Edgewater Receives Positive Preliminary Economic Assessment for the Corcoesto Gold Project

- November 17th, 2011

George Salamis, President and CEO of Edgewater Exploration Ltd., announceD results of a Preliminary Economic Assessment (“PEA”) on its 100%-owned Corcoesto gold project in Galicia, Spain.

As quoted in the press release:

George Salamis, President and CEO of Edgewater Exploration Ltd., announced results of a Preliminary Economic Assessment on its 100%-owned Corcoesto gold project in Galicia, Spain.

As quoted in the press release:

Base Case Highlights

Average Annual Gold Production 102,000/oz
Average Annual Net Revenue (US$) 60.0 Million
Life of mine Net Present Value (NPV)(US$)(5%) 206 Million
Pre-Tax Internal Rate of Return (IRR) 24%
Pre-Tax Payback (years) 3.4
Initial Open pit and underground Capital Cost (US$) 135 Million
Average Annual Cost (US$/oz) 713
Combined open pit and underground operation 9.9 year mine life

Edgewater Exploration Ltd., President & CEO, George Salamis, said:

“Our efforts over the past 16 months have been focused on growing the Corcoesto resource and optimizing value for our shareholders while ensuring we follow the highest standards of environmental stewardship at Corcoesto. We are very excited with the outcome of the PEA and believe we will continue to add more value as we move into the next phase of the project. The permitting process is now well underway and will be based on the design in this PEA. “

Click here to read the Edgewater Exploration Ltd. (TSXV:EDW,,QTCQX:EDWZF) press releaseSee this press release on Marketwire
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