| May 29, 2008 |
| Eaglecrest Appoints Mineral Finance Expert to Board |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2008) - Eaglecrest Explorations Ltd. (TSX VENTURE:EEL)(FRANKFURT:EAT) today announced it has appointed Howard Stevenson to its Board of Directors. Mr. Stevenson joins Eaglecrest's board with expertise in mineral economics, financial evaluations, and mergers & acquisitions.
"Howard is the perfect complement to our already technically-strong Board as we move towards our first resource calculation," commented Hans Rasmussen, President and Chief Operating Officer. "This is the ideal time to add Howard's depth of experience in financial and economic analysis of ore deposits to our team."
Mr. Stevenson received his Mechanical Engineering Degree from the University of Dublin, Trinity College. He went on to earn an MBA degree through TRIUM, a joint program from New York University, Stern School of Business; the London School of Economics and Political Science; and HEC, Paris.
Mr. Stevenson's extensive experience in mineral economics, project development and corporate finance includes 18 years with Gold Fields Limited working on diverse projects in multiple jurisdictions. Mr. Stevenson held various positions during his period at Gold Fields including Managing Director of Gold Fields Finland Oy, Vice President of Corporate Development and President of Gold Fields Venezuela. Most recently Mr. Stevenson served as Vice President of Business Development for Meridian Gold Company.
"Before accepting this position with Eaglecrest, I visited the San Simon site, met with the geologists, and reviewed the Company's operations," said Mr. Stevenson. "I was extremely impressed with the calibre of the geological team, the extensive infrastructure and the company's progress to date-as well as the great potential of Eaglecrest's large land position on the plateau."
Eaglecrest is also pleased to announce that Financial Strategies Inc. has agreed to a two year extension of its contract. Eaglecrest originally retained the services of Financial Strategies in 2006. Mike Scobby, the principal of Financial Strategies, will continue to provide corporate finance advisory and introductory services in respect to financings conducted in the United States, and investor relations services for the Company's U.S.-based investors.
Mr. Stevenson will receive daily compensation for consulting services and stock options exercisable to purchase up to 500,000 shares for $0.12 per share. Options have also been granted to other directors of the company to purchase up to an aggregate of 2,000,000 shares for $0.12 per share. All directors' options have a term of five years and are fully vested on granting. Financial Strategies has been granted options to purchase up to 1,000,000 shares for $0.12 per share for a period of two years. Those options will vest in stages over twelve months at the rate of 25% each three months. All other terms of the Financial Strategies contract remain unchanged.
About Eaglecrest
Eaglecrest Explorations Ltd. is conducting an advanced exploration project on its San Simon gold property in Bolivia. Eaglecrest controls mineral rights that cover nearly 300 square kilometres on the San Simon Plateau, situated on the Precambrian shield in northeast Bolivia. Eaglecrest's mandate is to increase shareholder value by employing strong technical expertise, both at the Board level and on the ground, to systematically explore and develop San Simon. Additional information is available at www.sedar.com and at the Company's website, www.eaglecrestexplorations.com.
On behalf of the Board of Directors,
Hans Rasmussen, President, Eaglecrest Exploration Ltd.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This news release concerns certain "forward-looking statements", including but not limited to, the statements regarding the Company's strategic plan, work programs and exploration budgets at the Company's San Simon Project. The forward-looking statements express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with industry risks, risks associated with foreign operations, environmental risks and hazards and other risks. | |