EDW

Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX
VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") announces the Ministry
of Economy and Industry ("the Ministry") in Galicia have requested final
requirements for the Corcoesto Gold Project to proceed. During the review
process the Galician Government reviews the environmental, technical and
economic aspects of each project. On December 17, 2012, Edgewater announced the
approval of the Environmental Impact Statement (EIS) by the Ministry of
Environment, Territory and infrastructure of La Xunta de Galicia.


President and CEO, George Salamis, stated, "Following receipt of the EIS
approval in December 2012, the Government has provided detailed technical and
economic requirements relating to the final project approvals. The Company is
nearing the completion of the final Feasibility Study which will provide all the
necessary information regarding the technical requirements requested by the
Government."


Edgewater representatives recently met with the Ministry of Economy and Industry
and were given final requirements in order to fully proceed on the Corcoesto
Gold Project. The Company has been requested to;




--  present a thorough breakdown of all the technical staff and expertise
    the Company has on hand and/or will be hiring for the efficient and
    safe, construction and operation of the Corcoesto Gold Project,  
--  provide the details regarding the economic and financial analysis of the
    project which will be part of the final feasibility study being
    completed by Micon International during Q3, 2013, 
--  have a minimum of 25% of the estimated capital cost of the project and
    demonstrate commitments for the remaining capital cost. 



The Company has a number of financing options currently being reviewed including
a $120 Million debt financing mandate described in press release dated June 18,
2012 and a strategic path will be finalized pending the details of the Corcoesto
Gold Project final Feasibility Study. These final remaining conditions are
required by the Ministry to approve and allow Edgewater to proceed with the
Corcoesto Gold Project. Edgewater remains fully committed to the advancement of
the Corcoesto Gold Project and will continue to complete these final
requirements and finalize the Feasibility Study with Micon International.


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.


In Spain, Edgewater has completed a Preliminary Economic Assessment (PEA) based
on a Measured and Indicated Resource of 325,000 ounces of gold (5,783 million
tonnes at an average grade of 1.74 g/t gold) and an Inferred Resource of 1,149
million ounces of gold (20,265 million tonnes at a grade of 1.76 g/t gold). A
base cut-off grade of 0.65 g/t gold was used in the estimation of these
resources, above an average depth of 200 m and a cut-off of 2.0 g/t below 200 m
depth. Mineral Resources that are not mineral reserves do not have economic
viability. The Resource Estimate was completed by A. Noble of Ore Reserves
Engineering and detailed in the Technical Report titled Technical Report for the
Corcoesto Gold Deposit, Galicia Spain with an effective date of May 27, 2011.
The PEA was published December 30, 2011 which demonstrated a pre-tax Net Present
Value (NPV) at 5% discount of $206 Million an Internal Rate of Return (IRR) of
24% and a Payback of 3.4 years using a gold price of $US1, 300 per ounce in the
financial models. Over the last 16 months Edgewater has completed +50,000 metres
of infill drilling, an ongoing final Feasibility Study with Micon International
Limited signed a debt mandate agreement with Credit Suisse AG and Barclays Bank
PLC for up to $120 Million for project financing and received the full
Environmental Impact Statement for the Corcoesto Gold Project. (Please visit
www.edgewaterx.com for further details). The Corcoesto Gold Project PEA
Technical Report was prepared by Alan Noble, P.E., of Ore Reserves Engineering
Inc., a professional independent mining engineer registered in the State of
Colorado, USA and a Qualified Person ("QP") as defined by National Instrument
43-101. The PEA is preliminary in nature and includes inferred mineral resources
that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves. There is no certainty that the assessment contained in the PEA
will be realized. Readers should consult the full PEA to review all the
qualifications and assumptions made by the authors in preparing the PEA.


In Ghana, the Company's Enchi Gold Project (51/49 JV with Kinross) is host to an
Inferred Resource of 749,000 ounces of gold (20,627 million tonnes at an average
grade of 1.13 g/t gold), using a cut-off of 0.7 g/t gold. The Enchi Resource
Estimate dated July 12, 2012 was prepared by Todd McCracken, P.Geo., of Tetra
Tech., who is independent of Edgewater and a Qualified Person ("QP") as defined
by National Instrument 43-101. CIM definition standards were followed for the
resource estimate. The 2012 resource models used ordinary kriging (OK) grade
estimation within a three-dimensional block model with mineralized zones defined
by wireframed solids. A capping of gold grades at 18 g/t and a density of 2.45
g/cm3 was applied. Mineral Resources that are not mineral reserves do not have
economic viability.


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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Edgewater Exploration Ltd.
Ryan King
Vice President
(604) 628-1012
rking@edgewaterx.com
www.edgewaterx.com

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