EDGEWATER EXPLORATION ENGAGES MICON INTERNATIONAL, GOLDER ASSOCIATES AND KD ENGINEERING TO COMPLETE FEASIBILITY STUDY AT THE ...

1820 – 999 West Hastings Street

Vancouver, British Columbia V6C 2W2

 

EDGEWATER
EXPLORATION ENGAGES MICON INTERNATIONAL, GOLDER ASSOCIATES AND KD ENGINEERING
TO COMPLETE FEASIBILITY STUDY AT THE CORCOESTO GOLD PROJECT, GALICIA, SPAIN

March
11, 2013                                                                                                         
TSX-V: EDW                                                                      OTCQX: EDWZF

Vancouver, British
Columbia:  Edgewater Exploration
Ltd. ("Edgewater"
or the "Company") is pleased to announce
the engagement of mining consultants Micon International ("Micon"),
KD Engineering ("KD") and a subsidiary of Golder Associates (“Golder
Espana”) to prepare and deliver a definitive feasibility study and
feasibility-level engineering design for the Corcoesto Gold Project
(“Corcoesto”). The feasibility study has been underway for several months and
the new lead engineering firm, Micon, will incorporate all data previously
generated for the study.  Edgewater
expects the study to be completed Q3, 2013. 

Micon will author the feasibility study
and KD will complete the feasibility-level engineering of the processing
facility and mine site infrastructure as well as contribute to the feasibility
study. Golder Espana will complete the engineering design on the proposed
tailings facility at Corcoesto.

George Salamis, President and CEO stated:
“We have recently chosen to complete the Corcoesto Gold Project feasibility
study with Micon International, KD Engineering and Golder Associates. Edgewater’s
management team have completed several feasibility studies, built a number of
gold projects as well as managed gold production. We have combined over 80
years experience and we feel this is the most appropriate technical and effective
move for our shareholders. We have an excellent project and I am confident we
will complete our Final Feasibility Study during Q3 this year.”

Micon has provided consulting services to
the international mining industry since 1988, with particular focus upon
mineral resource estimation, metallurgical services, mine design and production
scheduling, preparation of pre-feasibility and feasibility studies, independent
reviews of mining and mineral properties, independent engineer services,
economic analysis and litigation support.

Micon will immediately commence resource
estimation of the Corcoesto gold deposit using resource information, geological
data and interpreted wireframes which have been generated by the Company over
the past several months. It is expected that the updated resource estimate will
be delivered during Q2, 2013. This resource estimate will incorporate approximately
50,000 meters of in-fill drilling conducted on a drill spacing of 25m x 25m,
completed during 2012.

Edgewater has terminated its engagement
with Tetra Tech in its role as the lead engineering firm on the Corcoesto Gold
Project.

Corcoesto was the focus of a PEA conducted
in late 2011. The results from the PEA can be found on our website at www.edgewaterx.com.

 

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"

George Salamis, President and CEO

 

For further information, please contact:

Ryan King, Vice President [e-mail]

Telephone: [phone]

 

"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.