VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/23/12 -- Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE: EAG) is pleased to announce the close of its financing with SIDEX Limited Partnership ("SIDEX"), La Societe de Developpement de la Baie-James ("SDBJ") and Cree Mineral Exploration Board ("CMEB") for gross proceeds of $300,020 (the "Offering").
The Company has issued 2,142,999 units (the "Units"), at a purchase price of $0.14, with each Unit consisting of one common share and one full warrant, exercisable at a price of $0.20 for a period of one year after the closing of the Offering. This warrant contains an acceleration clause requiring the placees to exercise the warrants should the Company's shares trade at or above $0.30 for a period of 20 consecutive trading days.
Proceeds of the offering will be used for further exploration and development of the Windfall Lake property.
The Offering is subject to certain conditions, including but not limited to the receipt of all necessary approvals including the final approval of the TSX Venture Exchange.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val-d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property, Eagle Hill has also signed options with Murgor Resources Inc., Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.), and Noront Resources Inc. to acquire the Windfall Lake Property. During November 2011, the Company received its initial mineral resource estimate, the results of which are displayed in the table below;
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Indicated Inferred
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Cut-Off
Grade Quantity Grade Contained Quantity Grade Contained
Gold ('000 Gold Gold ('000 Gold Gold
(g/t) tonnes) (g/t) (ounces) tonnes) (g/t) (ounces)
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3.0 1,144 9.10 334,719 1,690 6.70 364,093
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About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val-d'Or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.
ON BEHALF OF THE BOARD,
P. Bradley Kitchen, President
Neither 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.
Contacts:
Eagle Hill Exploration Corporation
604.697.5791
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financieres Inc. (Montreal)
514.904.1333
nathalie@mi3.ca
www.mi3.ca
