VANCOUVER, BRITISH COLUMBIA, Jul 10, 2013 (Marketwired via COMTEX) —
Mr. George Salamis, President and CEO of Edgewater Exploration Ltd.


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(otcqx:EDWZF) (“Edgewater” or the “Company”)
announces the Ministry of Economy and Industry (“the Ministry”) in
Galicia have requested final requirements for the Corcoesto Gold
Project to proceed. During the review process the Galician Government
reviews the environmental, technical and economic aspects of each
project. On December 17, 2012, Edgewater announced the approval of
the Environmental Impact Statement (EIS) by the Ministry of
Environment, Territory and infrastructure of La Xunta de Galicia.

President and CEO, George Salamis, stated, “Following receipt of the
EIS approval in December 2012, the Government has provided detailed
technical and economic requirements relating to the final project
approvals. The Company is nearing the completion of the final
Feasibility Study which will provide all the necessary information
regarding the technical requirements requested by the Government.”

Edgewater representatives recently met with the Ministry of Economy
and Industry and were given final requirements in order to fully
proceed on the Corcoesto Gold Project. The Company has been requested
to;

        
        --  present a thorough breakdown of all the technical staff and expertise
            the Company has on hand and/or will be hiring for the efficient and
            safe, construction and operation of the Corcoesto Gold Project,
        --  provide the details regarding the economic and financial analysis of the
            project which will be part of the final feasibility study being
            completed by Micon International during Q3, 2013,
        --  have a minimum of 25% of the estimated capital cost of the project and
            demonstrate commitments for the remaining capital cost.
        
        

The Company has a number of financing options currently being reviewed
including a $120 Million debt financing mandate described in press
release dated June 18, 2012 and a strategic path will be finalized
pending the details of the Corcoesto Gold Project final Feasibility
Study. These final remaining conditions are required by the Ministry
to approve and allow Edgewater to proceed with the Corcoesto Gold
Project. Edgewater remains fully committed to the advancement of the
Corcoesto Gold Project and will continue to complete these final
requirements and finalize the Feasibility Study with Micon
International.

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.

In Spain, Edgewater has completed a Preliminary Economic Assessment
(PEA) based on a Measured and Indicated Resource of 325,000 ounces of
gold (5,783 million tonnes at an average grade of 1.74 g/t gold) and
an Inferred Resource of 1,149 million ounces of gold (20,265 million
tonnes at a grade of 1.76 g/t gold). 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. Mineral
Resources that are not mineral reserves do not have economic
viability. The Resource Estimate was completed by A. Noble of Ore
Reserves Engineering and detailed in the Technical Report titled
Technical Report for the Corcoesto Gold Deposit, Galicia Spain with
an effective date of May 27, 2011. The PEA was published December 30,
2011 which demonstrated a pre-tax Net Present Value (NPV) at 5%
discount of $206 Million an Internal Rate of Return (IRR) of 24% and
a Payback of 3.4 years using a gold price of $US1, 300 per ounce in
the financial models. Over the last 16 months Edgewater has completed
+50,000 metres of infill drilling, an ongoing final Feasibility Study
with Micon International Limited 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). The Corcoesto Gold Project
PEA Technical Report was prepared by Alan Noble, P.E., of Ore
Reserves Engineering Inc., a professional independent mining engineer
registered in the State of Colorado, USA and a Qualified Person
(“QP”) as defined by National Instrument 43-101. The PEA is
preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty that the
assessment contained in the PEA will be realized. Readers should
consult the full PEA to review all the qualifications and assumptions
made by the authors in preparing the PEA.

In Ghana, the Company’s Enchi Gold Project (51/49 JV with Kinross) is
host to an Inferred Resource of 749,000 ounces of gold (20,627
million tonnes at an average grade of 1.13 g/t gold), using a cut-off
of 0.7 g/t gold. The Enchi Resource Estimate dated July 12, 2012 was
prepared by Todd McCracken, P.Geo., of Tetra Tech., who is
independent of Edgewater and a Qualified Person (“QP”) as defined by
National Instrument 43-101. CIM definition standards were followed
for the resource estimate. The 2012 resource models used ordinary
kriging (OK) grade estimation within a three-dimensional block model
with mineralized zones defined by wireframed solids. A capping of
gold grades at 18 g/t and a density of 2.45 g/cm3 was applied.
Mineral Resources that are not mineral reserves do not have economic
viability.

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.

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.

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

SOURCE: Edgewater Exploration Ltd.

        mailto:rking@edgewaterx.com
http://www.edgewaterx.com        

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