Jul 20, 2011


Drilling Continues to Intersect Gold Mineralization Near Surface and At Depth on Edgewater's Corcoesto Gold Project, Spain

  • 1.8 g/t gold over 16.7m intersected - confirming wide zone in previous drilling
  • 6.2 g/t gold over 4.7m intersected - additional results from high grade zone
  • In-fill drilling further defines known gold zones, mineralization remains open
Vancouver, British Columbia: Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to provide an update on the drilling program and exploration activities for the Company's 100% owned Corcoesto Gold Project ("Corcoesto or the Project") in Galicia, Spain.

The on-going diamond drilling program has completed 33 drill holes totalling 8964.15 metres to date. Results for the first 21 drill holes were previously released (see News Releases dated January 31st 2011 and March 17, 2011).

George Salamis, President and CEO, states "We are very pleased with the progress at the Corcoesto Gold Project. Over the past 12 months Edgewater successfully acquired this under explored gold asset in Galicia, Spain and increased the resource over 400%. These drill results continue to intersect gold mineralization and further demonstrate the potential for an economically viable gold project in Galicia. Edgewater is currently reviewing a number of development scenarios in our Scoping Study which is on budget and schedule for early Q4, 2011."

Highlights of the recent results are provided in the following table;

Drill  
Length
Au
As
Rec.
GxT
Hole  
From
To
(Meters)
g/t
%
%
(g-m/t)
11W30
77.70
94.40
16.70
1.8
0.43
100.0
30.1
11W30 incl
91.80
93.20
1.40
11.5
1.46
100.0
16.1
11W30 incl
89.80
94.40
4.60
5.2
0.94
100.0
23.7
11W27
13.10
17.80
4.70
6.2
0.51
78.1
29.0
11W25
110.45
117.20
6.75
4.2
1.35
100.0
28.2
11W25 incl
113.20
115.20
2.00
8.9
3.01
100.0
17.7
11W25
173.30
189.20
15.90
1.6
0.63
100.0
25.4
11W28
157.00
176.50
19.50
0.8
0.38
100.0
15.8
11W22
216.60
223.10
6.50
2.3
0.62
100.0
15.1
11W31
98.45
100.50
2.05
5.5
0.66
100.0
11.4
11W31  
132.40
142.50
10.10
1.2
0.82
100.0
11.8
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 attached table for complete set of results.
Recent drilling has focused on the central portion of the Pozo de Ingles structure. For a detailed drill location map please view a Corcoesto Plan map on the Company's website at www.edge-water.com

An updated 2011 NI 43-101 compliant resource at Corcoesto was announced on May 31, 2011 (see details in News Release dated May 31, 2011) and consists of a Measured and Indicated resource of 5,783,000 tonnes grading 1.74 g/t Au containing 325,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 20,265,000 tonnes grading 1.76 g/t Au containing 1,149,000 ozs gold. Core recoveries continue to be excellent in most cases 100%. The current 12,000m drilling program is designed to expand the existing gold resource and upgrade a portion of the resource from Inferred to Measured and Indicated. The NI 43-101 Technical report on the updated resource estimate was filed on July 15th, 2011.

Work is progressing on the Scoping Study ("Preliminary Assessment" or "PA") on the Corcoesto Gold Project which will model the Project using the expanded resource and include the evaluation of both open pit and underground alternatives and synergies. The PA is scheduled to be completed early Q4, 2011. One diamond drill rig (soon to be expanded to two) is currently active on the Corcoesto Gold Project conducting a program of step-out and infill drilling to further define the total resource potential on the project. All exploration activities to date are progressing on budget and ahead of schedule.

Edgewater has signed an agreement with a local Galician firm (Guindeira Comunicación & Eventos) to provide public relations services and assist company personnel in their on-going community affairs activities. Starting immediately and continuing over the coming months a series of meetings and presentations will be completed with government officials and agencies, local and regional politicians, community groups, interested parties, and local residents in a proactive effort to inform and engage all stakeholders as the Company advances the Corcoesto Project.

