Oct 20, 2011

Edgewater Adds Key Executive to Corcoesto Gold Project & Support Continues to be highlighted by Local Government

  • Key Executive Added to the project's Permitting and Engineering Team
  • Local Mayor herald's Corcoesto as being a "great opportunity" and a potentially "major economic boost" in the Spanish National Press
  • First Public Consultation held at Corcoesto
Vancouver, British Columbia: Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to welcome Mr. Francisco Ruiz as the Senior Environmental Manager on the Corcoesto Gold Project. Formerly employed by Kinbauri Gold Corp as Senior Environmental Officer and Rio Narcea Gold Mines Ltd., as environmental and assay laboratory superintendent and metallurgist, Mr. Ruiz, will be in charge of all environmental affairs for the Corcoesto Gold Project. Mr. Ruiz has widespread experience in industrial pilot studies, plant testing, quality controls, waste water treatment, metallurgy, mine permitting and commissioning, and land reclamation. Mr. Ruiz has been involved in successful mine permitting and mine commissioning endeavors in Spain.

Government Support for Corcoesto

The Company continues to foster an open dialogue with all levels of government in Galicia, Spain, for the purposes of advancing the project. In this respect, the response from all levels of government has been positive, from the key Municipal level to the Galician Mines Ministry. As a testament to this, in a recent edition of the national Spanish newspaper El Mundo the Mayor of Cabana de Bergantiños, José Muiño, recently referred to the Corcoesto gold project as a "great opportunity" because it would be "a major economic boost for a town of 5,000 inhabitants which is suffering from a demographic downturn."

Corcoesto Public Consultation

On October 14th, the Company held its first public consultation with the citizens of the Cabana de Bergantiños region which is the municipality surrounding the Corcoesto Gold Project in Galicia, Spain. The meeting was led by Edgewater's Country Manager, Lluis Boixet, who discussed the current status and work timeline of the Corcoesto Gold Project with approximately 70 people who were in attendance. Subject to a positive outcome of the Corcoesto PEA, the feasibility and permitting timeline was tabled leading to a discussion of the potential economic benefits of the project to the local region. During these discussions the Company's attention to minimizing the impact of the future operation on the local environment was given top emphasis. The meeting, the first of its kind in the region, provided a platform for the local citizens and special interest groups in attendance to ask questions and share their views. Several journalists were in attendance at the meeting, with meeting coverage provided by the local press including; "La Voz de Galicia", "El Ideal Gallego", "La Opinion" and "El Correo Gallego."

"We would like to thank the many citizens who attended the meeting to hear about the Corcoesto gold project" stated President and CEO George Salamis. "The project is still at the initial stages of economic study and permitting, however our policy of open communication and transparency with the local community remains at the forefront of what we do. What we are hearing from the community in these discussions is that our strict attention to minimizing the project's environmental impact and developing the deposit in a sustainable manner should be our top priority at Corcoesto. This is and always will be our policy going forward." Additionally, Mr. Salamis added, "I am very excited to have Francisco a part of our growing team; he is very familiar with permitting gold projects in Spain and has been involved in bringing some of the modern projects that are in production to fruition, I look forward to working together to hopefully build Galicia's next major mine."

A Decade of Mine Permitting Precedents in Spain

The awakening interest in metal mining in Spain has been demonstrated in recent years with the opening of seven new mines across the country. In 2011 alone, two gold mines have resumed activity in Asturias requiring entirely new mine permits, in addition to the granting of an exploitation permit of a Tin-Tungsten mine in Galicia, within 65 km of Corcoesto itself. These newly permitted mines close to Corcoesto are in addition to the permitting and opening of four new mines in the last 8 years in Huelva, Badajoz, Seville and Salamanca, as shown in the table below.

Deposit Company Location Metal Year Permitted Opening
El Valle RNGM/Kinbauri Asturias Au-Cu Year 2006 Jul-11
Carlés RNGM /Kinbauri Asturias Au-Cu Year 2006 Jul-11
Aguas Teñidas Matsa Huelva Cu-Pb-Zn Nov-07 Sep-09
Agua Blanca RNR / Lundinmining Badajoz Ni-Cu Sep-03 Jan-05
Los Cruces INMET Seville Cu November-06 Nov-08
Los Santos DAYTAL Salamanca W Jan-07 Jun-08
San Finx Incremento Group A Coruña Sn-W- first 2011 Jul 11

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the Enchi Gold Project in Ghana, West Africa and the Corcoesto Gold Project in Northwest Spain.

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
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.

You can view the Next News Releases item: Thu Oct 27, 2011, Edgewater Completes Acquisition of 100% Interest in the Corcoesto Gold Project, Spain Preliminary Economic Assessment Nearing Completion

You can view the Previous News Releases item: Mon Sep 19, 2011, Edgewater Intersects New Bulk Gold Zone at Enchi Gold Project, Ghana Results Include 0.35g/t Gold over 200 Metres

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