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Eagle Hill First Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/28/14 -- Eagle Hill Exploration Corporation (TSX VENTURE: EAG)(OTCQX: EHECF) ("Eagle Hill" or the "Company") has released the results of its first quarter ended January 31, 2014. Details of the Company's financial results are described in the unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A"), which are available on the Company's website at and on SEDAR at All amounts are in Canadian dollars unless otherwise stated.


Selected financial information for the three months ended January 31, 2014 and the years ended October 31, 2013 and 2012 is as follows:

                                      January 31,  October 31,  October 31,
                                             2014         2013         2012
                                                $            $            $
Revenue                                       nil          nil          nil
General and administrative expenses      (968,058)  (3,552,024)  (3,221,554)
Net loss                                 (669,860)  (3,556,294)  (3,211,274)
Comprehensive loss for the period        (669,860)  (3,556,294)  (2,924,564)
Basic and diluted net loss per common
 share                                      (0.00)       (0.02)       (0.02)
Total current assets                    3,406,810    4,720,581    3,527,250
Total exploration and evaluation
 assets                                30,223,713   27,314,497   15,161,617
Total assets                           33,788,667   32,201,645   18,899,190
Total liabilities                       4,944,418    4,654,235    3,424,934
Total shareholders' equity             33,788,667   27,547,410   15,474,256

At the date of this MD&A, the Company had working capital of approximately $380,000. For the period ended January 31, 2014, the Company had a net and comprehensive loss of $669,860 or $0.002 per share (2013: $555,719 or $0.003 per share).


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. On March 13, 2014, the Company announced that it has entered into a claims purchase agreement with Murgor Resouces Inc. ("Murgor") and Cliffs Chromite Ontario Inc. ("Cliff"), to purchase the remaining interest in The 29 Claims and The 184 Claims immediately adjacent to the Windfall Lake Property. Upon closing of the agreement, which remains subject to regulatory approval and other customary closing conditions, Eagle Hill will own 100% of the entire Windfall Lake Property. In consideration for purchasing Murgor and Cliff's ownership interests in The 29 Claims and The 184 Claims, the Company will pay $250,000 and issue 9.5 million common shares to each of Murgor and Cliffs. In addition, the Company will grant a 0.5% NSR for The 29 Claims and a 1% NSR for The 184 Claims to each of Murgor and Cliffs. The Company will retain the right to buy back any of the NSRs at any time prior to first commercial production by paying $500,000 to the holder of the NSR.

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, a downhole IP survey showed additional potential below Red Dog.

From February 18 to March 22, 2014, Eagle Hill drilled 3,333.3 metres to test for extensions of Zone 27 under shallow lakes (2 to 6 metres depth) that were frozen. Eagle Hill drilled 21 holes to a depth of 120 to 321 metres to test the lateral extensions of Zone 27, where previous drilling had confirmed near-surface high-grade intervals such as 14.8 g/t over 16.0 metres (EAG-12-418). All drill core has been delivered to the assay lab, with results pending.

On March 3, 2014 the Company released an updated mineral resource statement for the Windfall Lake Property. The mineral resource statement was prepared by SRK Consulting (Canada) Inc. ("SRK") and updated the previous resource statement prepared by SRK in July 2012. The revision was based on the results from a total database of 706 core boreholes (192,045 metres) of which 635 boreholes (179,641 metres) were used for mineral resource estimation purposes. Compared to the July 2012 mineral resource statement, the indicated mineral resource tonnage and contained gold have increased by 43% and 38%, respectively, resulting in contained gold of 744,000 ounces grading 9.75 g/t gold. Indicated mineral resources are defined only within the Main Zone, which is informed by higher density of drilling data and better confidence in the geological continuity of the gold mineralization. The inferred mineral resource is estimated at 3,084,000 tonnes grading 7.37 g/t gold for contained gold of 731,000 ounces.

Table 1: Mineral Resource Statement, Windfall Lake Gold Project, Quebec SRK Consulting (Canada) Inc., February 28, 2014

         Resource Classification           Tonnes       Grade     Contained
                                                        (g/t)       Gold
Indicated                                  2,375,000        9.75     744,000
Inferred                                   3,084,000        7.37     731,000

1.  Prepared by SRK Consulting (Canada), Inc. with an effective date of
    February 28, 2014.
2.  Mineral resources are not mineral reserves and do not have demonstrated
    economic viability. There is
    no certainty that all or any part of the mineral resources will be
    converted into mineral reserves.
3.  All figures have been rounded to reflect the relative accuracy of the
4.  Reported at a cut-off grade of 3.0 g/t gold, assuming an underground
    extraction scenario, a gold price of US$1,200 per ounce and
    metallurgical recovery of 91.7%.
5.  The National Instrument 43-101 technical report for this resource
    statement will be filed by Eagle Hill
    on SEDAR at by April 17, 2014.


The following table sets out selected financial information for the most recent eight fiscal quarters ending January 31, 2014.

                         Fiscal 2014               Fiscal 2013
                         January 31,  October 31,     July 31,    April 30,
                                2014         2013         2013         2013
                                   $            $            $            $
Total assets              33,788,667   32,201,645   21,196,288   20,483,057
Long-term liabilities     (3,459,984)  (2,997,010)  (3,039,821)  (2,974,557)
Net loss                    (669,860)  (2,006,551)    (545,230)    (521,587)
Net loss per share,
 basic and diluted            (0.002)      (0.009)      (0.003)      (0.003)
                         Fiscal 2013               Fiscal 2012
                         January 31,  October 31,     July 31,    April 30,
                                2013         2012         2012         2012
                                   $            $            $            $
Total assets              19,223,152   18,899,190   16,895,227   16,462,785
Long-term liabilities     (1,993,982)  (2,530,716)  (1,896,795)  (1,434,250)
Net loss                    (482,926)  (1,052,844)    (834,984)    (711,018)
Net loss per share,
 basic and diluted            (0.003)      (0.006)      (0.005)      (0.005)

Note: The Company had no revenue and paid no dividends during the above periods

On Behalf of the Board of Directors

John Proust, Chief Executive Officer

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 and Dundee invested an aggregate of $12 million to purchase a controlling interest in Eagle Hill and fund an aggressive exploration program. More information is available at

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.

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", "is subject", 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 ability of the Company to close the Offering; the granting of regulatory approval; the timing of receipt of regulatory approvals; and the use of proceeds raised from the offering. 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 market conditions that prevent the Company from closing the Offering on acceptable terms or at all; and global financial market events that cause significant volatility. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in the document are expressly qualified by this cautionary statement. These statements speak only as of the date of this document and the Company does not undertake to update any forward-looking statements that are contained in this document, except in accordance with applicable securities laws.

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