Edgewater Exploration Ltd.: Ministry of Environment Approves Corcoesto Gold Project's Environmental Impact Statement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/17/12 -- Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE: EDW)(OTCQX: EDWZF) is pleased to announce the approval of the Environmental Impact Statement (EIS) by the Ministry of Environment, Territory and infrastructures of La Xunta de Galicia. The EIS represents the final step in the environmental permitting process to advance the Corcoesto Gold Project onto construction. This approval is a significant milestone for Edgewater and its shareholders, taking the Company one step closer to developing a new open pit gold mine in the Province of Galicia.

Highlights:

--  The approval of the EIS addresses all aspects of the Corcoesto Gold
    Project to proceed including:

    --  Site layout, Plant design, Open pit mining, and Tailings and waste
        storage facility

--  100% of In-Fill deposit drilling completed and Updated Resource Estimate
    on track for January 2013

--  Bankable Feasibility Study (BFS) well advanced, completion targeted by
    end of Q1, 2013

--  Project debt financing options in place, for up to $120 million, subject
    to BFS

--  Following completion of a positive BFS, Edgewater's intention is to
    begin development work mid-2013.

The EIS process has involved many branches of the Galician Government, together with the contributions from the surrounding communities in the Corcoesto area, all of whom were interested in participating in the permitting process.

President and CEO, George Salamis stated, "We are very pleased to receive the environmental approval to develop the Corcoesto gold project in Galicia, Spain. The EIS approval process is a true testament to the pro-development spirit of the government and surrounding communities. We have received outstanding cooperation from all levels of government and the local communities and I would personally like to thank everyone involved in this process." Mr. Salamis adds, "This is obviously a very significant milestone for the Corcoesto Project and for Edgewater as we now work to finish all final details of the BFS on the project in the coming months. With the BFS being the last major step to complete, we remain firmly committed to see Corcoesto come to fruition as Galicia's newest gold mine and contributor to the local economy. We are committed to ensuring Corcoesto adheres to the highest level of environmental standards and surrounding communities receive maximum social-economic benefits."

In a written statement published on December 14th, the Galician Regional Ministry of the Environment, Territory and Infrastructures, of La Xunta de Galicia announced that, "The EIS was signed by the Secretary General for Quality and Environmental Assessment and will be available on the Xunta de Galicia website as of Monday, December 17, 2012." Additionally, their press statement reiterated the strategic importance of the Corcoesto mine development to the Galician economy; "The project, which is currently in the process of being declared a 'Strategic Industrial Project' by the Galician Regional Ministry for the Economy and Industry due to its capacity to invigorate the economy, provides for the construction of a processing plant with a treatment capacity of 6,000 tonnes a day. This processing plant, along with the related mining operation, will result in an investment of more than 110 million euros and the creation of 270 direct jobs during mining activities, with an estimated 1000 additional indirect jobs in a region where employment is urgently needed."

About Edgewater Exploration Ltd.

Edgewater is a mineral development and exploration company focused on the 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

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@edgewaterx.com
www.edgewaterx.com