Edgewater Sells Royalty Interest on the Corcoesto Gold Project and Closes Private Placement

Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the
"Company") is pleased to announce that further to its press release dated
September 24, 2012 it has now closed a US$5,000,000 financing through the sale
of royalty interests on the Company's 100% owned Corcoesto Gold Project in
northwest Spain and a non-brokered private placement to an arm's length third
party (the "Transaction"). The details of the Transaction include:




a.  the creation and sale of a 1.0 % net smelter return ("NSR") royalty on
    production from the Corcoesto Gold Project and the sale of Edgewater's
    right to purchase 1.0% of the existing 1.5% NSR for total cash proceeds
    of US$4,000,000; and
     
b.  a non-brokered private placement consisting of 2,436,250 million units
    at a price of C$0.40 per unit for gross proceeds of C$974,500
    (US$1,000,000). Each unit consists of one common share and one common
    share purchase warrant. Each warrant allows the holder to purchase one
    common share in Edgewater for a period of 12 months from Closing at a
    price of C$0.50 per share.



Edgewater's 100% owned Corcoesto Gold Project will now be subject to a total NSR
royalty on production of 2.5% and the Company has a working capital position of
$6.0 million. 


A 6.0% finder's fee payable in cash will be paid on the total Transaction.

All securities issued pursuant to the private placement will have a four month
hold period expiring on January 26, 2013.


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 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

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking
statements", including statements respecting the anticipated completion of the
Transaction and the anticipated receipt of the proceeds therefrom, completion of
standard conditions and regulatory approvals. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the actual results
of Edgewater to differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, failure by
Edgewater to obtain any necessary regulatory approvals and failure of either
Edgewater or the purchaser to satisfy closing conditions. Edgewater disclaims
any intent or obligation to update any forward-looking statement unless required
by law. Although Edgewater believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements.