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Eagle Hill Year-end Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/26/14 -- Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill" or the "Company") has released the results of its fiscal year ended October 31, 2013. Details of the Company's financial results are described in the audited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A"), which are available on the Company's website at www.eaglehillexploration.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

Eagle Hill will host an investor session and webcast

Sunday, March 2 from 6-8pm EST

Royal York Hotel, Toronto - Territories Room

Webcast at www.eaglehillexploration.com

RSVP to [email protected] to attend in person


Selected financial information for the years ended October 31, 2013 and 2012 is as follows:

                                          October 31, 2013  October 31, 2012
                                                         $                 $
Revenue                                               nil               nil 
General and administrative expenses            (3,552,024)       (3,221,554)
Net loss                                       (3,556,294)       (3,211,274)
Comprehensive loss for the year                (3,556,294)       (2,924,564)
Basic and diluted net loss per common                                       
 share                                              (0.02)            (0.02)
Total current assets                            4,720,581         3,527,250 
Total exploration and evaluation assets        27,314,497        15,161,617 
Total assets                                   32,201,645        18,899,190 
Total liabilities                               4,654,235         3,424,934 
Total shareholders' equity                     27,547,410        15,474,256 

At the date of this MD&A, the Company had working capital of approximately $1.3 million.


In December 2013, the Company completed a non-brokered private placement for issuance of 18,181,818 common shares of the Company on a "flow-through" basis at a price of $0.11 per share, for total proceeds of $2,000,000. The shares are subject to a four-month holding expiring on May 1, 2014.

In December 2013, the Company completed its fall 2013 drill program on time and on budget. A total of 28,232 metres was drilled in 68 diamond drillholes (including one extension and six wedges) with the objective of expanding the known mineral resource. The drill program was focused in three areas: testing a large, sparsely drilled anomaly to the southwest of the Main Zone, drilling lateral extensions of known gold lenses within the Main Zone, and testing the extension of mineralization at depth below the non-mineralized monzonite intrusion ("Red Dog"). The Company also completed a hole-to-hole Induced Polarization ("IP") survey to identify anomalies below Red Dog, and the first surface IP survey in the southern part of the property where surface exploration had identified NE-trending lineaments similar to the Main Zone.


The Windfall Lake Property covers approximately 12,400 hectares in the prolific Abitibi Greenstone Belt in Quebec. The property consists of 285 contiguous claims. Eagle Hill obtained ownership of the property by optioning different claim blocks from Noront, Murgor and Cliffs. The recent purchase of Noront's remaining interest in certain claims has given the company 100% control of the Main Gold Zone, which hosts the majority of the mineral resource. Of the inferred resource, 54,000 ounces are located on the Murgor-Cliffs claims immediately adjacent the Main Zone.

Prior to Eagle Hill acquiring the property, more than $25 million was spent by previous owners on data collection, sampling and drilling, with the majority of expenditures focused on expanding known gold zones at the Windfall Lake Property. The acquisition came with over 71 kilometers of drill core, surface samples, geophysics data, a 58-person camp, a core logging and splitting shack, and a 1,450-metre-long, 5-metre by 5-metre underground ramp (vertical depth 100 metres). The property was logged in the 1990s and is accessible year-round by gravel logging roads.

The Company has fostered a strong relationship with the local aboriginal community, specifically the Waswanipi Cree community that holds the trapline rights on the Windfall Lake Property. In November 2012, the Company signed an exploration agreement for the Windfall Lake Property with the Grand Council of the Cree (Eeyou Istchee) / Cree Regional Authority and the Cree First Nation of Waswanipi. The agreement solidifies a relationship whereby the Cree support Eagle Hill's exploration and development activities at the Windfall Lake Property and Eagle Hill contributes to positive cultural, economic and social outcomes for the Cree First Nation of Waswanipi.

Mineralization at Windfall Lake consists primarily of pyrite stockwork that form large gold-bearing lenses up to 35 metres thick. The majority of the mineral resource is hosted in the Main Zone, comprising the Zone 27, Caribou, Mink and Mallard Gold Lenses. The bulk of mineralization averages approximately 10 g/t over 5 metres, with very high-grade pockets up to 248 g/t over 12.4 metres in some areas. Preliminary metallurgical tests, completed by G&T Metallurgical Services Ltd. of Kamloops, BC, indicate that 75% of the gold is distributed as free grains within the system, with the remainder found around grains of pyrite or in the cracks of pyrite. Preliminary analysis indicates that the deposit would be amenable to underground mining, with as much as 91.7% of the gold recoverable using a standard gravity and flotation circuit, followed by cyanidation of the flotation concentrate.

A total of 697 holes (plus six wedges and nine extensions) have been drilled to date at the property to date for a total of 189,194 metres. Holes in the gold zones demonstrate good grade distribution along the entire mineralized interval. High-grade mineralization has been identified in multiple zones, yet only a small portion of the 12,400 hectare property has been tested to date. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.

