🕐29.03.12 - 17:54 Uhr

EDGEWATER ANNOUNCES ADDITIONAL IN-FILL DRILL INTERCEPTS INCLUDING 66.5 METRES GR
ADING 2.00 G/T GOLD FOR THE CORCOESTO GOLD PROJECT, SPAIN



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March 29, 2012

Edgewater Announces Additional In-Fill Drill Intercepts Including 66.5 Metres Grading 2.00 g/t Gold for the Corcoesto Gold Project, Spain

VANCOUVER, BC - Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX-V:EDW) (OTCQX:EDWZF) is pleased to report addition drill results from the on-going in-fill diamond drilling program on the Companys 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.

Edgewater now has 4 diamond drill rigs conducting a program of infill drilling on the Corcoesto Gold Project.

Drilling continues to intersect excellent widths and grades of gold mineralization including DDH12W96 that returned 66.5 metres grading 2.00 g/t Au and DDH12W86 with 119.8 metres grading 0.73 g/t Au.

George Salamis, President and CEO of Edgewater stated: "The infill drilling program at Corcoesto continues to confirm good continuity and excellent widths in some cases surpassing expectations in grades and widths encountered.

The current phase of drilling will culminate in the tabling of an updated resource estimate during Q3/12 which will form an integral part of the ongoing definitive feasibility study being completed by Tetra Tech.

In conjunction with our project finance advisor, we are finalizing discussions with several financial institutions for the initial project development capital.

The capital requirement will be based on the completion of the feasibility study later this year."

Table 1 Corcoesto Highlight of Recent Drill Results

Drill




Length

Au

Hole


From

To

( Meters)

g/t

12W96


253.60

320.10

66.50

2.00

12W96

incl

313.70

314.80

1.10

18.65

12W102


243.60

280.60

37.00

1.38

12W86


246.00

261.15

15.15

1.04

12W86

and

266.60

386.40

119.80

0.73

12W86

incl

286.60

305.50

18.90

1.22

12W79


172.20

205.70

33.50

1.91

12W79

incl

184.30

194.00

9.70

4.26

12W100


61.90

81.90

20.00

1.91

12W95


235.10

296.40

61.30

0.55

12W97


89.60

104.80

15.20

1.84

12W97

incl

101.40

104.80

3.40

6.19

11W71


345.70

355.20

9.50

1.88

11W71

and

448.40

462.20

13.80

2.00

11W69


195.50

203.55

8.05

2.64

11W69

incl

202.50

203.55

1.05

17.18

11W69

and

281.10

283.10

2.00

10.58

12W73


77.20

85.20

8.00

2.61

12W90


58.50

60.50

2.00

10.25

12W93


115.00

120.60

5.60

3.20

12W84


222.50

228.60

6.10

2.85

12W88


213.00

220.00

7.00

2.43

Notes:1) All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths

2) Weighted averages calculated using uncut assays.

3) See Table attached for complete results.


Edgewater has now completed 118 drill holes totaling 27,019.25 metres.

This news release is reporting results for an additional 39 holes (8,114.1 metres).

On March 7th, 2012 Edgewater announced that Tetra Tech had been engaged to complete a NI43-101 compliant Feasibility Study on the Corcoesto Gold Project.

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.

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.

To view the drill results, please follow this link.

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."


A detailed stock quote on TSX-V: EDW can be found here.

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