Jan 06, 2012

Dr. John A. Thomas Appointed To Chief Operating Officer

Vancouver, British Columbia. Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce the appointment of Dr. John A. Thomas as Chief Operating Officer, ("COO") of Edgewater Exploration.

Dr. Thomas is a professional engineer and holds a B.Sc., M.Sc., and a PhD in chemical engineering from the University of Manchester, UK. He also received a Diploma in Accounting and Finance from the U. K. Association of Certified Accountants. He has 38 years of experience in the mining industry, including both base metal and precious metal projects in several countries including; Brazil, Venezuela, Costa Rica, Russia, Canada and Zambia. His experience covers a wide range of activities in the mining industry from process development, management of feasibility studies, engineering and management of construction and operation of mines.

George Salamis, CEO, comments: "We are very pleased to have Dr. Thomas join the Edgewater team as COO. Given John's depth of experience managing feasibility studies, overseeing mine construction and operations and working on international projects his skillset is a perfect fit for Edgewater. Edgewater's 100% owned Corcoesto Gold Project in Northwest Spain is now rapidly advancing from exploration to development with the Company initiating a feasibility study on the project this year. John speaks fluent Spanish and will be an integral member of our existing development team in Spain where his experience managing development projects on the scale of Corcoesto will assist in maximizing shareholder value for Edgewater."

The NI 43-101 technical report for the Preliminary Economic Assessment announced on November 17, 2011 was filed with the regulatory authorities and made available on SEDAR on December 30, 2011. The Base Case Highlights include:

Base Case Highlights (US$1300)  
Average Annual Gold Production 102,000/oz
Average Annual Net Revenue (US$)

60.0 Million

Life of mine Net Present Value (NPV)(US$)(5%) 206 Million
Pre-Tax Internal Rate of Return (IRR) 24%
Pre-Tax Payback (years)          3.4
Initial Open pit and underground Capital Cost (US$)   135 Million
Average Annual Cost (US$/oz)            713
Combined open pit and underground operation           9.9 year mine life

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


"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: Tue Jan 10, 2012, Edgewater Drills 1.93g/t Gold over 38.7m and 1.60g/t Gold over 41.0m on the Corcoesto Gold Project

You can view the Previous News Releases item: Mon Nov 28, 2011, Edgewater Intersects Broad Zones of Gold Mineralisation Including 0.53 g/t Gold Over 81.0 Metres at Enchi Gold Project

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