Jan 10, 2012


Edgewater Drills 1.93g/t Gold over 38.7m and 1.60g/t Gold over 41.0m on the Corcoesto Gold Project

Vancouver, British Columbia: Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to report additional drill results for the Company's 100% owned Corcoesto Gold Project, Northwest, Spain.

Edgewater now has 4 diamond drill rigs conducting a program of in-fill drilling on the Corcoesto Gold Project, designed to upgrade inferred resources to a measured and indicated category as part of a Definitive Feasibility Study. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0 metres. (See Table 1 below).

George Salamis, President and CEO of Edgewater stated: "In late 2011 we completed the Preliminary Economic Assessment on the Corcoesto Gold Project with highlight results including an NPV 5% of US$206 Million, and a 3.4 year pay back using a $1300/oz gold price. Edgewater's current market capitalization is approximately $30 Million, valuing the Company at $22/oz in all resource categories. We believe 2012 poises to be a significant year for Edgewater as we anticipate getting exploitation development permits and advancing a full feasibility study on the project. These latest drill results from Spain are part of a 20,000 metre infill program with a mandate to convert inferred resources to measured and indicated. As we proceed with this in-fill drilling and conduct further step-out holes, we would anticipate also adding additional inferred gold resources to this highly prospective project."

Table 1 Corcoesto Highlight of Recent Drill Results
Drill Hole
 
From
To
Length
(meters)
Au
( g/t)
11W41
71.20
126.20
55.00
0.87
11W41
164.30
203.00
38.70
1.93
11W41
incl
164.30
168.30
4.00
4.20
11W41
and
201.80
203.00
1.20
21.20
11W47
221.50
246.80
25.30
0.84
11W47
265.80
307.00
41.20
1.60
11W47
incl
278.20
279.20
1.00
10.63
11W48
8.75
22.00
13.25
1.16
11W48
128.00
140.30
12.30
1.38
11W50
8.50
14.80
6.30
2.83
11W51
197.30
261.00
63.70
0.94
11W51
incl
198.60
202.10
3.50
3.79
11W52
13.55
18.40
4.85
3.73
11W52
55.20
66.55
11.35
1.11
11W54
240.70
264.20
23.50
0.74
11W54
317.35
348.80
31.45
0.68
11W57
327.80
337.50
9.70
2.46
11W58
221.00
230.40
9.40
3.33
11W58
incl
225.00
230.40
5.40
5.10
11W62
268.00
287.70
19.70
2.86
11W62
incl
278.00
287.70
9.70
5.20
11W62
incl
282.20
283.40
1.20
33.30

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 70 drill holes totaling 17,450 metres. This news release is reporting results for an additional 20 holes (5292.8m).

Drill Hole
Length
Azi.
Dip
Zone
Location
Hole 11W40
290.15
180
-55
Pozo de Ingles
Sec 3835
Hole 11W41
250.00
155
-60
Peton de Lobo
Sec 4400
Hole 11W42
283.80
155
-50
Peton de Lobo
Sec 4300
Hole 11W43
210.15
182
-50
Pozo de Ingles
Sec 3885
Hole 11W47
376.10
155
-50
Peton de Lobo
Sec 4300
Hole 11W48
499.50
183
-50
Cova Crea
Sec 3660
Hole 11W49
245.05
183
-50
Pozo de Ingles
Sec 3860
Hole 11W50
96.80
179
-44
Picotos
Sec 3700
Hole 11W51
310.00
160
-60
Peton de Lobo
Sec 4350
Hole 11W52
90.45
179
-45
Picotos
Sec 3650
Hole 11W53
345.65
183
-50
Pozo de Ingles
Sec 3885
Hole 11W54
380.00
156
-65
Peton de Lobo
Sec 4350
Hole 11W55
96.80
180
-44
Picotos
Sec 3600
Hole 11W56
95.40
180
-45
Picotos
Sec 3675
Hole 11W57
446.00
181
-60
Pozo de Ingles
Sec 3660
Hole 11W58
265.20
182
-50
Pozo de Ingles
Sec 3835
Hole 11W59
102.00
180
-50
Fonterremula
Sec 3850
Hole 11W60
355.00
159
-60
Peton de Lobo
Sec 4400
Hole 11W61
101.55
180
-50
Fonterremula
Sec 3825
Hole 11W62
453.20
180
-50
Pozo de Ingles
Sec 3835
Total
5292.80


On November 17, 2011 Edgewater announced the results for the Preliminary Economic Assessment ("PEA") on the Corcoesto Gold Project. The NI 43-101 technical report for the PEA was filed with the regulatory authorities and made available on SEDAR on December 30, 2011.

