Jan 30, 2012

Edgewater Appoints Project Finance Advisor Mr. Aj Ali

Vancouver, British Columbia: Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce the appointment of Mr. AJ Ali as the Company's Project Finance Advisor. Mr. Ali will advise the company and assist in structuring the overall project finance package, including bank debt, for the potential construction of the Corcoesto Gold Project in northwest Spain.

Mr. Ali is currently the Chief Financial Officer of Avanti Mining Inc. He is a Canadian Chartered Accountant with over 25 years experience in the mining industry and has been involved with over $2B (USD) in project financings for global mining projects. Prior to Avanti Mining, he was the Chief Financial Officer and a Director of Centenario Copper Corporation before its acquisition by Quadra FNX Mining and Chief Financial Officer of EuroZinc Mining Corporation (2004 to 2006) before it merged with Lundin Mining. Mr. Ali was the Chief Operating Officer and Chief Financial Officer of Resource 21 (1998 to 2003), a subsidiary of the Boeing Company, formed to produce satellite-based imaging data and information services. Mr. Ali was the Vice-President, Finance and Chief Financial Officer of Vista Gold Corp. (1992 to 1998). Prior to the merger of Peak Gold, Metallica Resources and New Gold Inc., Mr. Ali served as the Director and the chair of the Audit Committee of Metallica Resources Inc.

Edgewater Exploration is advancing the Corcoesto Gold Project in northwest Spain with a plan to complete a final feasibility study by Q1, 2013. Edgewater anticipates receiving mining permits for the Project during 2012, with these milestones ahead the Company has engaged Mr. Ali to advise and assist the company in relation to structuring a financing package for the development of Corcoesto.

President and CEO George Salamis stated, "AJ is a key addition to our team, he brings a wealth of knowledge, experience and global relationships which will give Edgewater the ability to negotiate the best possible terms as we initiate discussions with international banks in relation to structuring a financing package for Corcoesto. I look forward to working alongside AJ as we proceed with the development and financing of this gold project in Galicia, Spain."

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 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"
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.

You can view the Next News Releases item: Fri Mar 2, 2012, Edgewater Submits Environmental Impact Assessment For Corcoesto And Applies For Special "Strategic Project" Status

You can view the Previous News Releases item: Tue Jan 24, 2012, Edgewater Drills 1.14 G/T Gold Over 68 Metres at a New Gold Zone on the Enchi Gold Project

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