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1820 999 West Hastings Street

Vancouver, British ColumbiaV6C 2W2

Edgewater Increases Measured & Indicated Gold Resources by 203% to Over

1.0 Million ozs at the Corcoesto Gold Project, Spain

August 6, 2013 TSXV: EDW

OTCQX: EDWZF

Vancouver, British Columbia, Mr. George Salamis, President and CEO of EdgewaterExploration Ltd. (Edgewater or the Company) is pleased to announce a substantial increase

in the NI 43-101 Measured and Indicated Resource at the Companys Corcoesto Gold Project,situated in Galicia, Spain. The inclusion of recent infill drilling completed by Edgewater in anupdated geological model has increased the open pit-constrained gold ounces in the Corcoestoresource by 203% to 1,027,000 ounces for Measured and Indicated gold resources over theprevious Measured and Indicated resource estimate,see press release Nov 17, 2011 for detailsand Table 3 below.

Table 1 - Corcoesto Gold Project Open Pit-Constrained Mineral Resource

Resource Category

Cut Off

g/t Au Tonnes (kt) Au (g/t) Gold (koz)

Measured 0.5 14,910 1.34 644

Indicated 0.5 9,298 1.28 383

Measured + Indicated 0.5 24,208 1.32 1,027

Inferred 0.5 5,321 1.21 207Notes:1. See notes attached to Table #2The Corcoesto Gold Project has been reviewed at various cut-off grades, as outlined in the tableprovided below. Using a 0.8g/t Au cut-off the pit constrained Measured and Indicated resource is16.2 Mt grading 1.65 g/t Au, containing 863,000 ounces of gold.

President and CEO, George Salamis, adds; Over the past two years, our infill drilling programat Corcoesto has confirmed and successfully converted a significant amount of Inferred resourcesto the Measured and Indicated categories, exceeding the resources targeted in our 2011Preliminary Economic Assessment. This updated resource estimate demonstrates a few keyhighlights; 1) all Measured, Indicated and Inferred resources reported in this updated resourceare open pit constrained 2) the resource contains more Measured and Indicated open pitableresources than were in previous studies such as the 2011 Preliminary Economic Assessment and3) the gold resource remains open highlighting the potential to increase the overall size of theCorcoesto gold resource in all categories, with all three of the main zones remaining open forexpansion below 250 m depth and on-strike. Pending the outcome of the final feasibility study

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we believe this updated resource will enhance the potential project life and increase long-term,sustainable benefits to our stakeholders in the region. Mr. Salamis summarizes, Edgewatersshareholders and the Corcoesto stakeholders have a valuable gold asset with over 1 million M&Iounces hosted in a first world jurisdiction. In addition, all of us are benefitting from ademonstrated willingness shown by all levels of government and the local communities to helpsee Corcoesto through to development and gold production. We are encouraged by the fact that

these new gold resource parameters will contribute to the overall project economics in theupcoming Feasibility Study which will be tabled in the coming months.

The Updated 2013 Resource Estimate also evaluated the Corcoesto Gold Project at various cut-off grades ranging from 0.5 g/t Au to 0.8 g/t Au. Results are as follows;

Table 2 - Corcoesto Gold Project Mineral Resource Estimate at various cut-off grades

Resource Category Cut-off Tonnes (kt) Au (g/t) Gold (koz)

Measured

0.5 14,910 1.34 644

0.6 13,160 1.45 613

0.7 11,586 1.56 580

0.8 10,170 1.67 546

Indicated

0.5 9,298 1.28 383

0.6 8,059 1.39 361

0.7 6,960 1.51 338

0.8 6,065 1.63 317

Measured + Indicated

0.5 24,208 1.32 1,027

0.6 21,219 1.43 974

0.7 18,546 1.54 918

0.8 16,235 1.65 863

Inferred

0.5 5,321 1.21 207

0.6 4,854 1.27 1980.7 4,234 1.36 185

0.8 3,733 1.44 173

Notes:

1. Mineral resources were classified following the guidelines of the JORC Code (2012) an acceptedreporting code in terms of Canadian National Instrument 43-101.

2. Mineral resources are constrained within a Whittle pit shell based on a gold price of US$1,400/oz.3. Numbers may not compute due to rounding.4. All grades have been quoted in grams per tonne (g/t) for the resource inventory.5. Density values were assigned in relation to an oxide surface; no further distinction between fresh

and oxide material has been made within this resource estimate.6. There are no known legal, political, environmental or other risks that could materially affect the

potential development of these mineral resources

Highlights of the Updated Measured and Indicated 2013 Resources include;

1) Measured and Indicated resources have increased to over one million ounces providing asignificantly greater confidence in the deposit

2) The Corcoesto Resource holds together well at higher cut off grades providing anopportunity to potentially mine higher grades during the initial years of operation

3) All zones remain open for expansion through further exploration.

