VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 01/08/13 — Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) („Edgewater“ or the „Company“) is pleased to report it has now completed the in-fill diamond drilling program on the Company-s 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.
„We are pleased with how our in-fill drilling program has gone over the last 12 months. Our focus was to convert Inferred resources to Measured and Indicated resources down to a depth of 250 m, in view of future open-pit mining. With the completion of the in-fill program we are working to announce an updated Resource Estimate before the end of January, 2013,“ stated George Salamis, President and CEO. „With the Environmental Impact Statement having been approved in December 2012, Edgewater remains firmly committed to seeing Corcoesto through to mine development and to ensuring that the surrounding communities derive maximum benefit from future gold production.“
Assay sampling has been concluded for all in-fill holes and complete results will be included in the updated Resource Estimate currently being conducted by Tetra Tech and scheduled to be completed before the end of January 2013.
The final 10,000 metres of the 40,000 metre in-fill program targeted the Cova Crea Zone. Drilling continues to intersect significant widths and grades of gold mineralization including DDH12W238 that returned 12.35 metres grading 3.24 g/t Au.
Edgewater has now completed 278 drill holes at Corcoesto totaling 52,940 metres. The most recent drill phase consisted of 64 drill holes (12W215 – 12W278) totaling 10,721.5 metres and this news release is reporting previously un-released results for holes 12W215 to 12W244. Analyses for holes 12W245 to 12W278 are in progress.
To view the plan map accompanying this press release, please click on the following link:
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, ore and waste mining 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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