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

Results include: 56.6m grading 1.38 g/t Au and 6.20m grading 8.18 g/t Au

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                         
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Drill Hole                       From           To       Length           Au
                                    m            m     (metres)          g/t
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12W271                         106.90       163.50        56.60         1.38
12W261                         113.20       119.40         6.20         8.18
12W261       incl              113.20       115.20         2.00        22.43
12W264                         165.60       171.00         5.40         6.72
12W264       incl              167.90       170.00         2.10        12.86
12W273                         105.70       110.00         4.30         7.73
12W273       incl              108.90       110.00         1.10        19.45
12W251                          17.40        33.30        15.90         2.04
12W251       incl               31.30        32.30         1.00        19.80
12W267                         201.60       215.40        13.80         2.29
12W267       incl              203.60       204.90         1.30        16.10
12W259                         119.10       137.20        18.10         1.34
12W253                          38.00        50.00        12.00         1.71
12W256                          77.10        88.90        11.80         1.63
12W267                         172.80       182.00         9.20         1.85
12W258                         251.80       271.00        19.20         0.82
12W275                         203.00       210.40         7.40         2.07
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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           
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Drill Hole                From         To      Length         Au         GxT
                             m          m    (metres)        g/t     (g-m/t)
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12W245                  122.10     133.20       11.10       0.83        9.21
12W245                  143.20     145.30        2.10       1.08        2.27
12W246                   57.20      58.20        1.00       5.31        5.31
12W246                   65.70      66.70        1.00       0.78        0.78
12W246                   72.60      76.80        4.20       0.96        4.03
12W246                   85.80      86.80        1.00       0.52        0.52
12W246                  197.50     198.80        1.30       2.13        2.77
12W246                  204.30     208.60        4.30       2.60       11.18
12W246                  217.60     219.60        2.00       0.93        1.86
12W247                   48.50      49.50        1.00       0.55        0.55
12W247                   80.80      81.90        1.10       1.37        1.50
12W248                   11.00      12.00        1.00       1.00        1.00
12W248                   19.70      20.80        1.10       5.83        6.41
12W248                  183.00     184.00        1.00       0.51        0.51
12W248                  188.00     189.00        1.00       0.70        0.70
12W248                  194.00     195.20        1.20       0.87        1.04
12W248                  205.60     206.70        1.10       2.23        2.45
12W249                   29.20      30.50        1.30       1.88        2.44
12W249                   95.50      98.30        2.80       0.82        2.30
12W249                  107.90     111.40        3.50       1.39        4.87
12W249                  123.70     124.70        1.00       2.34        2.34
12W249                  149.70     150.70        1.00       3.92        3.92
12W250                    2.00       4.45        2.45       0.62        1.52
12W250                   54.50      55.50        1.00       1.05        1.05
12W250                  111.30     118.80        7.50       0.58        4.35
12W250                  126.80     130.80        4.00       0.45        1.80
12W250                  146.70     147.70        1.00       5.77        5.77
12W250                  204.00     222.50       18.50       0.50        9.25
12W250                  242.00     244.40        2.40       4.79       11.50
12W251                    8.75      11.10        2.35       5.08       11.94
12W251                   17.40      33.30       15.90       2.04       32.44
12W251      incl         31.30      32.30        1.00      19.80       19.80
12W251                   43.70      45.10        1.40       0.51        0.71
12W252                   70.70      73.70        3.00       1.31        3.93
12W252                  109.00     110.70        1.70       0.48        0.82
12W252                  120.00     124.00        4.00       2.16        8.64
12W253                    5.60       8.85        3.25       3.37       10.95
12W253                   38.00      50.00       12.00       1.71       20.52
12W253                   59.00      61.10        2.10       2.56        5.38
12W254                   53.30      55.50        2.20       0.80        1.76
12W254                  120.20     122.30        2.10       1.76        3.70
12W254                  141.50     149.20        7.70       0.84        6.47
12W255                   17.20      18.20        1.00       1.75        1.75
12W255                   52.90      53.90        1.00       3.12        3.12
12W255                   96.90      99.10        2.20       3.97        8.73
12W255                  208.10     209.20        1.10       0.60        0.66
12W255                  227.80     231.00        3.20       1.69        5.41
12W256                   40.20      41.40        1.20       1.77        2.12
12W256                   48.20      69.00       20.80       0.51       10.61
12W256      incl         50.50      52.70        2.20       1.40        3.08
12W256                   77.10      88.90       11.80       1.63       19.23
12W257                    3.80       5.10        1.30       0.74        0.96
12W257                   14.60      15.60        1.00       0.76        0.76
