Edgewater Exploration Ltd.: In-Fill Drilling Program Complete at Corcoesto, Spain; Recent Results Include 12.35m @ 3.24 g/t Au and 6.85m @ 5.63 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to report it has now completed the in-fill diamond drilling program on the Company's 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.

"We are pleased with how our in-fill drilling program has gone over the last 12 months. Our focus was to convert Inferred resources to Measured and Indicated resources down to a depth of 250 m, in view of future open-pit mining. With the completion of the in-fill program we are working to announce an updated Resource Estimate before the end of January, 2013," stated George Salamis, President and CEO. "With the Environmental Impact Statement having been approved in December 2012, Edgewater remains firmly committed to seeing Corcoesto through to mine development and to ensuring that the surrounding communities derive maximum benefit from future gold production."

Assay sampling has been concluded for all in-fill holes and complete results will be included in the updated Resource Estimate currently being conducted by Tetra Tech and scheduled to be completed before the end of January 2013.

The final 10,000 metres of the 40,000 metre in-fill program targeted the Cova Crea Zone. Drilling continues to intersect significant widths and grades of gold mineralization including DDH12W238 that returned 12.35 metres grading 3.24 g/t Au.

Table 1: Corcoesto Highlight of Recent Drill Results

Drill		From	To	Length	Au	G*T
Hole		(m)	(m)	metres	g/t	(g-m/t)
12W238		39.70	52.05	12.35	3.24	40.01
12W238	incl	40.70	42.15	1.45	13.55	19.65
12W223		164.85	171.70	6.85	5.63	38.57
12W223	incl	166.85	167.90	1.05	30.00	31.50
12W222		224.40	234.20	9.80	2.87	28.13
12W222	incl	232.20	233.20	1.00	15.75	15.75
12W226		235.40	250.30	14.90	1.80	26.82
12W241		124.80	132.20	7.40	3.24	23.98
12W241	and	167.40	181.10	13.70	1.67	22.88
12W241	incl	167.40	168.40	1.00	11.28	11.28
12W217		102.20	107.90	5.70	4.20	23.94
12W217	incl	104.20	105.50	1.30	12.30	15.99
12W244		90.00	98.10	8.10	2.93	23.73
12W232		261.00	280.50	19.50	1.13	22.04
12W238		198.70	202.30	3.60	5.51	19.84
12W219		124.30	127.80	3.50	5.66	19.81
12W219	incl	126.60	127.80	1.20	15.70	18.84
12W231		184.00	185.20	1.20	14.99	17.99
12W231		325.00	329.50	4.50	3.92	17.64
12W244		225.00	248.50	23.50	0.71	16.69
12W244	incl	90.00	91.00	1.00	16.65	16.65
12W237		96.00	101.20	5.20	3.14	16.33
12W237	incl	98.00	99.20	1.20	11.63	13.96
12W242		39.20	50.80	11.60	1.38	16.01
12W234		27.80	33.90	6.10	2.52	15.37
12W234	incl	31.80	32.90	1.10	11.20	12.32
12W229		71.80	83.20	11.40	1.25	14.25
12W224		105.30	124.30	19.00	0.74	14.06
12W223		70.40	72.50	2.10	6.38	13.40
12W243		168.20	188.50	20.30	0.62	12.59
12W231		49.80	55.60	5.80	2.13	12.35

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 278 drill holes at Corcoesto totaling 52,940 metres. The most recent drill phase consisted of 64 drill holes (12W215 - 12W278) totaling 10,721.5 metres and this news release is reporting previously un-released results for holes 12W215 to 12W244. Analyses for holes 12W245 to 12W278 are in progress.

To view the plan map accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/edw18.jpg

Work continues by Tetra Tech on the NI43-101 compliant Feasibility Study on the Corcoesto Gold Project. Additional work on-going in support of the Feasibility Study includes detailed processing plant design, ore and waste mining scheduling, metallurgical testing and geotechnical studies.

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. Additional QA/QC includes re-assaying of random and selected samples at a second independent laboratory. 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.

On behalf of the board of EDGEWATER EXPLORATION LTD.

