Presentation

EXPLORATION LTD.

Corporate Presentation | March 2012

TSX.V:EDW

|

Forward Looking StatementCertain statements in this document constitute “forward looking statements” which may not bebased on historical fact. Such forward looking statements involve known and unknown risk,un rt inti nd th r f t r hi h m u th tu l r ult p rf rm n r hi m nt

Forward Looking Statement

uncertainties and other factors which may cause the actual results, performance or achievementsof the Company, or industry results to be materially different from any future results,performance, or achievements expressed or implied by such forward looking statements. Suchfactors include, among others, the following: actual results of exploration and developmentactivities the estimation or realization of mineral reserves and resources the timing and theactivities; the estimation or realization of mineral reserves and resources; the timing and theamount of future production; the costs and timing of the development of new deposits; futureprices of precious and base metals; accidents; risks inherent in mineral exploration; risksassociated with development, construction and mining operations; restrictions on foreignownership the Company’s history of operating losses and uncertainty of future profitabilityownership; the Company s history of operating losses and uncertainty of future profitability;uncertainty of access to additional capital; environmental liability claims and insurance; anddependence on joint venture partners.

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EDW Value OpportunityEdgewater’s peer review group averages $50/oz Gold (EV/Resources)

Ed i l l d $20/ G ld i h i ifi

$180 

EDW Value Opportunity

Edgewater is currently valued at $20/oz Gold with significant shareholder potential in 2012

$120

$140 

$160 

$80 

$100 

$120 

$40 

$60 

$0 

$20 

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Investment HighlightsPRO MINING, STABLE MINING JURISDICTIONS

100% Ownership100% Ownership

Investment Highlights

• First world, pro mining jurisdiction

• Advanced Gold development project

• All levels of government supportive

• Expedited/fast track to mining permits in 2012

• Project financing progress underway

51/49 Joint Venture 51/49 Joint Venture

TEAM AND PARTNERS: Proven, Successful, Experience

• Proven management with mine building and production experience

• Financial Advisor: Mr. AJ Ali has successfully raise over $1B debt project finance

JJKinross Gold Corp.Kinross Gold Corp.

J y $ p j

• Featherstone Capital Adviors: have significant success in creating shareholder wealth

• Wardrop Engineering: An internationally recognized leader in the design and engineering of

feasibility level gold projects world wide. 4• Kinross Gold Corp.: A Canadian-based gold mining company with mines and projects in Brazil,

Canada, Chile, Ecuador, Ghana, Mauritania, Russia and United States.

Investment Highlights

ESTABLISHED PROJECTS100% Ownership100% Ownership

Investment Highlights

• Preliminary Economic Assessment*

CORCOESTO GOLD PROJECT, Galicia NW Spain

• NPV 5% $340 MillionNPV 5% $340 Million

• IRR 34%

• PAYBACK yrs 2.5

• Average Annual Net Revenue $80M51/49 Joint Venture 51/49 Joint Venture

• Q2, 2012 Project Finance and Resource Estimate Update

• Q3/Q4, 2012 Mining Permit

• Q4, 2012 Bankable Feasibility Study and Project Finance

JJKinross Gold Corp.Kinross Gold Corp.

ENCHI GOLD PROJECT, GHANA

• 60 Km south west of Chirano Gold Mine (5M ounces)

M d Q2 2012

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*$1500 Au

• Maiden Resource Q2, 2012

• +500sq km land package

Edgewater TeamGeorge Salamis, President & CEO, Director +20 years experience directing exploration, development, and mining operations of a number of gold, base metal and coal projects, Mr. Salamis has held senior management positions with Placer Dome and Cameco Corporation and has

Edgewater Team

p j , g p pcompleted M & A transactions valued over $1B

Greg Smith, P.Geo, Vice President Exploration+23 years exploration experience working for both junior & senior mining operations and has been involved in outlining +10Moz gold discovery10Moz gold discovery

Edward Farrauto, CFO+20 years experience as CFO and Director of public companies, has been involved in raising over $500 million of equity and debt and completed M & A transactions valued over $750 million

Dr. John Thomas, COO+38 years experience in the mining industry in several countries. His experience covers a wide range of activities including process development, feasibility studies, management of construction and operation of mines. Dr. Thomas is a professional engineer and has a B.Sc., M.Sc., and a PhD in metallurgical processing

Mr. AJ Ali, Project Finance AdvisorMr. Ali has over 20 years experience in the mining industry and has been involved with over $2B (USD) in M&A and project financings for global mining projects. Previously Mr. Ali was the Chief Financial Officer and a Director of Centenario Copper Corporation before its acquisition by Quadra FNX Mining and Chief Financial Officer of EuroZincMining Corporation (2004 to 2006) before it merged with Lundin Mining

6Mining Corporation (2004 to 2006) before it merged with Lundin Mining.

