Next Phase of Development
With the three year extension to the Property's option agreement, the Company now has enough time to define a reserve, continue exploration drilling to expand the resource below and to the southwest of the currently known gold zones, and further advance towards the development of the Project. The Company will achieve these objectives through the following steps:
-- Conduct an extensive definition drill program during the next 18 months to convert the current inferred resource to an indicated resource category, which can then be used to define mineral reserves. This new drill program will also satisfy all flow-through requirements for 2013;-- Continue with an exploration drill program to expand the current resource both below the Red Dog intrusion and to the southwest of the deposit;-- Contract and begin preliminary work on the FS, such as environmental, geotechnical, and hydrogeological studies, as well as geotechnical engineering for major site infrastructure. Eagle Hill will also initiate discussions with the authorities to prepare the permitting process, with the goal of targeting its completion within the next 30 months;-- Eagle Hill intends to complete the negotiations for the next stage development agreement with the Waswanipi and Grand Council of the Cree (Eeyou Istchee) to better reflect the more advanced stage of the Property;
As announced on April 22, 2013, the Company has a 90-day exclusivity commitment to acquire the remaining 25% of the Property. Eagle Hill will review options to consolidate the entire property but its main focus will be on satisfying its deliverables under the Option Agreement Extension.
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 signed options with Noront (as described above) and also jointly with Murgor Resources Inc. and Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.) to acquire the Windfall Lake Property. During July 2012, the Company received its second mineral resource estimate, the results of which include 538,000 ounces of gold in the indicated category and 822,000 ounces of gold in the inferred category.
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 contain 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
Statements in this news release, which are not purely historical, are forward-looking statements within the meaning of applicable United States and Canadian securities laws, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the ability to obtain additional financing, title to mineral properties, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel, the risks inherent in exploration and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's most recent Annual Information Form filed on SEDAR which is available at www.sedar.com. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Neither the 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.
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