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Eagle Hill Awards Preliminary Feasibility Study as the Major Step in Satisfying Earn-In Obligations at Windfall Lake
Published : December 17, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2012) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (News - Market indicators) is very pleased to announce that the Company has awarded to Stantec Consulting Ltd. ("Stantec") a contract to perform a Preliminary Feasibility Study ("PFS") on the Windfall Lake Property ("Windfall Lake" or the "Property"). The PFS is scheduled to be completed by early April, 2013. By producing an independent PFS, together with a mineral reserve estimate, Eagle Hill will be in a position to satisfy its obligations under the Windfall Lake Option Agreement (the "Option Agreement") entered into on July 20, 2009 with Noront Resources Ltd. (the "Optionor"). Once the obligations are satisfied, the buy-back provisions contained in the Option Agreement will be eliminated.

Under the terms of the Option Agreement to acquire the Windfall Lake Property, Eagle Hill must give notice of the Company's commitment to cause the commencement of commercial production on the Property within one year of earning a 75% interest in the Windfall Lake Property (the "Notice"). Eagle Hill earned its 75% interest in the Property on April 20, 2012. In this regard, Eagle Hill has engaged Stantec to provide a mineral reserve estimate based on the results of the PFS. The results of the PFS will be available on or before April 20, 2013. Upon receipt of the reserve estimate, Eagle Hill will be in a position to deliver the Notice to the Optionor pursuant to the Option Agreement.

"Our goal is to continue to control our majority ownership in the Windfall Lake Property," explained Brad Kitchen, President and C.E.O. of Eagle Hill. "It is critical to note that the PFS and mineral reserve estimate are being done at this time to satisfy our obligation under the Option Agreement and to give us a clear path toward commercial production as a way to generate non-dilutive cash flow. The Company will continue to both expand the high grade gold deposit at the Windfall Lake Property and define additional mineral resources that can be used to increase the initial reserve calculation."

Upon Eagle Hill delivering the Notice, the Optionor will then have 180 days to notify Eagle Hill if it wishes either to continue as a 25% joint venture partner (currently it is a carried partner), or to transfer 100% of the Property to Eagle Hill in exchange for a 2% NSR.

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 Ltd.. to acquire the Windfall Lake Property. During July 2012, the Company received its second mineral resource estimate, the results of which are displayed in the table below:

  Quantity
('000 tonnes)
Grade Gold
(g/t)
Contained Gold
(ounces)
Indicated 1,665 10.05 538,000
Inferred 2,906 8.76 822,000

Jean-Philippe Desrochers, PhD, PGeo, is a qualified person registered in Quebec as defined by NI-43-101 and has reviewed the technical information that this press release contains.

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

FORWARD LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

Eagle Hill Exploration Corporation
Andrew Mugridge / Benjamin Curry
604.764.6847
info@eaglehillexploration.com
www.eaglehillexploration.com
or
MI3 Communications Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All
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Eagle Hill Exploration

EXPLORATION STAGE
CODE : EAG.V
ISIN : CA26959U1093
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Financings of Eagle Hill Exploration
12/30/2013Completes Flow=2Dthrough Private Placement of $2 Million
9/17/2012Announces Close of Financing
1/13/2012Eagle Hill Announces Flow-Through Financing
5/2/2011Closes Oversubscribed Financing With London Based Institutio...
4/12/2011Arranges $3,000,000 Financing
Nominations of Eagle Hill Exploration
11/27/2013Appoints Danny Lee as Chief Financial Officer
9/16/2013Commences 25=2C000 Metre Drill Program and Appoints Daniel R...
Financials of Eagle Hill Exploration
2/26/2014Year=2Dend Financial Results
12/19/2013Completes Fall Drill Program=2C Releases Interim Results
10/1/2013Third Quarter Financial Results
Project news of Eagle Hill Exploration
2/12/2014Finds Additional High=2Dgrade Gold Mineralization Along Stri...
5/9/2011(Windfall Lake (eagle Hill))Eagle Hill Intersects 8.97 G/T Gold Over 8.0 Meters At The ...
3/9/2011(Windfall Lake (eagle Hill))Continues to Intersect High Grade Gold Including 13.32 g/t G...
2/28/2011(Windfall Lake (eagle Hill))Intersects Near Surface High Grade Gold Including 26.89 g/t ...
9/20/2010(Windfall Lake (eagle Hill))Continues to Extend Zone 27 and Intersects 12.0 Meters of 1...
8/20/2010(Windfall Lake (eagle Hill))Hits Significant Gold in the First 10 Holes of the Windfall...
4/1/2010(Windfall Lake (eagle Hill))Completes First Phase of Drilling and Continues to Explore B...
3/29/2010(Windfall Lake (eagle Hill))Acquires Additional Claims at Windfall Lake
Corporate news of Eagle Hill Exploration
2/3/2014and Southern Arc Minerals to Host Investor Session on March ...
11/5/2013Fall 2013 Drilling Program Discovers Extension to Main Zone ...
9/11/2013Grants Incentive Stock Options
8/15/2013Consolidates 100% Ownership of Windfall Lake Gold Deposit
6/28/2013Consolidates 100% of the Windfall Lake Gold Deposit and Arra...
5/10/2013Corporate Update and Development Strategy
4/22/2013Announces Three Year Extension of Windfall Lake Option Agree...
4/10/2013Extends Gold Mineralization to a Depth of 870 Meters With 15...
1/16/2013Intersects 14.74 g/t Gold Over 17.9 Meters in Near Surface M...
12/17/2012Awards Preliminary Feasibility Study as the Major Step in Sa...
12/17/2012Awards Preliminary Feasibility Study as the Major Step in Sa...
12/17/2012Awards Preliminary Feasibility Study as the Major Step in Sa...
12/5/2012Acknowledges News Release Issued by Maudore Minerals Ltd.
12/5/2012Acknowledges News Release Issued by Maudore Minerals Ltd.
11/15/2012Intersects 21.02 g/t Gold Over 4.8 Meters Showing Continued ...
11/7/2012Identifies New Gold Zone Extension at Depth With 24.46 g/t o...
10/24/2012Announces the Signing of an Exploration Agreement With the G...
10/3/2012Reports Positive Results From Initial Grinding Test at Windf...
10/3/2012Reports Positive Results From Initial Grinding Test at Windf...
9/27/2012Intersects 10.59 g/t Gold Over 24.0 Meters and Expands Near ...
7/19/2011Continues to Expand Gold Zones at Windfall Lake
7/5/2011Summer 2011 Windfall Lake Property Update
3/21/2011Engages SRK Consulting to Prepare Initial Mineral Resource E...
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