Doug Forster, M.Sc. P.Geo, Director+30 years resource project development, M&A, equity finance and public company management, Mr. Forster is President

& CEO of Featherstone Capital, he has been Founder and director of several public companies

Edgewater Capital Structure (March 2012)

Ownership Share Structure

Edgewater Capital Structure (March 2012)

M &

Kinross Gold Corp

5%

Issued & Outstanding 67,282,187

Warrants6 515 000 @ 1 10 (2013)Mgmt &

Insiders 19%Retail 38%

6,515,000 @ 1.10 (2013)

984,780 @ $1.10 (2012)

7,806,500 @ $1.40 (2013)

’15,451,280

Options 7,102,000

Institutional 38%

Fully Diluted* 94,209,592*

CashCash $4,000,000$4,000,000

* If Edgewater delineates a NI43-101 compliant resource of 3Moz of gold in the M&I category on

the Enchi Gold Project, then Kinross can exercise an additional 2.5M warrants at $0.50 and 2.5M

warrants at $1.00 (included in the fully diluted number above).

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Corcoesto Gold ProjectOverwhelming support from all levels of government and community in Galicia, NW Spain

An autonomous region, all mine permits granted locally at the municipal and state levels (no federal approvals required)

Potential to fast track permitting with “Strategic Project”

Excellent logistics with roads, power and water

R b h f 100k/ ld Robust economics with an average of 100k/oz a year gold project with expansion potential

Updated NI 43-101 Resource Estimate – Q3, 2012

Bankable feasibility study - Q4, 2012

Mine permitting - Q3/Q4, 2012 8Project Finance underway - Q4, 2012

Corcoesto Gold Project PEA6,000 tpd Years 1-10

(Base Case $US1300/oz)

Average annual production (Au oz) 102 000Average annual production (Au oz) 102,000

Average annual net revenue ($US M) 60.0

Metallurgical recovery (%) 89.1

Strip Ratio 8.0/1

Average annual net cost ($US/oz) 713

Capital cost ($US M) (17.5% Contingency) 160

$1300/oz $1500/oz

Payback (years) 3.4 2.5y (y )

IRR (%) 24 34

NPV (5%) (Million) 206 340

Average annual net revenue ($US M) 60.0 80.39

Average annual net revenue ($US M) 60.0 80.3

Preliminary Economic Assessment NI43‐101 Compliant includes inferred mineral resources that are considered too speculative geologically to have the economic considerationsapplied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized*Slide 10 containing details of the NI43‐101 Compliant resource  

($ / )

Edgewater’sCorcoesto Project

Auryx Gold Corp Otjikoto Project *92%

Corcoesto Project / Peer ComparisonBase Case ($1300/oz) Corcoesto Project Otjikoto Project 92%

Annual Avg Production 102,000 100,000

Cash Cost $US/oz 713 725

I i i l C i l CInitial Capital Cost 135* 110

Mill Feed Grade 1.70g/t gold 1.52g/t gold

Strip Ratio 8.0:1 7.3:1

P b k 4 4

$400 

$450 

Payback 3.4 yrs 4.9 yrs

Basic Market Cap $29 M $160 M

$250 

$300 

$350 

$

Mill

ion)

$160 Mk C

$100 

$150 

$200 

Mkt

Cap

($M

$28M Mkt Cap

$160 Mkt Cap(1.4M oz Au)

(1.5M oz Au)10

$0 

$50 

0 1 2 3 4 5 6 7 8

*B2Gold acquired Auryx Gold for $160M,  excluding contingency,  working capital and both projects are at the PEA stage. 