12W257                  117.60     118.60        1.00       2.15        2.15
12W257                  151.50     158.50        7.00       0.47        3.29
12W258                   18.00      19.05        1.05       1.62        1.70
12W258                   30.70      33.30        2.60       4.18       10.87
12W258      incl         32.30      33.30        1.00      10.18       10.18
12W258                   93.20      94.20        1.00       0.69        0.69
12W258                  164.10     165.10        1.00       2.19        2.19
12W258                  169.10     172.40        3.30       2.23        7.36
12W258                  251.80     271.00       19.20       0.82       15.74
12W258                  284.10     287.15        3.05       3.06        9.33
12W259                   22.50      25.90        3.40       1.26        4.28
12W259                  119.10     137.20       18.10       1.34       24.25
12W259                  144.80     153.80        9.00       0.76        6.84
12W260                   36.90      37.90        1.00       0.56        0.56
12W261                   55.70      56.70        1.00       5.27        5.27
12W261                   79.90      80.90        1.00       0.76        0.76
12W261                  113.20     119.40        6.20       8.18       50.72
12W261      incl        113.20     115.20        2.00      22.43       44.86
12W261                  140.30     141.30        1.00       3.68        3.68
12W261                  146.50     147.60        1.10       0.85        0.93
12W261                  164.60     166.00        1.40       0.82        1.15
12W261                  178.80     179.80        1.00       1.22        1.22
12W262                   49.00      50.00        1.00       2.73        2.73
12W263                    7.80       8.80        1.00       0.53        0.53
12W263                   21.60      27.90        6.30       1.02        6.43
12W264                   49.90      58.70        8.80       1.38       12.14
12W264                   68.60      74.60        6.00       0.64        3.84
12W264                  114.60     119.20        4.60       1.24        5.70
12W264                  149.80     153.80        4.00       1.40        5.60
12W264                  165.60     171.00        5.40       6.72       36.29
12W264      incl        167.90     170.00        2.10      12.86       27.01
12W265                   90.40      91.40        1.00       4.93        4.93
12W265                  120.70     122.70        2.00       1.66        3.32
12W266                   32.90      33.90        1.00       1.37        1.37
12W267                   22.60      37.40       14.80       0.54        7.99
12W267                  135.10     142.60        7.50       1.34       10.05
12W267                  154.90     155.90        1.00       1.67        1.67
12W267                  172.80     182.00        9.20       1.85       17.02
12W267                  187.90     188.90        1.00       1.81        1.81
12W267                  201.60     215.40       13.80       2.29       31.60
12W267      incl        203.60     204.90        1.30      16.10       20.93
12W268                   18.00      20.20        2.20       1.42        3.12
12W269                   55.10      56.10        1.00       1.01        1.01
12W269                   65.30      66.30        1.00       1.61        1.61
12W269                   88.50      89.70        1.20       9.94       11.93
12W269                   99.90     100.90        1.00       1.02        1.02
12W270                   32.80      33.80        1.00       4.65        4.65
12W270                   97.45      99.85        2.40       0.77        1.85
12W271                   44.90      45.90        1.00       0.57        0.57
12W271                   74.50      78.80        4.30       0.77        3.31
12W271                  106.90     163.50       56.60       1.38       78.11
12W272                   14.85      20.20        5.35       0.53        2.84
12W272                   48.70      49.80        1.10       0.91        1.00
12W273                    4.95       6.65        1.70       1.32        2.24
12W273                   70.10      71.10        1.00       0.65        0.65
12W273                   75.10      76.10        1.00       0.94        0.94
12W273                  105.70     110.00        4.30       7.73       33.24
12W273      incl        108.90     110.00        1.10      19.45       21.39
12W274                   16.00      17.00        1.00      11.25       11.25
12W274                   39.00      40.00        1.00       0.61        0.61
12W274                   64.40      65.40        1.00       1.00        1.00
12W274                  108.50     109.50        1.00       2.75        2.75
12W274                  122.00     123.00        1.00       0.88        0.88
12W274                  150.60     151.90        1.30       0.51        0.66
12W275                   72.30      74.30        2.00       1.21        2.42
12W275                   81.30      82.30        1.00       2.11        2.11
12W275                   94.60      95.60        1.00       1.49        1.49
12W275                  105.40     110.00        4.60       0.50        2.30
12W275                  173.60     175.60        2.00       1.28        2.56
12W275                  185.10     186.10        1.00       0.72        0.72
12W275                  203.00     210.40        7.40       2.07       15.32
12W275                  224.40     225.40        1.00       2.34        2.34
12W275                  227.90     228.90        1.00       2.98        2.98
12W275                  235.50     253.50       18.00       0.85       15.30
12W277                   72.90      73.90        1.00       1.19        1.19
12W277                   91.10     100.50        9.40       1.46       13.72
12W277                  130.90     131.90        1.00       0.53        0.53
12W278                   24.00      25.25        1.25       0.91        1.14
12W278                   30.45      33.45        3.00       1.07        3.21
12W278                   68.30      69.60        1.30       1.32        1.72
12W278                  102.50     106.60        4.10       1.89        7.75
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