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 gold 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. 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"

George Salamis,
President and CEO

For further information, please contact:
Ryan King, Vice President
rking@edgewaterx.com
www.edgewaterx.com
Telephone: (604) 628-1012

"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.

Drill
Hole
 From
To
Length
(Meters)
Au
( g/t)
As
%
Rec.
%
Au  GxT
(g-m/t)
11W40
25.25
26.25
1.00
0.55
1.00
100.00
0.55
11W40
31.50
32.50
1.00
0.57
0.24
100.00
0.57
11W40
163.50
164.50
1.00
0.61
0.99
100.00
0.61
11W40
167.10
177.50
10.40
0.56
0.57
100.00
5.82
11W40
incl
176.50
177.50
1.00
3.21
1.33
100.00
3.21
11W40
186.30
187.70
1.40
6.90
0.72
100.00
9.66
11W40
220.80
231.65
10.85
0.95
0.26
100.00
10.31
11W40
incl
221.80
222.90
1.10
1.38
0.43
100.00
1.52
11W40
and
230.50
231.65
1.15
6.53
0.77
100.00
7.51
11W40
240.80
258.80
18.00
0.62
0.34
99.07
11.16
11W40
incl
240.80
242.75
1.95
1.40
0.42
92.31
2.73
11W40
and
255.00
258.80
3.80
1.41
0.65
100.00
5.36
11W40
282.70
286.00
3.30
1.62
0.51
100.00
5.35
11W40
incl
285.00
286.00
1.00
3.45
0.22
100.00
3.45
11W41
17.70
19.70
2.00
2.44
0.47
95.00
4.88
11W41
incl
18.70
19.70
1.00
4.42
0.77
100.00
4.42
11W41
56.00
65.20
9.20
1.14
0.87
100.00
10.49
11W41
incl
61.00
62.00
1.00
7.05
2.03
100.00
7.05
11W41
71.20
126.20
55.00
0.87
0.35
100.00
47.85
11W41
incl
76.00
82.50
6.50
1.23
0.35
100.00
8.00
11W41
136.00
149.60
13.60
0.83
0.23
100.00
11.29
11W41
incl
136.00
137.00
1.00
2.51
0.43
100.00
2.51
11W41
164.30
203.00
38.70
1.93
0.41
99.45
74.69
11W41
incl
164.30
168.30
4.00
4.20
0.41
100.00
16.80
11W41
and
179.20
180.20
1.00
9.62
0.51
100.00
9.62
11W41
and
201.80
203.00
1.20
21.20
0.26
100.00
25.44
11W41
211.00
212.00
1.00
0.79
0.26
100.00
0.79
11W41
242.60
243.60
1.00
1.98
2.77
100.00
1.98
11W42
84.00
85.00
1.00
0.49
0.92
100.00
0.49
11W42
117.80
122.00
4.20
0.60
1.24
100.00
2.52
11W42
160.00
161.10
1.10
0.71
0.26
100.00
0.78
11W42
188.20
192.20
4.00
0.65
0.82
100.00
2.60
11W42
216.40
217.50
1.10
0.62
0.76
100.00
0.68
11W42
264.35
265.35
1.00
0.94
0.25
100.00
0.94
11W42
270.20
271.20
1.00
0.77
0.20
100.00
0.77
11W43
82.00
83.00
1.00
0.59
0.14
100.00
0.59
11W43
108.30
109.30
1.00
2.23
0.50
100.00
2.23
11W43
124.80
131.00
6.20
0.61
0.52
100.00
3.78
11W43
141.00
142.00
1.00
2.07
1.53
100.00
2.07
11W43
157.50
160.00
2.50
2.50
0.73
100.00
6.25
11W43
incl
159.00
160.00
1.00
4.09
0.97
100.00