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Details of the Updated Resource (2013) compared to the previous (2011) resource are as follows;

Table 3 - Corcoesto Gold Project 2011 vs 2013 Measured and Indicated Mineral Resource

Estimate (at 0.5g/t Au cut-off)Resource Year Resource Class Cutoff Tonnes Au Contained Gold

(g/t Au) (x1000) g/t (x1000 oz)

2011 Measured 0.5 4,641 1.56 233

Indicated 0.5 2,176 1.52 106

Measured + Indicated 0.5 6,817 1.55 339

Current (2013) Measured 0.5 14,910 1.34 644

Indicated 0.5 9,298 1.28 383

Measured + Indicated 0.5 24,208 1.32 1,027

Note:1. 2011 Measured and Indicated pit constrained resources were estimated using a $US1100/oz gold

price compared to the 2013 Measured and Indicated pit constrained resources estimated using a$US1400/oz gold price.

Work is well advanced and nearing completion on the final feasibility study which will modelthe Project using the 2013 Updated Resource Estimate. The feasibility study is scheduled to becompleted during Q3 2013.

Resource Estimation Methodology: the updated 2013 Mineral Resource Statement was preparedfor the Corcoesto Gold Project by Micon International Limited of Toronto, Canada (Micon) inconjunction with Edgewater. Previous mineral resource statements have been produced by OreReserve Engineering of Denver, USA in 2011. In the opinion of Micon, the 2013 mineralresource estimate is a reasonable representation of the tonnage and grade of gold bearing rockpresent at the Corcoesto Project given the current level of sampling. Micon considers there to be

sufficient data and information for the estimation of a Mineral Resource for the CorcoestoProject prepared under the guidelines of The Australasian Code for the Reporting of ExplorationResults, Mineral Resources and Ore reserves, The JORC Code, 2012 Edition (JORC Code).Total mineral resource estimates for the Corcoesto Project are based on resource models from sixmineral deposits, namely Cova Crea, Pozo del Ingles, Peton de Lobos, Montefurado,Fonterremula, and Picotos.

The exploration history of the project is protracted with initial (modern) exploration beingconducted from the 1970s, and the first drilling by Rio Tinto in 1987. Since 2010 Edgewaterhas completed almost 300 drill holes for over 50,000 metres, adding to the previous 332 drillholes (>35,000 metres) undertaken between 1987 and 2008 by three different operators. The

most up-to-date version of the database for Corcoesto has been supplied to Micon for use in thecurrent Mineral Resource Estimate. The database used by Micon in the current estimate contains50,207 samples and 112,877.27 m including drill holes (diamond drill holes, RC holes,geotechnical, and hydrogeological drill holes), 176 trenches for 18,469.293 m, and 10 adits(channels) for 1,322.90 m.

Micon is of the opinion that the current information is sufficiently reliable to interpret theboundaries for the gold mineralization and that the assay data are sufficiently reliable to supportmineral resource estimation. Micon is not aware of any known environmental, permitting, legal,

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title, taxation, socio-economic, marketing, political, or other relevant factors which would affectthe mineral resource estimate reported here.

The database for the Corcoseto project was developed by Edgewater in Microsoft Access. Thedatabase was imported into Gems Surpac software for analysis and review. The import processidentified no errors within the database, no overlapping samples were evident.

Interpretation of the mineralised zones was undertaken by Edgewater and six zones have beendefined: Picotos, Fonterremula, Montefurado, Pozo del Ingles, Peton de Lobo and Cova Crea.The general strike of the mineralised bodies is North East South West, they dip to the northbetween 54 and 73, and are thus concordant with the main lithological trend and extensionalshear zones. The wireframes have been reviewed by Micon and adjusted in areas to minimisethe inclusion of material below cut off, this has led to the generation of additional wireframestructures in many of the zones. Micon believes that the mineralized envelopes defined in thisprocess represent the limits of gold mineralization based on the development of a grade shell,and therefore provide a reasonable control of the gold estimation. High grade intervals occurwithin some of the mineralised envelopes but could not be delineated as high grade zones within

the mineralized envelopes. A contiguous sample length analysis was completed to investigatethe effect of the cut-off grade on intercepts and the cut-off grade of 300 ppb Au (0.3 g/t Au) isacceptable for the dataset.

