EDWZF Edgewater Exploration Ltd (CE)

Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) ("Edgewater" or the "Company") is pleased to announce that the Company has closed the second and final tranche ("Final Tranche") of its previously announced non-brokered private placement of $11,000,000 ("Private Placement").

The first tranche of the Private Placement consisted of 13,030,000 units ("Units") at $0.80 per Unit for gross proceeds of $10,424,000. Each Unit consists of one common share ("Share") and one half of a common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire an additional Share for $1.10 for a period of 24 months from the closing date. The Final Tranche consisted of the remaining 720,000 Units at $0.80 per Unit for gross proceeds of $576,000 for a total combined sale of 13,750,000 Units and gross proceeds of $11,000,000. The Shares and Warrants issued in connection with the Final Tranche have a four month hold period ending on October 28, 2011. Edgewater paid finder's fees totalling $582,400 in cash and issued 121,062 common shares in connection with the entire non brokered private placement. Upon completion of the non brokered private placement Edgewater has $18,500,000 in the treasury and 66,680,687 common shares issued and outstanding.

Proceeds of the Private Placement will be used to advance the Company's Corcoesto Gold Project, the Enchi Gold Project and for general working capital.

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 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.

Contacts: Edgewater Exploration Ltd. Ryan King Vice President (604) 628-1012 rking@edge-water.com www.edge-water.com