EDW

Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX
VENTURE:EDW)(OTCQX:EDWZF) is pleased to announce that the Galician Government,
Spain, have finalized their internal Environmental Impact Statement (EIS)
approvals process on Corcoesto, with the publishing of a signed resolution in
the Official Galician Bulletin. This is the final step which makes the EIS
official within all levels of government, with immediate effect. The General
Director of Industry, Energy and Mines, Mr. Angel Bernardo Tahoces, signed this
final resolution approving the EIS.


George Salamis, President and CEO, stated, "On December 17, 2012, Edgewater
reported that the Ministry of Environment had approved the Corcoesto Gold
Project's Environmental Impact Statement. This approval of the EIS addressed all
aspects of the Corcoesto Gold Project to proceed forward including site layout,
plant design, open pit mining, and tailings and waste storage facility -
essentially everything that we need to develop and operate a gold mine. This
final signature and publishing of the EIS by the General Director of Industry,
Energy and Mines is the final step in the EIS approval process, which took
approximately 12 months from start to finish." Mr. Salamis also added "The next
step for our Company is to complete an updated resource estimate on Corcoesto
since our last resource was published in early 2011. The upcoming resource
estimate due to be completed in January, 2013 will form an integral part of our
on-going Feasibility Study on the Corcoesto Project and will benefit from having
completed 256 diamond drill holes totaling 45,000 metres of infill drilling
since the previous estimate."


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.


In Spain, Edgewater completed a Preliminary Economic Assessment (PEA) based on a
Measured and Indicated Resource of 325,000 ounces of gold at a grade of 1.74 g/t
and an Inferred Resource of 1.149 million ounces of gold at a grade of 1.76 g/t.
A base cut-off grade of 0.65 g/t gold was used in the estimation of these
resources, above an average depth of 200 m and a cut-off of 2.0 g/t below 200 m
depth. The PEA was published in 2011 which demonstrated robust economics
including a pre-tax Net Present Value (NPV) at 5% discount of $340 Million an
Internal Rate of Return (IRR) of 34% and a Payback of 2.5 years using a gold
price of $US1,500 per ounce in the financial models. Over the last 12 months
Edgewater has completed 45,000 metres of infill drilling, initiated a final
feasibility study with Tetra Tech, signed a debt mandate agreement with Credit
Suisse AG and Barclays Bank PLC for up to $120 Million for project financing and
received the full Environmental Impact Statement for the Corcoesto Gold Project.
(please visit www.edgewaterx.com for further details).


In Ghana, the Company's Enchi Gold Project (51/49 JV with Kinross) is host to
749,000 ounces of gold at an average grade of 1.13 g/t, using a cut-off of 0.7
g/t gold.


On behalf of the board of EDGEWATER EXPLORATION LTD.

George Salamis, President and CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Edgewater Exploration Ltd.
Ryan King
Vice President
(604) 628-1012
rking@edgewaterx.com
www.edgewaterx.com

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