4.09
11W43
193.00
196.30
3.30
1.66
0.61
100.00
5.48
11W43
incl
193.00
194.00
1.00
4.18
1.42
100.00
4.18
11W47
198.00
199.00
1.00
1.85
0.20
100.00
1.85
11W47
203.50
205.00
1.50
0.78
0.64
100.00
1.17
11W47
206.50
207.50
1.00
0.61
0.46
100.00
0.61
11W47
221.50
246.80
25.30
0.84
0.27
99.33
21.25
11W47
incl
221.50
223.50
2.00
4.85
0.62
100.00
9.70
11W47
256.00
257.00
1.00
0.56
0.16
100.00
0.56
11W47
265.80
307.00
41.20
1.60
0.30
99.20
65.92
11W47
incl
272.40
273.40
1.00
5.27
0.38
100.00
5.27
11W47
and
278.20
279.20
1.00
10.63
1.02
100.00
10.63
11W47
and
284.20
295.90
11.70
2.06
0.30
100.00
24.10
11W47
and
299.00
300.00
1.00
9.55
0.29
100.00
9.55
11W47
324.80
327.40
2.60
4.96
1.63
100.00
12.90
11W47
356.50
358.50
2.00
0.61
0.37
100.00
1.22
11W48
8.75
22.00
13.25
1.16
0.47
91.28
15.37
11W48
incl
8.75
10.35
1.60
4.24
1.13
100.00
6.78
11W48
54.00
55.00
1.00
7.05
0.20
100.00
7.05
11W48
71.00
72.00
1.00
2.39
0.99
100.00
2.39
11W48
100.00
101.00
1.00
1.06
0.80
100.00
1.06
11W48
104.00
105.00
1.00
0.68
0.09
100.00
0.68
11W48
109.00
110.00
1.00
1.16
0.71
100.00
1.16
11W48
114.60
115.60
1.00
2.62
0.42
100.00
2.62
11W48
128.00
140.30
12.30
1.38
0.29
100.00
16.97
11W48
incl
135.00
136.00
1.00
8.30
0.67
100.00
8.30
11W48
and
139.30
140.30
1.00
5.89
0.70
100.00
5.89
11W48
147.20
148.20
1.00
0.88
0.36
100.00
0.88
11W48
158.00
159.00
1.00
0.59
0.59
100.00
0.59
11W48
169.50
173.10
3.60
1.15
0.43
100.00
4.14
11W48
245.50
246.50
1.00
1.03
0.31
100.00
1.03
11W48
264.10
265.20
1.10
0.58
0.52
100.00
0.64
11W48
416.70
418.80
2.10
5.43
1.71
100.00
11.40
11W48
incl
417.80
418.80
1.00
8.87
1.30
100.00
8.87
11W48
440.40
441.40
1.00
0.62
0.38
100.00
0.62
11W49
70.30
71.30
1.00
2.73
1.23
100.00
2.73
11W49
119.50
120.50
1.00
1.25
0.75
100.00
1.25
11W49
149.00
150.10
1.10
0.49
0.06
100.00
0.54
11W49
170.50
172.50
2.00
0.64
0.58
100.00
1.28
11W49
199.50
212.60
13.10
0.74
0.42
100.00
9.69
11W49
227.50
228.50
1.00
0.79
0.59
100.00
0.79
11W50
8.50
14.80
6.30
2.83
0.11
55.97
17.83
11W50
36.30
37.40
1.10
1.71
1.18
100.00
1.88
11W50
77.00
79.00
2.00
0.49
0.16
100.00
0.98
11W51
84.90
85.90
1.00
5.26
2.02
100.00
5.26
11W51
137.50
150.50
13.00
0.74
0.20
100.00
9.62
11W51
incl
137.50
138.50
1.00
4.46
0.27
100.00
4.46
11W51
167.50
175.80
8.30
0.50
0.26
100.00
4.15
11W51
incl
174.80
175.80
1.00
1.93
0.55
100.00
1.93
11W51
197.30
261.00
63.70
0.94
0.58
100.00
59.88
11W51
incl
198.60
202.10
3.50
3.79
3.04
100.00
13.27
11W51
and
233.60
234.80
1.20
3.42