( )

Edgewater Exploration Astur Gold Corp Group Average Auryx Gold Corp Ampella Mining Lydian International Gryphon Minerals

Corcoesto Gold Project - Design

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Corcoesto Resource Expansion Potential1.5km

200m200m

Resource expansion potential significant at depth 12

Corcoesto 2011 Resource Estimate

NI 43-101 Resource Summary

G ldResource Class Cutoff

(g/t Au)Tonnes

(x1000)

Goldg/t

Contained Gold (x1000 oz)

Measured 0.65 3,899 1.77 222

Indicated 0.65 1,823 1.69 103

Measured + Indicated 0.65 5,783 1.74 325

Inferred 0.65/2.0 20,265 1.76 1,149

A total of 1,101.9 m of surface trenching in 55 trenches, 443.1 m of adit sampling in 4 adits and 42,326.2 m of diamond and RC drilling in 436 drill holes were used in the resource with sample spacing’s that were less than 30 m for Measured resources, less than 40 metres for

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Indicated resources and less than 195 m for Inferred resources except for Inferred resources below 200 m from surface and forthe northern two vein systems that used drill spacing’s of 196 m

A base cutoff grade of 0.65 g/t Au was used for reporting resources above a depth of 200 m from surface and a cutoff grade of 2.0 g/t Au was used for reporting resources below 200 m from surface

2nd

largest produce

r in Africa

2nd

largest produce

r in Africa

Cote d’IvoireEnchi

51/49 Joint Venture with Kinross Gold (TSX: K)

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3Moz+5Moz

17Moz

Mid-stage exploration comprised of 8 licenses totaling 568km2

290km west of the capital city Accra

6MozEnchi

3Moz

45Moz

37

5Moz

290km west of the capital city Accra, accessed via sealed roads

Locating the next +3-5M ounce gold deposit on the Bibiani Shear Zone

37Moz

deposit on the Bibiani Shear Zone

Bibiani Shear Zone hosts +25M ounces of gold, Enchi hosts the largest contiguous land packageg p g

Q2, 2012 Maiden Resource Estimate

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Enchi Gold Project

Analagous to Chriano and BibianiG ld MGold Mines

Chirano covers 9km of the BibianiShear Zone

Enchi covers 50km over the BibianiShear Zone

10,000m drilling program underway

Trenching and soil sampling underway

Airborne geophysical survey identified +25 new targets25 new targets

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Enchi Potential

3 geo-chemical anomalies over 3km longOpen in all

Several different targets identified with multi-million ounce potential

1.44g/t Au over 17mOpen in all directions

directionsp

2.65g/t Au over 35m

Open in all directions1.13g/t Au over 34mOpen in all directions

1.14g/t Au over 68mOpen in all directionsg

Open in all directionsSewum highest geo-chemical anomaly

Drill results include: 2.0g/t Au over 30m 0 53g/t Au over 81m

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Open in all directions

over 30m, 0.53g/t Au over 81m

Edgewater News Flow & Timeline

2 0 1 2 2 0 1 3

g

Q1 Q2 Q3 Q4 Q1

Corcoesto

20,000m Diamond Drill ProgramResource EstimateResource Estimate

Corcoesto

Environment / Permitting

Final Feasibility Study

Mining PermitMining Permit

Feasibility Study

Feasibility Study

17Project Financing

Final Feasibility Study

Project FinanceProject Finance

StudyStudy

10,000m Drill Program10,000m Drill ProgramEnchiResource EstimateResource Estimate

Edgewater SummarySpain

Stable and pro mining development in a first world jurisdiction

g

Supportive Government and local community

Experienced management with mine building and project finance expertise

Completed a PEA demonstrating a 5% discounted NPV of $340M using a $1500 gold price.

2012 updated resource, mine permitting, project financing and bankable feasibility study.

GhanaLocated in one of the most prolific gold regions of the worldLocated in one of the most prolific gold regions of the world

South west of three large open pit and under ground mining operations

Located the next 3-5M ounce gold deposit on the Bibiani Shear Zone

Bibiani Shear Zone hosts +25M ounces over a 200km strike lengthBibiani Shear Zone hosts 25M ounces over a 200km strike length

Enchi covers 50km of the Bibiani Shear Zone

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EXPLORATION LTD

Contact

EXPLORATION LTD.

ContactRyan King, Vice-President

604 628 [email protected]