Eagle Hill Exploration Corporation
TSX VENTURE : EAG
August 15, 2011 21:14 ET
Eagle Hill Purchases Remaining Interest of Windfall East
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - Eagle Hill Exploration Corp. ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) is pleased to announce that by way of a purchase agreement dated August 2, 2011 (the "Agreement"), it has purchased the remaining 50% interest of the Urban-Barry claims that collectively make up Windfall Lake East, a property adjacent to the Company's Windfall Lake Property, from Murgor Resources Inc. ("Murgor").
Under the terms of the Agreement, the Company will make a cash payment of $5,000 and issue 200,000 common shares as consideration to Murgor, upon receipt of approval from the TSX Venture Exchange (the "Exchange"). This is a non-arm's length transaction by way of a common director.
In other business, Eagle Hill also announces that it wishes to issue incentive stock options to various directors, officers and consultants for the Company, in accordance with the Company's Stock Option Incentive Plan. The Company is proposing to issue 2,390,000 stock options at exercise price of $0.25 per common share, exercisable for a period of five (5) years (the "Options"). Of these Options, 500,000 Options have been granted to Director and Chief Executive Officer, P. Bradley Kitchen, 250,000 to Director and Chief Financial Officer, Cale Thomas, 150,000 to Director, Richard Nemis, 250,000 to Director, Andre Tessier, and 250,000 to Corporate Secretary, Amandeep Rai.
At the time of this grant, Eagle Hill has 111,516,319 common shares issued and outstanding. The Options will be subject to Exchange approval.
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 historic grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property, Eagle Hill has 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.
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 an advanced stage gold and precious metal exploration company with its acquisition of the Windfall Lake Property 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 press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise, except as required by law. We seek safe harbor.
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.
Contact Information
Eagle Hill Exploration Corporation
David Matousek
Corporate Communications
604.697.5791
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
