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).
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
„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) 628-1012
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