0.67
100.00
4.10
11W51
and
238.20
239.20
1.00
5.42
0.65
100.00
5.42
11W51
and
254.50
256.50
2.00
3.49
2.10
100.00
6.98
11W52
13.55
18.40
4.85
3.73
0.28
27.73
18.09
11W52
incl
13.55
15.75
2.20
6.48
0.10
6.22
14.26
11W52
44.20
45.20
1.00
0.59
0.04
100.00
0.59
11W52
55.20
66.55
11.35
1.11
0.31
100.00
12.60
11W52
incl
55.20
56.20
1.00
3.28
0.64
100.00
3.28
11W52
and
65.40
66.55
1.15
3.56
0.35
100.00
4.09
11W52
70.55
71.55
1.00
0.95
0.16
100.00
0.95
11W52
75.55
76.75
1.20
2.43
0.48
100.00
2.92
11W53
45.30
46.50
1.20
1.50
0.71
100.00
1.80
11W53
116.00
117.30
1.30
1.69
0.90
100.00
2.20
11W53
149.30
150.30
1.00
1.51
0.45
100.00
1.51
11W53
166.70
167.70
1.00
2.72
0.77
100.00
2.72
11W53
176.70
177.70
1.00
0.53
1.38
100.00
0.53
11W53
202.00
204.00
2.00
2.44
0.85
100.00
4.88
11W53
incl
202.00
203.00
1.00
3.95
1.34
100.00
3.95
11W53
219.00
221.30
2.30
2.07
0.93
100.00
4.76
11W53
incl
219.00
220.00
1.00
4.18
1.26
100.00
4.18
11W53
226.90
227.90
1.00
0.58
0.64
100.00
0.58
11W53
237.70
238.70
1.00
0.64
0.60
100.00
0.64
11W54
171.40
173.40
2.00
1.00
0.98
100.00
2.00
11W54
213.00
219.20
6.20
1.15
0.36
100.00
7.13
11W54
incl
218.20
219.20
1.00
4.16
0.56
100.00
4.16
11W54
235.50
236.50
1.00
2.70
0.27
100.00
2.70
11W54
240.70
264.20
23.50
0.74
0.54
100.00
17.39
11W54
incl
260.00
261.00
1.00
3.59
0.70
100.00
3.59
11W54
280.00
288.20
8.20
0.53
0.27
100.00
4.35
11W54
incl
281.00
282.00
1.00
1.03
0.46
100.00
1.03
11W54
317.35
348.80
31.45
0.68
0.28
100.00
21.39
11W54
incl
319.90
321.55
1.65
2.27
0.43
100.00
3.75
11W54
and
346.20
348.80
2.60
3.21
0.39
100.00
8.35
11W55
71.00
72.00
1.00
0.72
0.19
100.00
0.72
11W56
35.10
36.10
1.00
3.81
0.44
100.00
3.81
11W56
49.60
50.60
1.00
1.40
0.42
100.00
1.40
11W56
57.60
58.60
1.00
1.07
0.12
100.00
1.07
11W56
80.70
81.70
1.00
0.50
0.22
100.00
0.50
11W57
76.20
79.20
3.00
2.65
0.54
100.00
7.95
11W57
incl
76.20
77.20
1.00
1.16
0.80
100.00
1.16
11W57
incl
78.20
79.20
1.00
6.74
0.79
100.00
6.74
11W57
121.00
122.00
1.00
2.15
0.09
100.00
2.15
11W57
182.00
183.00
1.00
1.48
1.51
100.00
1.48
11W57
242.40
243.40
1.00
0.82
0.72
100.00
0.82
11W57
315.00
320.00
5.00
0.87
0.35
100.00
4.35
11W57
incl
315.00
316.00
1.00
2.44
0.96
100.00
2.44
11W57
327.80
337.50
9.70
2.46
1.21
100.00
23.86
11W57
422.30
423.30
1.00
0.93
0.49
100.00
0.93
11W57
431.60
432.60
1.00
2.54
1.24
100.00
2.54
11W58
55.00
56.00
1.00
0.81
0.15
100.00
0.81
11W58
159.00
160.00
1.00
1.38
0.34
100.00
1.38
11W58
167.80
169.80
2.00
0.74
0.32
100.00
