Edgewater Exploration Acquires Red Back Mining's Enchi Gold Project, Ghana

Mr. Edward Farrauto, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company")(CA:EDW  0.75, +0.14, +22.95%) announces its option agreement with Red Back Mining Inc. ("Red Back") (CA:RBI  25.30, +0.48, +1.93%). Edgewater will then get an undivided 51% interest in Red Back's legal and beneficial ownership in the Enchi Gold Project, Ghana, West Africa.  This is a total revenue of a 45.9% direct interest in the Project taking into account the 10% project interest held by the Government of Ghana.

The press release is quoted as saying:

To earn 51% of Red Back's ownership in the Enchi Project licences (45.9% direct interest in the Project) Edgewater is required to spend a total of C$5.0 million on work expenditures on the Enchi Gold Project within 26 months of the closing of the transaction ("Closing") with C$2.0 million required to be spent within 14 months of Closing. Once Edgewater has completed a total of C$5.0 million in work expenditures on the Project within 26 months, Edgewater will have earned and vested in a 51% interest in Red Back's ownership of the Project and a joint venture company ("JVCO") will be formed.

Click here to access the entire Press Release ^[1].