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Edgewater Exploration Ltd. (TSX VENTURE:EDW - News; OTCQX:EDWZF)

Discussion in 'Stock Market News & Analysis' started by mickymoose99, Jul 20, 2011.

  1. mickymoose99

    mickymoose99 Member

    Nov 24, 2009
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    Red Bank N.J
    Drilling Continues to Intersect Gold Mineralization Near Surface and at Depth on Edgewater's Corcoesto Gold Project, Spain


    Edgewater Exploration


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    Press Release Source: Edgewater Exploration Ltd. On Wednesday July 20, 2011, 9:30 am

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - Edgewater Exploration Ltd. (TSX VENTURE:EDW - News; OTCQX:EDWZF) -

    -- 1.8 g/t gold over 16.7m intersected - confirming wide zone in previous drilling -- 6.2 g/t gold over 4.7m intersected - additional results from high grade zone -- In-fill drilling further defines known gold zones, mineralization remains open

    Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company"), is pleased to provide an update on the drilling program and exploration activities for the Company's 100% owned Corcoesto Gold Project ("Corcoesto or the Project") in Galicia, Spain.

    The on-going diamond drilling program has completed 33 drill holes totalling 8964.15 metres to date. Results for the first 21 drill holes were previously released (see News Releases dated January 31, 2011 and March 17, 2011).

    George Salamis, President and CEO, states, "We are very pleased with the progress at the Corcoesto Gold Project. Over the past 12 months Edgewater successfully acquired this under explored gold asset in Galicia, Spain and increased the resource over 400%. These drill results continue to intersect gold mineralization and further demonstrate the potential for an economically viable gold project in Galicia. Edgewater is currently reviewing a number of development scenarios in our Scoping Study which is on budget and schedule for early Q4, 2011."

    Highlights of the recent results are provided in the following table:

    ---------------------------------------------------------------------------Drill Length Au As Rec. GxTHole From To (Meters) g/t % % (g-m/t)---------------------------------------------------------------------------11W30 77.70 94.40 16.70 1.8 0.43 100.0 30.111W30 incl 91.80 93.20 1.40 11.5 1.46 100.0 16.111W30 incl 89.80 94.40 4.60 5.2 0.94 100.0 23.711W27 13.10 17.80 4.70 6.2 0.51 78.1 29.011W25 110.45 117.20 6.75 4.2 1.35 100.0 28.211W25 incl 113.20 115.20 2.00 8.9 3.01 100.0 17.711W25 173.30 189.20 15.90 1.6 0.63 100.0 25.411W28 157.00 176.50 19.50 0.8 0.38 100.0 15.811W22 216.60 223.10 6.50 2.3 0.62 100.0 15.111W31 98.45 100.50 2.05 5.5 0.66 100.0 11.411W31 132.40 142.50 10.10 1.2 0.82 100.0 11.8--------------------------------------------------------------------------- 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 attached table for complete set of results.

    Recent drilling has focused on the central portion of the Pozo de Ingles structure. For a detailed drill location map please view a Corcoesto Plan map on the Company's website at www.edge-water.com.

    An updated 2011 NI 43-101 compliant resource at Corcoesto was announced on May 31, 2011 (see details in News Release dated May 31, 2011) and consists of a Measured and Indicated resource of 5,783,000 tonnes grading 1.74 g/t Au containing 325,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 20,265,000 tonnes grading 1.76 g/t Au containing 1,149,000 ozs gold. Core recoveries continue to be excellent in most cases 100%. The current 12,000m drilling program is designed to expand the existing gold resource and upgrade a portion of the resource from Inferred to Measured and Indicated. The NI 43-101 Technical report on the updated resource estimate was filed on July 15th, 2011.

    Work is progressing on the Scoping Study ("Preliminary Assessment" or "PA") on the Corcoesto Gold Project which will model the Project using the expanded resource and include the evaluation of both open pit and underground alternatives and synergies. The PA is scheduled to be completed early Q4, 2011. One diamond drill rig (soon to be expanded to two) is currently active on the Corcoesto Gold Project conducting a program of step-out and infill drilling to further define the total resource potential on the project. All exploration activities to date are progressing on budget and ahead of schedule.

    Edgewater has signed an agreement with a local Galician firm (Guindeira Comunicacion & Eventos) to provide public relations services and assist company personnel in their on-going community affairs activities. Starting immediately and continuing over the coming months a series of meetings and presentations will be completed with government officials and agencies, local and regional politicians, community groups, interested parties, and local residents in a proactive effort to inform and engage all stakeholders as the Company advances the Corcoesto 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 gold 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 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

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