The Fall 2013 drill program achieved its primary objectives, confirming continuity of mineralization below Red Dog, confirming the extension of mineralization southwest of the Main Zone, and expanding both Zone 27 and the Mink Lens. In addition, the downhole IP survey showed additional potential below Red Dog. All drill results have been released and are available on SEDAR at www.sedar.com and on the Company's website at www.eaglehillexploration.com.

The Fall 2013 drill program and the ongoing geological modelling has confirmed that the bulk of the gold mineralization is hosted in Zone 27, a sub-vertical lens extending from surface to a depth of 500 metres. This main gold-bearing lens is intimately associated with a sub-vertical porphyry dyke. Gold mineralization intersected below Red Dog is also associated with a porphyry dyke that extends further at depth. Eagle Hill believes that the gold mineralization extends further at depth, as highlighted by the results of the recently completed hole-to-hole IP survey.

Eagle Hill has commenced a 2,200-metre drill program to test for extensions of Zone 27 under shallow lakes (2 to 6 metres depth) that are currently frozen. Eagle Hill plans to drill 14 holes to a depth of 120 to 250 metres to test the lateral extensions of Zone 27, where drilling has confirmed near-surface high-grade intervals such as 14.8 g/t over 16.0 metres (EAG-12-418). Later in 2014 Eagle Hill plans to drill additional holes at depth below Red Dog, and also plans to drill infill holes to the southwest of the Main Zone to identify a mineral resource in this area.

Eagle Hill will release an updated mineral resource estimate in Q1-2014. The Company has more than 57,000 metres of new drilling to incorporate into the updated resource estimate, with 28,232 metres from the current drill program, and 106 holes totalling 29,208 metres that were drilled after the 2012 resource estimate and prior to the current program. Additional drilling for 2014 will be planned once the Company has reviewed the results of the mineral resource update, which will include SRK's recommendations for advancing the property.


For the three months ended October 31, 2013, the Company had a net loss of $2,006,551 or $0.009 per share (2012: net loss of $1,052,844 or $0.006 per share).

For the year ended October 31, 2013 the Company had a net loss of $3,556,294 or $0.02 per share (2012: $3,211,274 or $0.02 per share) and a comprehensive loss of $3,556,294 or $0.02 per share (2012: comprehensive loss of $2,924,564 or $0.02 per share).


The following table sets out selected financial information for the most recent eight fiscal quarters ending October 31, 2013.

                                             Fiscal 2013                    
                          October 31,     July 31,    April 30,  January 31,
                                 2013         2013         2013         2013
                                    $            $            $            $
Total assets             32,201,645   21,196,288   20,483,057   19,223,152  
Long-term liabilities    (2,997,010)  (3,039,821)  (2,974,557)  (1,993,982) 
Net loss                 (2,006,551)    (545,230)    (521,587)    (482,926) 
Net loss per share,                                                         
 basic and diluted           (0.009)      (0.003)      (0.003)      (0.003) 
                                             Fiscal 2012                    
                          October 31,     July 31,    April 30,  January 31,
                                 2012         2012         2012         2012
                                    $            $            $            $
Total assets             18,899,190   16,895,227   16,462,785   11,280,851  
Long-term liabilities    (2,530,716)  (1,896,795)  (1,434,250)    (806,662) 
Net loss                 (1,052,844)    (834,984)    (711,018)    (612,377) 
Net loss per share,                                                         
 basic and diluted           (0.006)      (0.005)      (0.005)      (0.005) 
Note: The Company had no revenue and paid no dividends during the above     

On Behalf of the Board of Directors

John Proust, Chairman and Interim CEO

About Eagle Hill Exploration Corporation

Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of the high-grade Windfall Lake Gold Deposit, located between Val-d'Or and Chibougamau in Quebec. In August 2013, Southern Arc Minerals and Dundee Corporation invested an aggregate of $12 million to purchase a controlling interest in Eagle Hill, consolidate ownership of the Windfall Lake property and fund a significant exploration program. More information is available at www.eaglehillexploration.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Qualified Person

The technical information in this document has been reviewed by Eagle Hill's Vice President Exploration, Jean-Philippe Desrochers, PhD, PGeo, who has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined by National Instrument 43-101.

Cautionary Note Regarding Forward-looking Statements

This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will", "plans", "objective", "expand", "potential" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the following: uncertainty involving resource estimates and the ability to extract those resources economically, or at all; uncertainty involving drilling programs and the Company's ability to expand and upgrade existing resource estimates; the regulatory process and actions; the need to work with local communities and authorities to advance the properties; the need to work with Dundee and Southern Arc to advance the property; technical issues; new legislation; competitive factors and conditions; uncertainties resulting from potential delays or changes in plans; the occurrence of unexpected events; and the Company's ability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, including uncertainty related to drill results and the inclusion of drill results in future resource estimates for the property. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

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