Edgewater Submits Environmental Impact Assessment for Corcoesto and Applies for Special "Strategic Project" Status

Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce that dated February 9th, 2012, the Company has submitted to the Galician Mining Authorities the Environmental Impact Assessment ("EIA") for the Corcoesto Gold Project ("Corcoesto"). This document completes the Exploitation Project application and the Reclamation Plan submitted December 30th, 2011, and follows the legal requirements set up by the European Directives and the Galician legislation. The submittal of these three documents initiates the process to obtain all required development and mining permits for the project.

In addition to the EIA filing, Edgewater's in-country management have applied to have Corcoesto designated as a special "Strategic Project" with the provincial government (La Xunta de Galicia). This recently passed legislation is strong evidence of the Galician government's commitment to assist economic development in the region. The Corcoesto project meets the criteria for this special status, based on the size of the potential mining investment in Galicia highlighted in the recently completed Preliminary Economic Assessment, in addition to the number of potential employment opportunities generated from a future mining operation envisaged at Corcoesto. If successfully awarded, the "Strategic Project" status will allow Corcoesto to be fast-tracked on several levels, including mine permitting.

President and CEO George Salamis stated, "As we endeavor to advance and de-risk Corcoesto, I remain very pleased with the support and progress we are getting from the Galician government, at all levels. We will now initiate a number of public consultation sessions in conjunction with the local authorities and will work with the communities to adhere to the highest socioeconomic and environmental standards. Based on our team's experience in Spain, we anticipate receiving our exploitation permit during the second half of 2012. Potentially even faster, if the project is awarded its "Strategic Project" status. We believe this is a significant milestone for Corcoesto and Edgewater as we simultaneously work towards a construction decision early 2013. Subject to the outcome of the Bankable Feasibility Study, we remain firmly committed to seeing Corcoesto come to fruition as Galicia's newest gold mine and ensure that the communities surrounding Corcoesto derive maximum benefit from a future operation."

The Exploitation Permit application is a compilation of technical studies including the general design, lay-out and planning for the proposed open pits, plant site, waste dumps, the treatment plant and the TMF (tailings management facilities). The permit application also includes specific studies on geology, geotechnical attributes, hydrogeology, water-usage, blasting, health and safety, etc.

The Reclamation Plan includes the design and planning of future mine-site reclamation in addition to a thorough Waste and Tailings Management Plan and the Preliminary Project for Closure.

About Edgewater Exploration Ltd.

Edgewater is a gold development and exploration company advancing the Corcoesto Gold Project, in Galicia, Spain. Edgewater anticipates completing a definitive feasibility study, the environmental permitting and capital financing, simultaneously during 2012. Edgewater and joint venture partner Kinross Gold Corp. is drilling the Enchi Gold Project in Ghana West Africa, located approximately 70km south west of the Chirano gold mine following the Bibiani Shear.

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) [e-mail]