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
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  
 
 
Length
Au
As
 Rec.
GxT
Hole  
 From
To
(Meters)
g/t
%
%
(g-m/t)
11W22
36.60
37.60
1.00
0.9
0.16
100.0
0.9
11W22
195.00
199.65
4.65
0.4
0.41
100.0
2.0
11W22
216.60
223.10
6.50
2.3
0.62
100.0
15.1
11W22 incl
221.00
222.10
1.10
12.5
2.56
100.0
13.7
11W23
1.80
4.50
2.70
0.9
0.23
95.8
2.4
11W23 incl
1.80
3.00
1.20
1.0
0.17
100.0
1.2
11W23
172.00
173.00
1.00
1.3
0.18
100.0
1.3
11W23
185.00
191.00
6.00
0.5
0.24
100.0
3.2
11W23 incl
190.00
191.00
1.00
1.7
0.36
100.0
1.7
11W23
243.20
253.20
10.00
1.0
0.36
100.0
10.3
11W23 incl
247.00
253.20
6.20
1.4
0.39
100.0
8.6
11W23 incl
247.00
249.00
2.00
3.0
0.27
100.0
6.1
11W23
263.50
265.50
2.00
0.8
0.17
100.0
1.6
11W23
273.50
274.50
1.00
0.6
0.22
100.0
0.6
11W24
34.00
35.00
1.00
2.0
0.51
100.0
2.0
11W24
183.35
189.00
5.65
0.7
0.37
100.0
4.1
11W24 incl
188.00
189.00
1.00
2.9
0.54
100.0
2.9
11W24
198.00
199.00
1.00
6.9
1.30
100.0
6.9
11W24
213.10
214.10
1.00
6.3
0.97
100.0
6.3
11W24
239.00
252.90
13.90
0.7
0.29
100.0
9.3
11W24 incl
248.90
249.90
1.00
5.3
0.78
100.0
5.3
11W24
272.90
282.75
9.85
0.8
0.41
100.0
8.0
11W24 incl
272.90
279.75
6.85
1.0
0.48
100.0
6.7
11W24 incl
278.75
279.75
1.00
3.6
0.61
100.0
3.6
11W24
295.50
296.50
1.00
0.8
0.13
100.0
0.8
11W24
301.00
302.00
1.00
0.6
0.39
100.0
0.6
11W24
307.50
309.50
2.00
1.7
0.80
100.0
3.3
11W24 incl
307.50
308.50
1.00
2.4
0.78
100.0
2.4
11W24
319.50
320.50
1.00
3.9
1.53
100.0
3.9
11W25
75.20
78.35
3.15
0.9
0.67
100.0
2.8
11W25 incl
75.20
76.30
1.10
1.8
0.89
100.0
2.0
11W25
110.45
117.20
6.75
4.2
1.35
100.0
28.2
11W25 incl
113.20
115.20
2.00
8.9
3.01
100.0
17.7
11W25
124.20
128.70
4.50
0.6
0.27
100.0
2.7
11W25 incl
127.70
128.70
1.00
1.8
0.71
100.0
1.7
11W25
140.80
142.00
1.20
7.3
0.77
100.0
8.8
11W25
148.80
150.10
1.30
0.7
0.54
100.0
0.8
11W25
154.10
155.10
1.00
0.8
0.73
100.0
0.8
11W25
173.30
189.20
15.90
1.6
0.63
100.0
25.4
11W25 incl
173.30
175.40
2.10
6.6
1.27
100.0
13.9
11W25 incl
173.30
174.30
1.00
9.8
1.28
100.0
9.8
11W26
93.10
94.10
1.00
3.3
0.03
100.0
3.3
11W26
128.60
129.60
1.00
4.2
1.78
100.0
4.2
11W26
142.70
144.50
1.80
0.6
1.39
100.0
1.0
11W26
226.75
230.15
3.40
1.5
0.36
100.0
5.0
11W26 incl
229.15
230.15
1.00
3.8
0.60
100.0
3.8
11W26
253.00
254.00
1.00
0.6
0.35
100.0
0.6
11W26
274.90
276.20
1.30
8.2
0.76
100.0
10.7
11W26
282.60
287.60
5.00
1.9
0.41
100.0
9.7
11W26 incl
286.60
287.60
1.00
8.7
1.03
100.0
8.7
11W26
294.00
305.20
11.20
1.1
0.57
100.0
11.9
11W26 incl
294.00
298.00
4.00
1.7
0.70
100.0
6.6
11W26 and
304.20
305.20
1.00
2.8
0.89
100.0
2.8
11W26
320.40
321.40
1.00
0.5
0.34
100.0
0.5
11W26
324.00
325.00
1.00
0.6
0.23
100.0
0.6
11W26
336.00
337.30
1.30
0.7
0.50
100.0
0.9
11W27
13.10
17.80
4.70
6.2
0.51
78.1
29.0
11W27 incl
13.10
14.60
1.50
8.4
pending
66.7
12.6
11W27 and
