Welcome!

News Feed Item

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 www.eaglehillexploration.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

FINANCIAL SNAPSHOT

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).

WINDFALL PROPERTY REVIEW AND OUTLOOK

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
                                                                  (ounces)
----------------------------------------------------------------------------
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
    estimates.
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 www.SEDAR.com by April 17, 2014.

COMPARATIVE QUARTERLY RESULTS

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 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.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...