George Salamis, President and CEO

Previously Unreported Results from Recently Completed Drill Holes

Drill Hole		From	To	Length	Au	G*T
		m	m	(meters)	g/t	(g-m/t)
12W215		14.20	15.20	1.00	1.08	1.08
12W215		19.90	21.00	1.10	1.13	1.24
12W215		36.50	37.50	1.00	2.80	2.80
12W215		74.10	85.80	11.70	0.61	7.14
12W216		8.00	9.50	1.50	1.05	1.58
12W216		108.30	110.30	2.00	1.51	3.02
12W216		146.80	168.20	21.40	0.54	11.56
12W216		176.20	177.20	1.00	3.56	3.56
12W217		39.00	42.10	3.10	2.85	8.84
12W217		55.50	57.60	2.10	2.30	4.83
12W217		70.80	72.90	2.10	1.03	2.16
12W217		78.10	79.30	1.20	4.00	4.80
12W217		102.20	107.90	5.70	4.20	23.94
12W217	incl	104.20	105.50	1.30	12.30	15.99
12W217		143.50	144.80	1.30	6.09	7.92
12W217		149.20	159.00	9.80	0.71	6.96
12W217		169.30	171.40	2.10	2.72	5.71
12W217	incl	169.30	170.40	1.10	4.38	4.82
12W218		63.00	66.60	3.60	0.88	3.17
12W218		112.10	113.10	1.00	0.74	0.74
12W218		127.10	133.00	5.90	1.13	6.67
12W219		52.00	56.40	4.40	0.56	2.46
12W219		78.50	84.20	5.70	0.87	4.96
12W219		124.30	127.80	3.50	5.66	19.81
12W219	incl	126.60	127.80	1.20	15.70	18.84
12W219		157.60	158.90	1.30	1.92	2.50
12W219		173.50	174.50	1.00	1.08	1.08
12W219		190.60	191.60	1.00	0.54	0.54
12W220		131.20	132.20	1.00	0.65	0.65
12W220		185.00	187.10	2.10	0.98	2.06
12W221		78.80	97.60	18.80	0.57	10.72
12W222		10.10	11.10	1.00	0.73	0.73
12W222		68.20	69.20	1.00	1.14	1.14
12W222		96.20	100.10	3.90	0.82	3.20
12W222		129.90	130.90	1.00	0.56	0.56
12W222		182.60	184.90	2.30	2.32	5.34
12W222		209.30	215.30	6.00	0.68	4.08
12W222		224.40	234.20	9.80	2.87	28.13
12W222	incl	232.20	233.20	1.00	15.75	15.75
12W222		239.90	241.10	1.20	1.12	1.34
12W222		254.30	255.50	1.20	6.95	8.34
12W223		70.40	72.50	2.10	6.38	13.40
12W223	incl	70.40	71.40	1.00	10.60	10.60
12W223		120.00	121.00	1.00	1.14	1.14
12W223		139.10	144.10	5.00	0.70	3.50
12W223		164.85	171.70	6.85	5.63	38.57
12W223	incl	166.85	167.90	1.05	30.00	31.50
12W223		190.60	191.80	1.20	0.77	0.92
12W223		221.90	225.10	3.20	3.56	11.39
12W223	incl	221.90	222.90	1.00	8.34	8.34
12W223		244.40	245.50	1.10	4.04	4.44
12W224		68.00	69.00	1.00	0.75	0.75
12W224		89.70	91.70	2.00	0.54	1.08
12W224		105.30	124.30	19.00	0.74	14.06
12W225		191.85	203.60	11.75	0.61	7.17
12W225		207.40	208.60	1.20	0.58	0.70
12W225		243.90	249.10	5.20	1.15	5.98
12W226		235.40	250.30	14.90	1.80	26.82
12W226	incl	239.40	240.55	1.15	8.39	9.65
12W226		266.40	267.40	1.00	1.01	1.01
12W226		275.00	279.50	4.50	1.16	5.22
12W227		14.30	15.85	1.55	0.68	1.05
12W227		65.00	66.10	1.10	1.26	1.39
12W227		75.20	77.20	2.00	1.60	3.20
12W227		108.00	109.00	1.00	1.10	1.10
12W227		121.50	125.50	4.00	0.55	2.20
12W227		162.60	163.70	1.10	0.62	0.68
12W228		29.10	30.30	1.20	0.60	0.72
12W228		41.20	42.40	1.20	0.65	0.78
12W228		45.70	48.80	3.10	0.53	1.64
12W228		55.60	56.80	1.20	0.56	0.67
12W228		58.30	59.40	1.10	0.66	0.73
12W229		1.80	2.80	1.00	0.97	0.97
12W229		71.80	83.20	11.40	1.25	14.25
12W230		34.90	50.60	15.70	0.73	11.46
12W230		92.00	93.00	1.00	0.95	0.95
12W230		105.50	118.70	13.20	0.90	11.88
12W230		123.70	125.70	2.00	1.43	2.86