1.48
11W58
221.00
230.40
9.40
3.33
1.13
100.00
31.30
11W58
incl
225.00
230.40
5.40
5.10
1.26
100.00
27.54
11W58
incl
229.40
230.40
1.00
14.50
1.45
100.00
14.50
11W58
250.00
251.00
1.00
2.64
1.47
100.00
2.64
11W59
48.35
54.20
5.85
1.21
0.52
96.26
7.08
11W59
incl
53.00
54.20
1.20
3.42
1.28
100.00
4.10
11W59
60.80
70.45
9.65
1.32
0.31
98.05
12.74
11W59
incl
60.80
61.80
1.00
5.59
0.49
93.00
5.59
11W59
77.00
78.10
1.10
1.26
0.98
10.00
1.39
11W60
92.70
93.70
1.00
0.72
0.58
100.00
0.72
11W60
124.50
128.50
4.00
0.59
1.06
100.00
2.36
11W60
134.70
135.80
1.10
1.53
0.57
100.00
1.68
11W60
154.60
155.60
1.00
1.23
0.50
100.00
1.23
11W60
192.30
193.30
1.00
0.55
0.92
100.00
0.55
11W60
204.30
217.30
13.00
0.98
0.55
100.00
12.74
11W60
incl
205.50
206.50
1.00
5.92
1.79
100.00
5.92
11W60
227.50
228.50
1.00
0.63
0.27
100.00
0.63
11W60
239.00
248.50
9.50
0.99
0.18
100.00
9.41
11W60
incl
239.00
240.00
1.00
2.54
0.30
100.00
2.54
11W60
and
242.80
244.00
1.20
3.28
0.13
100.00
3.94
11W60
and
246.50
247.50
1.00
1.73
0.40
100.00
1.73
11W60
260.80
272.40
11.60
1.21
0.15
100.00
14.04
11W60
incl
267.40
268.40
1.00
4.35
0.15
100.00
4.35
11W60
and
271.40
272.40
1.00
4.42
0.15
100.00
4.42
11W60
278.40
279.70
1.30
0.81
0.14
100.00
1.05
11W60
281.70
282.70
1.00
0.75
0.28
100.00
0.75
11W60
305.50
306.50
1.00
0.51
0.35
100.00
0.51
11W60
326.70
335.50
8.80
0.50
0.22
100.00
4.40
11W60
incl
333.40
334.50
1.10
1.01
0.22
100.00
1.11
11W61
30.50
31.50
1.00
0.82
0.33
100.00
0.82
11W61
59.40
60.60
1.20
2.96
3.19
83.33
3.55
11W61
74.00
75.00
1.00
4.09
0.06
100.00
4.09
11W61
88.60
89.60
1.00
3.41
0.61
100.00
3.41
11W62
130.50
131.50
1.00
0.94
0.16
100.00
0.94
11W62
268.00
287.70
19.70
2.86
0.54
100.00
56.34
11W62
incl
278.00
287.70
9.70
5.20
0.80
100.00
50.44
11W62
and
279.00
286.70
7.70
6.37
0.96
100.00
49.05
11W62
and
281.00
283.40
2.40
18.84
1.39
100.00
45.22
11W62
incl
282.20
283.40
1.20
33.30
1.66
100.00
39.96
11W62
299.30
300.40
1.10
0.86
0.33
100.00
0.95
11W62
339.00
340.00
1.00
1.68
2.28
100.00
1.68
11W62
351.00
353.00
2.00
2.30
0.93
100.00
4.60
11W62
370.50
375.60
5.10
3.41
1.01
100.00
17.39
11W62
incl
372.30
375.60
3.30
4.15
1.20
100.00
13.70
11W62
416.00
427.60
11.60
0.63
0.52
100.00
7.31
11W62
incl
419.00
420.10
1.10
1.40
0.50
100.00
1.54
11W62
incl
426.50
427.60
1.10
1.76
2.05
100.00
1.94
11W62
443.50
444.50
1.00
0.97
0.43
100.00
0.97
11W62
447.00
448.00
1.00
1.23
0.24
100.00
1.23
 
 

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