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October 24, 2007
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Eaglecrest Begins Drilling on L484 Gold Shoot L484 is Second Recognized Gold Shoot at San Simon Project
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Eaglecrest Explorations Ltd. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL)(FRANKFURT:EAT) today announced that it has begun to drill gold shoot L484, the second recognized gold shoot at its San Simon project in Bolivia. A complete list of the diamond drill hole assay results are posted on the Company's website at http://www.eaglecrestexplorations.com.
Gold mineralization at the San Simon project is localized within distinct ore shoots, vertically elongate within the plane of a thrust fault system in quartzite host rock. The L484 gold shoot is located about 150 metres west of the L463 gold shoot, which has returned the best drill results in the 11-year history of the San Simon project. Drilling of the L463 gold shoot is nearly complete, with only a few remaining holes to be drilled around some of Eaglecrest's better gold intercepts, particularly where large gaps in the drill spacing still exist.
The L484 gold shoot was recognized by three-dimensional modeling of the company's drill hole database. Most notably:
- Hole 134 returned nearly 12.5 metres of continuous mineralization, including 10.1 metres of 2.5 grams/tonne gold in the hanging wall, 0.5 metres of 8.2 grams/tonne gold associated with the principal quartz vein in the main fault zone, and 2.0 metres of 1.8 grams/tonne gold in the vein footwall;
- Hole 177 returned 2.1 metres of 8.0 grams/tonne gold from the main thrust fault and 1.5 metres of 1.9 grams/tonne gold from the vein footwall;
- Hole 86 returned 1.2 metres of 8.3 grams/tonne gold from the main vein and fault zone; and
- Hole 175 returned nearly 15.1 metres of continuous mineralization; including 10.9 metres of 2.2 grams/tonne gold in the main vein zone. The hanging wall and footwall are also mineralized but with less than 1.0 gram/tonne gold.
The top of the L484 gold shoot was encountered in the L484 underground drift. High-grade gold results were returned from fully diluted underground bulk samples along the drift as well as raises off the drift. The drifts and raises have dimensions of 2.5 by 2.5 metres. As disclosed in a November 24, 2006 news release, the best intervals along the drifts and raises include:
- 19.2 metres of 4.2 grams/tonne gold, including 6.7 metres of 7.2 grams/tonne gold.
- 24.3 metres of 5.0 grams/tonne gold, including 15.9 metres of 6.1 grams/tonne gold.
"Based on our positive results from prior drill holes and underground bulk samples, we are very excited to begin drill sampling on the L484 gold shoot," said Hans Rasmussen, President and Chief Operating Officer. "I am particularly encouraged by the thickness of mineralization encountered in holes 134 and 175 because the thicker gold intervals tend to indicate a good place for gold to be deposited in these shoots. Our newly implemented system of core logging will enable us to more effectively sample gold intercepts, even previously discovered high grade drill results, which will bring us closer to our goal of calculating a gold resource."
The Company has reduced drill hole spacing on the newly recognized gold shoots from 100 metres to 25 metres, and less where needed, to better define the limits and improve understanding of the gold distribution within the shoot. The closer spacing was decided in early 2007 to help build a more reliable gold model of each shoot.
Detailed geological logging of diamond drill core reveals that gold mineralization is best developed within zone of multiple quartz veins localized within a zone of faulting. Additional high-grade gold is also being drilled in both hanging wall above and footwall below the thrust faults.
Dr. Odin Christensen, a technical consultant and Eaglecrest board member, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. He has reviewed and approved the technical information in this news release.
About Eaglecrest
Eaglecrest Explorations Ltd. is conducting an advanced exploration project on its San Simon gold property, which is situated in the Precambrian Amazon Basin shield. The Company controls mineral rights that cover nearly 300 square kilometres on the San Simon Plateau 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 the San Simon gold project.
The on-site fire assay laboratory is independently operated by Analab Peru and is under the overall supervision of Independent Mineral Processing Consultant Gary Hawthorn, P. Eng. (B.C.), who is a Qualified Person under NI 43-101.
On behalf of the Board of Directors,
Hans Rasmussen, President, Eaglecrest Exploration Ltd.
Additional information on the company's project is available on our website at www.eaglecrestexplorations.com; the SEDAR website (securities related information electronic filed with the Canadian securities regulatory authorities) www.sedar.com; or, by contacting: Paul Zdebiak at 604-687-7272; e-mail: info@eaglecrestexplorations.com or Daniel Weinerman, at Barnes McInerney, 416-367-5000 ext. 248, e-mail dweinerman@barnesmcinerney.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This press 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 press 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.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
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