VANCOUVER,
BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - Eagle Hill Exploration Corp.
(TSX VENTURE:EAG)
("Eagle Hill" or the "Company"), is pleased to announce its two-phase
work program for the Windfall Lake Property located in Urban Township, Quebec, between Val D'or and Chibougamau.
On October 15, 2009, Eagle Hill completed the third tranche of its
previously announced $3.175 million Offering. The net proceeds from this
Offering have been placed in trust and will be used substantially to finance
the exploration and development of the Company's Windfall Lake Property.
"With the completion of Eagle Hill's Phase I and II exploration
program, we intend to have a comprehensive model for the entire 340 claims
(almost 11,000 hectares) encompassing the entire Windfall Lake Property. This
is a program that compiles data created with over C$20 million of very thorough
exploration work already completed by Noront Resources Ltd., Freewest Resources
Canada Inc. and Murgor Resources Inc. Eagle Hill is compiling, analyzing,
modeling and completing data collection and sampling with the intention to
define a resource and identify new potential targets."
- Andre Tessier, Director and Head of Exploration.
Phase I: Data Compilation and Project Sampling
The first phase of the planned work program is scheduled to be
completed mid-January 2010 with estimated expenditures of $250,000. This work
is designed to generate a model incorporating the Windfall Lake Property's 340
contiguous claims and to identify drill targets for further exploration and
definition of historical data.
The Scope of Phase I is primarily Program Preparation, which
includes:
- establishing and refurbishing a drill grid;
- surveying existing drill holes and trenches;
- reprocessing magnetic data;
- re-logging and assaying untested core samples;
- checking assays on previous samples;
- possibly assaying of up to 8,700 meters of previously drilled
core samples; and,
- compiling all data into a 3D Gemcom model to identify drill
targets for Phase II.
Phase II: Exploration, Drilling and Geophysics
Phase II of the planned work program is scheduled to begin in
January 2010 and is currently budgeted at $2,500,000. The Company's objectives
in this phase are focused on collecting data to complete the Windfall Lake
Property model, identifying other possible areas for future definition and
outlining potential mineral resources within existing known mineralized zones.
Scope of Phase II includes:
- 12,000 metre Diamond Drilling program;
-- Up to 5,000 metres of drilling will be used to explore
identified potential hot spots where geological structure and geophysics
converge; and,
-- Up to 7,000 metres of drilling to define existing exploration.
- geophysics including Induced Polarization, Magnetometer and Electro-Magnetic
Surveys; and,
- completion of the Windfall Lake Property model incorporating new
data.
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 and precious metal exploration
company with its acquisition of the Windfall Lake high grade gold project,
located in Urban Township, Quebec, between Val D'or and Chibougamau. The
Company's website at www.eaglehillexploration.com and public filings at
www.sedar.com provide additional information on its projects and other
information with respect to its management and operations.
ON
BEHALF OF THE BOARD
P. Bradley Kitchen, President
FORWARD
LOOKING STATEMENTS
This
release contains "forward-looking statements" within the meaning of applicable
Canadian securities legislation, including predictions, projections and
forecasts. Forward-looking statements include, but are not limited to,
statements that address activities, events or developments that the Company
expects or anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals, expansion, growth of
the Company's businesses, operations, plans and with respect to exploration
results, the timing and success of exploration activities generally, permitting
time lines, government regulation of exploration and mining operations,
environmental risks, title disputes or claims, limitations on insurance
coverage, timing and possible outcome of any pending litigation and timing and
results of future resource estimates or future economic studies.
Often,
but not always, forward-looking statements can be identified by the use of
words such as "plans", "planning", "planned", "expects" or "looking forward",
"does not expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or "will"
be taken, occur or be achieved.
Forward-looking
statements are based on a number of material factors and assumptions,
including, the result of drilling and exploration activities, that contracted
parties provide goods and/or services on the agreed timeframes, that equipment
necessary for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are incurred, that
plant and equipment function as specified, that no unusual geological or
technical problems occur, and that laboratory and other related services are
available and perform as contracted. Forward-looking statements involve known
and unknown risks, future events, conditions, uncertainties and other factors
which may cause the actual results, performance or achievements to be
materially different from any future results, prediction, projection, forecast,
performance or achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the interpretation and actual
results of current exploration activities; changes in project parameters as
plans continue to be refined; future prices of gold; possible variations in
grade or recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour disputes and
other risks of the mining industry; delays in obtaining governmental approvals
or financing or in the completion of exploration, as well as those factors
disclosed in the company's publicly filed documents. Although both companies
have attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
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.