VANCOUVER, BRITISH COLUMBIA, Mar 19, 2014 (Marketwired via COMTEX) —
Mr. George Salamis, President and CEO of Edgewater Exploration Ltd.
(“Edgewater” or the “Company”)

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-11.11%


is pleased to
provide a corporate update regarding the current status of on-going
discussions relating to the Company’s 100% owned Corcoesto Gold
Project (the “Corcoesto Gold Project”) in Galicia, Spain.

Edgewater is pleased to announce that over the past few months it has
been in negotiations with various parties interested in the
opportunity to advance the Corcoesto Gold Project. The Company is
continuing these negotiations and is working diligently to find the
right partner for the Corcoesto Gold Project. At this time, Edgewater
anticipates that negotiations will move forward with a particular
partner that management believes is best suited to advance the
Corcoesto Gold Project. These negotiations contemplate a strategic
partnership aimed at benefitting the local communities surrounding
the Corcoesto Gold Project in the most environmentally sustainable
manner. Management believes that the potential transaction with this
strategic partner would have positive benefits for Edgewater and its
shareholders and will satisfy the project permitting criteria set
forth by the Government of Galicia.

President and CEO, George Salamis, states, “We remain firmly
committed to advancing the Corcoesto Gold Project. We understand the
final criteria that are necessary to obtain all of the remaining
permits to advance the project to construction and production. To
assist in achieving the final permitting requirements we are now in
very advanced discussions with a party we believe is the best
potential partner to advance the Corcoesto Gold Project. This party
has significant infrastructure build-out experience as well as
experience in many other industries. Their balance sheet is strong
and their technical expertise is broadly recognized. Over the past
three years Edgewater has historically enjoyed support and approval
from many levels of government, and it was mostly on this basis that
we have invested in advancing the project. Since 2009, Edgewater has
spent over $25 million to advance the project through acquisition,
exploration, resource definition drilling, preliminary economic
studies, permitting phases and onto final feasibility studies.”

The Company cautions that there are no guarantees that these
negotiations will result in a transaction, or if a transaction is
undertaken, as to its terms or timing. Further updates will be
provided to Edgewater’s shareholders as these negotiations are
further advanced.

Additionally, Edgewater has received official documentation in
follow-up to a press release dated October 16, 2013 that, according
to the Galician Government, the Company has not complied with the
criteria to obtain all necessary permits to advance the Corcoesto
Gold Project. As announced in a July 10, 2013 press release, among
other things the Company was required to demonstrate its technical
expertise and financial ability to fund development of the Corcoesto
Gold Project, notwithstanding the fact that the feasibility process
has not yet been completed. The Galician Government stated on July
10, 2013 that Edgewater and its subsidiary were obliged to show
funding sources within their various accounts in the amount of EUR30
million or be in a position to point to a partner’s balance sheet
that can satisfy this amount, which is approximately 25% of the total
capital costs estimated by the Company in its previous engineering
studies. These criteria have not been complied with, and therefore
the permitting applications have been cancelled. Once the Company
complies with the criteria, it can re-apply for all remaining
permits.

On December 17, 2012, Edgewater announced the approval of the
Environmental Impact Statement (EIS) by the Ministry of Environment,
Territory and infrastructure of the Government of Galicia, which
remains a major milestone in the permitting process. As per recent
discussions with the government, the EIS has recently been confirmed
valid for five years from the date of approval (to December 2017).

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 Galicia, 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

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.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements and information in this news release
constitute “forward-looking statements” or “forward-looking
information” within the meaning of applicable securities legislation.
In certain cases, forward-looking statements or information can be
identified by the use of words such as “believe”, “intend”, “may”,
“will”, “should”, “plans”, “anticipates”, “believes”, “potential”,
“intends”, “expects” and other similar expressions. Forward-looking
statements and information relate to, among other things: the
intention of the Company to consummate a transaction with a strategic
partner and advance the Corcoesto Gold Project; the intention of the
Company to re-apply for permits; and our goals and strategies.

Key assumptions upon which the Company’s forward-looking statements
and information are based include the following: the Company’s
ability to successfully identify suitable partners, negotiate the
terms of the transaction and satisfy all conditions required to
complete the transaction; the price of gold will not fall
significantly; the Company’s ability to secure new financing to
continue its exploration and development activities; there being no
significant changes in the ability of the Company to comply with
environmental, safety and other regulatory requirements; the
Company’s ability to re-apply for remaining permits; and the
Company’s ability to achieve its growth strategy. These assumptions
should be considered carefully by readers. Readers are further
cautioned that the foregoing list of assumptions is not exhaustive.
Although the Company believes that the assumptions on which the
forward-looking statements or information are made are reasonable,
based on the information available to the Company on the date such
statements were made, no assurances can be given as to whether these
assumptions will prove to be correct.

Forward-looking statements or information are subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those reflected in the
forward-looking statements or information. Such risks, uncertainties
and other factors include among others, the following: the Company
may not be able to successfully identify a suitable strategic
partner, negotiate acceptable terms or obtain all applicable
government, regulatory and shareholder consents required to complete
the transaction, that the terms of those consents may not be
acceptable to the Company, or, assuming the Company is able to
successfully complete the transaction, the Company is not able to
achieve expected results following such transaction; gold price
volatility; mining development risk; regulatory restrictions,
including environmental regulatory restrictions and liability; risks
of sovereign investment; currency fluctuations; speculative nature of
gold exploration; global economic climate; ability to obtain
financing; dilution; share price volatility; competition; loss of key
employees; additional funding requirements; and defective title to
mineral claims or property, as well as those factors discussed under
the heading “Risk Factors” in the Company’s management discussion and
analysis for the period ended September 30, 2013, which is available
on SEDAR at www.sedar.com
. Should one or more of these risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those described in forward-looking statements and information.

The forward-looking statements and information contained in this news
release are made as of the date indicated in that information and,
accordingly, are subject to change after such date. We do not
undertake to update any forward-looking statements or information,
except as, and to the extent, required by applicable securities laws.
For the reasons set forth above, investors should not place undue
reliance on forward-looking statements and information. The
forward-looking statements and information contained in this news
release are expressly qualified by this cautionary note.

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

SOURCE: Edgewater Exploration Ltd.

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