30 0.74 0.9612W257 14.60 15.60 1.00 0.76 0.7612W257 117.60 118.60 1.00 2.15 2.1512W257 151.50 158.50 7.00 0.47 3.2912W258 18.00 19.05 1.05 1.62 1.7012W258 30.70 33.30 2.60 4.18 10.8712W258 incl 32.30 33.30 1.00 10.18 10.1812W258 93.20 94.20 1.00 0.69 0.6912W258 164.10 165.10 1.00 2.19 2.1912W258 169.10 172.40 3.30 2.23 7.3612W258 251.80 271.00 19.20 0.82 15.7412W258 284.10 287.15 3.05 3.06 9.3312W259 22.50 25.90 3.40 1.26 4.2812W259 119.10 137.20 18.10 1.34 24.2512W259 144.80 153.80 9.00 0.76 6.8412W260 36.90 37.90 1.00 0.56 0.5612W261 55.70 56.70 1.00 5.27 5.2712W261 79.90 80.90 1.00 0.76 0.7612W261 113.20 119.40 6.20 8.18 50.7212W261 incl 113.20 115.20 2.00 22.43 44.8612W261 140.30 141.30 1.00 3.68 3.6812W261 146.50 147.60 1.10 0.85 0.9312W261 164.60 166.00 1.40 0.82 1.1512W261 178.80 179.80 1.00 1.22 1.2212W262 49.00 50.00 1.00 2.73 2.7312W263 7.80 8.80 1.00 0.53 0.5312W263 21.60 27.90 6.30 1.02 6.4312W264 49.90 58.70 8.80 1.38 12.1412W264 68.60 74.60 6.00 0.64 3.8412W264 114.60 119.20 4.60 1.24 5.7012W264 149.80 153.80 4.00 1.40 5.6012W264 165.60 171.00 5.40 6.72 36.2912W264 incl 167.90 170.00 2.10 12.86 27.0112W265 90.40 91.40 1.00 4.93 4.9312W265 120.70 122.70 2.00 1.66 3.3212W266 32.90 33.90 1.00 1.37 1.3712W267 22.60 37.40 14.80 0.54 7.9912W267 135.10 142.60 7.50 1.34 10.0512W267 154.90 155.90 1.00 1.67 1.6712W267 172.80 182.00 9.20 1.85 17.0212W267 187.90 188.90 1.00 1.81 1.8112W267 201.60 215.40 13.80 2.29 31.6012W267 incl 203.60 204.90 1.30 16.10 20.9312W268 18.00 20.20 2.20 1.42 3.1212W269 55.10 56.10 1.00 1.01 1.0112W269 65.30 66.30 1.00 1.61 1.6112W269 88.50 89.70 1.20 9.94 11.9312W269 99.90 100.90 1.00 1.02 1.0212W270 32.80 33.80 1.00 4.65 4.6512W270 97.45 99.85 2.40 0.77 1.8512W271 44.90 45.90 1.00 0.57 0.5712W271 74.50 78.80 4.30 0.77 3.3112W271 106.90 163.50 56.60 1.38 78.1112W272 14.85 20.20 5.35 0.53 2.8412W272 48.70 49.80 1.10 0.91 1.0012W273 4.95 6.65 1.70 1.32 2.2412W273 70.10 71.10 1.00 0.65 0.6512W273 75.10 76.10 1.00 0.94 0.9412W273 105.70 110.00 4.30 7.73 33.2412W273 incl 108.90 110.00 1.10 19.45 21.3912W274 16.00 17.00 1.00 11.25 11.2512W274 39.00 40.00 1.00 0.61 0.6112W274 64.40 65.40 1.00 1.00 1.0012W274 108.50 109.50 1.00 2.75 2.7512W274 122.00 123.00 1.00 0.88 0.8812W274 150.60 151.90 1.30 0.51 0.6612W275 72.30 74.30 2.00 1.21 2.4212W275 81.30 82.30 1.00 2.11 2.1112W275 94.60 95.60 1.00 1.49 1.4912W275 105.40 110.00 4.60 0.50 2.3012W275 173.60 175.60 2.00 1.28 2.5612W275 185.10 186.10 1.00 0.72 0.7212W275 203.00 210.40 7.40 2.07 15.3212W275 224.40 225.40 1.00 2.34 2.3412W275 227.90 228.90 1.00 2.98 2.9812W275 235.50 253.50 18.00 0.85 15.3012W277 72.90 73.90 1.00 1.19 1.1912W277 91.10 100.50 9.40 1.46 13.7212W277 130.90 131.90 1.00 0.53 0.5312W278 24.00 25.25 1.25 0.91 1.1412W278 30.45 33.45 3.00 1.07 3.2112W278 68.30 69.60 1.30 1.32 1.7212W278 102.50 106.60 4.10 1.89 7.75----------------------------------------------------------------------------



"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."



Contacts:
Edgewater Exploration Ltd.
Ryan King
Vice President
(604) 628-1012
rking@edgewaterx.com
www.edgewaterx.com





Source: Marketwire


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