16.20
17.80
1.60
9.4
0.88
68.8
15.1
11W27
30.00
31.00
1.00
0.7
0.31
92.0
0.7
11W27
50.00
54.30
4.30
2.8
0.98
95.5
11.9
11W27 incl
50.00
51.10
1.10
4.5
1.75
81.8
5.0
11W27 and
53.10
54.30
1.20
4.5
0.99
100.0
5.4
11W27
65.50
66.50
1.00
5.3
0.09
100.0
5.3
11W27
79.80
97.00
17.20
0.7
0.21
100.0
11.2
11W27 incl
86.40
87.70
1.30
3.3
0.27
100.0
4.3
11W27 and
94.00
95.00
1.00
2.7
0.22
100.0
2.7
11W27
131.00
132.00
1.00
0.9
0.66
100.0
0.9
11W28
76.00
79.00
3.00
1.1
0.51
100.0
3.2
11W28 incl
78.00
79.00
1.00
2.2
0.58
100.0
2.2
11W28
103.80
111.40
7.60
0.5
0.24
100.0
3.4
11W28 incl
108.40
109.40
1.00
1.0
0.34
100.0
1.0
11W28
115.40
117.40
2.00
1.7
0.30
100.0
3.4
11W28 incl
115.40
116.40
1.00
2.9
0.40
100.0
2.9
11W28
132.00
133.00
1.00
0.9
0.26
100.0
0.9
11W28
135.80
137.20
1.40
0.6
0.32
100.0
0.9
11W28
142.80
151.30
8.50
1.2
0.73
100.0
9.9
11W28 incl
142.80
145.40
2.60
2.1
0.47
100.0
5.5
11W28 and
148.00
151.30
3.30
1.1
1.10
100.0
3.8
11W28
157.00
176.50
19.50
0.8
0.38
100.0
15.8
11W28 incl
157.00
158.00
1.00
1.7
0.15
100.0
1.7
11W28 and
170.50
176.50
6.00
1.7
0.77
100.0
10.3
11W28 incl
170.50
171.50
1.00
3.8
1.21
100.0
3.8
11W28 and
174.50
175.50
1.00
3.6
1.35
100.0
3.6
11W28
182.00
183.00
1.00
0.6
0.23
100.0
0.6
11W28
187.00
191.00
4.00
1.9
0.61
100.0
7.6
11W28 incl
190.00
191.00
1.00
4.5
0.83
100.0
4.5
11W29
108.50
109.50
1.00
1.7
1.43
100.0
1.7
11W29
123.40
124.40
1.00
4.3
0.48
100.0
4.3
11W29
133.90
141.80
7.90
1.4
0.36
100.0
10.8
11W29 incl
137.90
141.80
3.90
2.2
0.39
100.0
8.6
11W29 incl
137.90
139.20
1.30
3.3
0.60
100.0
4.3
11W29
146.60
147.70
1.10
1.0
1.08
100.0
1.1
11W29
180.50
181.50
1.00
5.1
1.43
100.0
5.1
11W29
210.00
221.40
11.40
0.7
0.58
100.0
7.5
11W29 incl
217.30
220.40
3.10
1.6
0.80
100.0
4.9
11W30
28.00
29.00
1.00
1.3
0.12
100.0
1.3
11W30
32.00
33.00
1.00
1.3
0.25
100.0
1.3
11W30
37.40
38.50
1.10
0.5
0.40
100.0
0.6
11W30
43.45
47.45
4.00
1.6
0.40
100.0
6.3
11W30 incl
43.45
44.45
1.00
4.8
0.72
100.0
4.8
11W30
61.50
63.70
2.20
5.0
0.73
100.0
11.1
11W30 incl
61.50
62.70
1.20
7.7
0.86
100.0
9.3
11W30
77.70
94.40
16.70
1.8
0.43
100.0
30.1
11W30 incl
77.70
78.70
1.00
1.3
0.31
100.0
1.3
11W30 and
82.20
83.20
1.00
2.2
0.59
100.0
2.2
11W30 and
89.80
94.40
4.60
5.2
0.94
100.0
23.7
11W30 incl
90.80
93.20
2.40
8.0
1.10
100.0
19.3
11W30 incl
91.80
93.20
1.40
11.5
1.46
100.0
16.1
11W30
104.10
105.10
1.00
1.5
0.53
100.0
1.5
11W30
114.00
115.00
1.00
0.6
0.77
100.0
0.6
11W31
98.45
100.50
2.05
5.5
0.66
100.0
11.4
11W31 incl
99.50
100.50
1.00
9.6
0.78
100.0
9.6
11W31
113.80
115.00
1.20
0.6
0.70
100.0
0.7
11W31
132.40
142.50
10.10
1.2
0.82
100.0
11.8
11W31 incl
136.50
138.70
2.20
4.0
1.99
100.0
8.9
11W31
153.00
158.00
5.00
0.8
0.66
100.0
4.0
11W31 incl
153.00
154.00
1.00
3.0
1.18
100.0
3.0
11W31  
172.00
173.00
1.00
2.7
0.23
100.0
2.7
 
 

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