December 17, 2012                                                                                        TSXV: EDW



                                                                                                                            OTCQX: EDWZF



 



Vancouver, British Columbia:  Edgewater Exploration
Ltd.
("Edgewater" or the "Company") is pleased to announce the approval of the Environmental
Impact Statement (EIS) by the Ministry of Environment, Territory and
infrastructures of La Xunta de Galicia.  The
EIS represents the final step in the environmental permitting process to
advance the Corcoesto Gold Project onto construction. This approval is a significant milestone for Edgewater
and its shareholders, taking the Company one step closer to developing a new
open pit gold mine in the Province of Galicia.



 



Highlights:



 



  • The approval of the EIS
    addresses all aspects of the Corcoesto Gold Project to proceed including:



-     
Site layout,
Plant design, Open pit mining, and Tailings and waste storage facility



  • 100% of In-Fill deposit drilling completed and Updated Resource
    Estimate on track for January 2013

  • Bankable Feasibility Study (BFS) well advanced, completion targeted by
    end of Q1, 2013

  • Project debt financing options in place, for up to $120 million,
    subject to BFS

  • Following completion
    of a positive BFS, Edgewater’s intention is to begin development work
    mid-2013.



 



The EIS process has
involved many branches of the Galician Government, together with the contributions
from the surrounding communities in the Corcoesto area, all of whom were
interested in participating in the permitting process.



 



President and CEO,
George Salamis stated, “We are very pleased to receive the environmental
approval to develop the Corcoesto gold project in Galicia, Spain.  The EIS approval process is a true testament
to the pro-development spirit of the government and surrounding communities. We
have received outstanding cooperation from all levels of government and the
local communities and I would personally like to thank everyone involved in
this process.” Mr. Salamis adds, “This is obviously a very significant
milestone for the Corcoesto Project and for Edgewater as we now work to finish all
final details of the BFS on the project in the coming months. With the BFS being
the last major step to complete, we remain firmly committed to see Corcoesto come
to fruition as Galicia’s newest gold mine and contributor to the local economy.
We are committed to ensuring Corcoesto adheres to the highest level of environmental
standards and surrounding communities receive maximum social-economic benefits.



 



In a written
statement published on December 14th, the Galician Regional Ministry
of the Environment, Territory and Infrastructures, of La Xunta de Galicia announced
that “The EIS was signed by the Secretary General for Quality and Environmental
Assessment and will be available on the Xunta de Galicia website as of Monday,
December 17, 2012.” Additionally, their press statement reiterated the
strategic importance of the Corcoesto mine development to the Galician economy;
“The project, which is currently in the process of being declared a ‘Strategic
Industrial Project’ by the Galician Regional Ministry for the Economy and
Industry due to its capacity to invigorate the economy, provides for the
construction of a processing plant with a treatment capacity of 6,000 tonnes a
day. This processing plant, along with the related mining operation, will
result in an investment of more than 110 million euros and the creation of 270
direct jobs during mining activities, with an estimated 1000 additional
indirect jobs in a region where employment is urgently needed.”



 



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 rking@edgewaterx.com



Telephone: (604) 628-1012



 



"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.




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