12W230		131.50	132.50	1.00	0.93	0.93
12W231		41.60	42.80	1.20	1.20	1.44
12W231		49.80	55.60	5.80	2.13	12.35
12W231		86.70	87.90	1.20	1.63	1.96
12W231		184.00	185.20	1.20	14.99	17.99
12W231		226.60	227.60	1.00	1.32	1.32
12W231		247.00	248.20	1.20	0.95	1.14
12W231		272.30	286.00	13.70	0.83	11.37
12W231		325.00	329.50	4.50	3.92	17.64
12W231		349.10	351.20	2.10	2.22	4.66
12W232		16.50	17.50	1.00	2.36	2.36
12W232		34.30	35.30	1.00	1.98	1.98
12W232		50.50	51.50	1.00	1.08	1.08
12W232		123.80	124.80	1.00	8.07	8.07
12W232		190.30	191.30	1.00	1.71	1.71
12W232		227.00	228.00	1.00	0.65	0.65
12W232		232.20	236.70	4.50	0.65	2.93
12W232		246.30	247.40	1.10	1.29	1.42
12W232		250.00	251.00	1.00	0.84	0.84
12W232		254.40	255.50	1.10	1.10	1.21
12W232		261.00	280.50	19.50	1.13	22.04
12W233		12.85	14.10	1.25	2.49	3.11
12W233		45.00	47.45	2.45	4.43	10.85
12W233		52.45	53.45	1.00	0.71	0.71
12W233		80.00	81.00	1.00	1.43	1.43
12W233		106.60	111.70	5.10	0.86	4.39
12W233		134.90	136.00	1.10	0.95	1.04
12W233		164.30	168.30	4.00	0.57	2.28
12W233		198.50	204.60	6.10	0.86	5.25
12W234		27.80	33.90	6.10	2.52	15.37
12W234	incl	31.80	32.90	1.10	11.20	12.32
12W234		53.90	54.90	1.00	3.79	3.79
12W235		61.20	62.70	1.50	0.87	1.31
12W235		67.60	68.80	1.20	0.67	0.80
12W235		77.00	78.30	1.30	0.81	1.05
12W235		109.30	110.40	1.10	0.55	0.61
12W236		38.6	39.6	1.00	0.81	0.81
12W236		57.3	58.4	1.10	0.59	0.65
12W237		52.50	53.80	1.30	1.01	1.31
12W237		58.80	59.90	1.10	2.28	2.51
12W237		96.00	101.20	5.20	3.14	16.33
12W237	incl	98.00	99.20	1.20	11.63	13.96
12W238		39.70	52.05	12.35	3.24	40.01
12W238	incl	40.70	42.15	1.45	13.55	19.65
12W238		73.90	74.90	1.00	2.48	2.48
12W238		81.40	82.40	1.00	1.10	1.10
12W238		92.40	93.40	1.00	4.20	4.20
12W238		121.00	123.00	2.00	1.21	2.42
12W238		139.00	157.10	18.10	0.65	11.77
12W238		181.30	182.30	1.00	4.01	4.01
12W238		184.70	185.70	1.00	1.23	1.23
12W238		198.70	202.30	3.60	5.51	19.84
12W239		22.30	23.30	1.00	4.31	4.31
12W239		109.80	120.90	11.10	0.85	9.44
12W239		130.30	131.50	1.20	0.89	1.07
12W239		137.50	138.50	1.00	0.63	0.63
12W239		145.20	148.40	3.20	3.72	11.90
12W239		167.20	168.40	1.20	0.67	0.80
12W240		94.60	95.60	1.00	0.50	0.50
12W240		107.90	108.90	1.00	0.70	0.70
12W240		117.30	127.00	9.70	0.56	5.43
12W240		135.00	140.00	5.00	1.25	6.25
12W241		34.00	35.00	1.00	0.58	0.58
12W241		124.80	132.20	7.40	3.24	23.98
12W241		167.40	181.10	13.70	1.67	22.88
12W241	incl	167.40	168.40	1.00	11.28	11.28
12W242		39.20	50.80	11.60	1.38	16.01
12W242		57.90	73.70	15.80	0.58	9.16
12W243		35.60	38.70	3.10	1.10	3.41
12W243		141.60	144.80	3.20	2.75	8.80
12W243		153.50	154.50	1.00	1.12	1.12
12W243		168.20	188.50	20.30	0.62	12.59
12W244		81.00	82.00	1.00	1.07	1.07
12W244		90.00	98.10	8.10	2.93	23.73
12W244	incl	90.00	91.00	1.00	16.65	16.65
12W244		136.50	137.50	1.00	0.90	0.90
12W244		148.50	149.50	1.00	0.54	0.54
12W244		154.50	155.50	1.00	0.55	0.55
12W244		173.50	177.10	3.60	1.50	5.40
12W244		181.10	182.10	1.00	0.93	0.93
12W244		188.00	189.00	1.00	1.59	1.59
12W244		225.00	248.50	23.50	0.71	16.69