The mineralised envelope wireframes were developed through the digitising of strings on crosssections which were linked to form solid objects enclosing the mineralised zones. Wireframesolids were developed for each zone by Micon, this process included the re-digitising of thesections using Edgewaters initial interpretations. The wireframe solids generated by Miconwere verified to ensure that no overlapping or open edges were present. Wireframes for fivedykes present within the zones of mineralisation have also been developed and these verifiedsolids were used to limit the mineralised envelope wireframes in the areas they represent.

Statistical analysis and compositing of the sample database was undertaken in Surpac software.Samples were selected within each mineralised zone for analysis. Each vein structure within thezones was assigned a vein code. The frequency distributions of Au within the samplepopulations were examined to identify the possible presence of high-grade outlier populations.The log probability plots clearly show that the sample populations from each area have differentdistributions. High grade sample populations are present within the sub datasets. The areas withlarger sample populations, such as Cova Crea and Peton de Lobo, have smoother gradedistributions which are expected due to the higher density of sample data. Capping factorsranging from 5.0 to 13.4 g/t Au were applied to raw assays prior to compositing.

Compositing of the data was undertaken in Surpac, and the composite sample files imported intoDatamine for use in estimations. The compositing length has been chosen according to thelength distribution of the sample populations. A comparison was undertaken on the LengthWeighted Average grades for each vein structure within the zones using the raw data set, top cutdata set and composite dataset.

A block model prototype was developed which enveloped all the mineralized zones. Blockmodels were generated for each mineralised zone and dyke structure within this prototype. Theblock model has a parent block size of 8 m x 8 m x 4 m with variable sub-blockings to aminimum of 2 m x 2 m x 1 m. The blocks were generated primary along the X axis and then

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along the Z axis. In order to account for the changes in orientation, dynamic anisotropy has beenundertaken for each mineralised zone and dyke, which allows for the orientation of the searchellipsoid to be defined for each block within the models, through the estimation of true dip anddip direction angles. The changes in orientation in the wireframes volumes are establishedthrough the development of digitised strings in both plan and section through the wireframevolumes. Strings were digitised at intervals of 25 m in section and 20 m in plan section through

the wireframe volumes. The digitised strings were used to generate the dip direction and dip foreach block within the model. These values were then estimated into the block model usingInverse Distance Weighting (IDW) for angular data.

Composite samples for each zone were used for the development of variograms. Anisotropicvariograms were developed in three directions, along the strike of the wireframes represented bythe X axis, down the general dip direction of the wireframes as represented by the Y axis, andacross the width of the wireframes represented by the Z axis. Variographic analyses were madefor all mineralised zones. Continuity could not be established within Picotos, FonterremulaMontefurado and Cova Crea; therefore the estimation for these zones was undertaken usingIDW3. Pairwise relative variograms were generated along the three principle axes for each of the

two larger zones; Peton de Lobo and Pozo Del Ingels.

The basic statistical analysis, combined with the variography and assay composites analysisindicated the appropriate method and parameters for block grade estimation. Three concentricsearch radii were selected for the estimation of each zone. The search ellipses were aligned sothat the X axis aligned along the strike of the wireframes, the Y axis aligned with the dip of thewireframes and the Z axis was aligned across the width of the wireframes. All estimations wereundertaken into the sub cells of the block model in order to minimise smearing effects. Searchellipses representing the general strike and dip of the lenses within each zones were establishedand used where dynamic anisotropy angles were absent.

In order to validate the block model estimates and check for conditional bias, plots were createdwhich compare block model grade estimates and composite sample average grades. Compositesamples were declustered into blocks of the parent cell dimensions of 8m x 8m x 4m. It isapparent from the plots that there is no significant bias between block grades and compositegrades. Visual Validation of the blocks against composite grades was also undertaken for boththe mineralised block models and the dyke models. These validations supported the findings ofthe declustering in that the block grades and composite grades compared well. Global validationof the block models was undertaken though the generation of swath plots in a northing (Y) andeasting (X) direction though the block models. It is clear that the block model grades follow thetrend of the composite grades, albeit that in certain areas a slight underestimation of block gradesin comparison to composite grades is observed.

Densities were coded into the block model based on each blocks location with respect to asurface representing the base of the oxidised zone in the drill hole database. Where drill holeinformation was limited, a depth of 25 m below surface was taken as the oxide limit.

Mineral Resources were categorised in accordance with the JORC Code (2012) which is arecognized reporting code under the CIM Standards. The following definitions were adopted forthe classifications of the mineral resources:

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Measured mineral resources were defined by those portions of the mineralised zoneoutlined by a sample spacing of 25 m x 25 m and having three or more compositesamples within the first search ellipse with two or more of these samples from differentdrillholes/trenches/adits;

Indicated mineral resources were defined by those portions of the mineralised zoneoutlined by having two or more samples from different drillholes/trenches/adits, and

falling within the second search ellipse for each zone; and, Inferred mineral resources were defined as those portions of the mineralised zone which

were outlined by widely spaced composite samples, or lenses containing multiplecomposite samples but only from one drill hole, trench or adit.

The Corcoesto resource estimate data in this news release was read and approved by Jason ChOsmond, M.Sc., EurGeol., C.Geol., FGS, Senior Geologist, Micon International Co. Limited,and a Qualified Person ("QP") as defined by National Instrument 43-101. A technical report isbeing prepared and will be filed in the next 45 days.

Mr. Gregory Smith, P.Geo, the 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 andinformation contained in this news release.

About Edgewater Exploration Ltd.

Edgewater is a mineral development and exploration company focused on advancement anddevelopment of precious metal properties. Edgewater has an experienced mine building andoperating team with a track record of success. The Company is currently developing theCorcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, WestAfrica.

Over the last 18 months Edgewater; completed +50,000 metres of infill drilling, is nearing thecompletion of a final Feasibility Study with Micon International Limited, signed a debt mandateagreement with Credit Suisse AG and Barclays Bank PLC for up to $120 Million for projectfinancing and received the full Environmental Impact Statement for the Corcoesto Gold Project.(Please visitwww.edgewaterx.comfor further details).

In Ghana, the Companys Enchi Gold Project (51/49 JV with Kinross) is host to an InferredResource 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 byTodd McCracken, P.Geo. of Tetra Tech., who is independent of Edgewater and a QualifiedPerson ("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) gradeestimation within a three-dimensional block model with mineralized zones defined bywireframed 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

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On behalf of the board ofEDGEWATER EXPLORATION LTD.

George Salamis,President and CEO

For further information, please contact:

Ryan King, Vice Presidentrking@edgewaterx.comTelephone: (604) 628-1012

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.

Table - Corcoesto Mineral Resources (0.5 g/t Au Cut-off) as at 1st March 2013

Resource Category Area/Zone Tonnes (kt) Density (t/m ) Au (g/t) Gold (koz)

Measured

Cova Crea 3,898 2.62 1.58 198

Fonterremula - - - -

Montefurado - - - -

Picotos - - - -

Peton De Lobo 6,173 2.63 1.16 229

Pozo Del Ingles 4,839 2.62 1.39 217

Total 14,910 2.62 1.34 644

Indicated

Cova Crea 921 2.63 1.78 53

Fonterremula 30 2.51 1.65 2Montefurado - - - -

Picotos 1,119 2.60 1.46 53

Peton De Lobo 4,095 2.63 1.05 138

Pozo Del Ingles 3,133 2.63 1.37 138

Total 9,298 2.60 1.28 383

Measured + Indicated

Cova Crea 4,819 2.62 1.62 250

Fonterremula 30 2.51 1.65 2

Montefurado - - - -

Picotos 1,119 2.60 1.46 53Peton De Lobo 10,268 2.63 1.11 367

Pozo Del Ingles 7,973 2.62 1.39 355

Total 24,208 2.60 1.32 1,027

Inferred

Cova Crea 687 2.61 1.98 44

Fonterremula 281 2.57 1.38 13

Montefurado 282 2.58 1.24 11

Picotos 151 2.57 1.24 6

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Peton De Lobo 3,029 2.62 1.01 99

Pozo Del Ingles 890 2.61 1.20 34

Total 5,321 2.59 1.21 207

Notes:1. Mineral resources were classified following the guidelines of the JORC Code (2012) an accepted reporting code

in terms of Canadian National Instrument 43-101.2. A cut-off grade of 0.5 g/t Au was applied.3. Mineral resources are constrained within a Whittle pit shell based on a gold price of US$1,400/oz.4. Numbers may not compute due to rounding.5. All grades have been quoted in grams per tonne (g/t) for the resource inventory.6. Density values were assigned in relation to an oxide surface; no further distinction between fresh and oxide

material has been made within this resource estimate.7. There are no known legal, political, environmental or other risks that could materially affect the potential

development of these mineral resources