Targeting multi-million high-grade oz. in Quebec

Windfall Lake Property, located near Val d'Or, Quebec: Indicated 538,000 oz. (10.05 gpt) / Inferred 822,000 oz. (8.76 gpt) (July 2012)

Message: Eagle Hill Year-End Financial Results
VANCOUVER, BC / ACCESSWIRE / March 2, 2015 / Eagle Hill Exploration Corporation (EAG.V) ("Eagle Hill" or the "Company") has released the results of its fiscal year ended October 31, 2014. 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 and on SEDAR at All amounts are in Canadian dollars unless otherwise stated.


October 31, October 31, October 31,
2014 2013 2012
$ $ $
Revenue nil nil nil
General and administrative expenses (2,468,203 ) (3,552,024 ) (3,221,554 )
Net loss (2,826,640 ) (3,556,294 ) (3,211,274 )
Comprehensive loss for the year (2,826,640 ) (3,556,294 ) (2,924,564 )
Basic and diluted net loss per common share (0.007 ) (0.02 ) (0.02 )
Total current assets 1,940,945 4,720,581 3,527,250
Total exploration and evaluation assets 34,925,658 27,314,497 15,161,617
Total assets 37,521,513 32,201,645 18,899,190
Total liabilities 4,408,897 4,654,235 3,424,934
Total shareholders' equity 33,112,616 27,547,410 15,474,256

At the date of this MD&A, the Company had working capital of approximately $700,000.


In September 2014, the Company commenced a Preliminary Economic Assessment study ("PEA") for the Windfall Lake Gold Project ("Windfall Lake"). Different components of the project were awarded to five internationally recognized engineering firms: Tetra Tech Inc.'s Canadian Mining Divison (mine design, infrastructure and financial analysis), Soutex Inc. (metallurgy and mill trade-off study), Golder & Associates (environmental), WSP (tailings evaluation) and SRK Consulting (Canada), Inc. (mineral resource estimate). The PEA is proceeding on schedule and on budget, with completion targeted by the end of March 2015.

In November 2014, Eagle Hill announced that additional metallurgical testing indicates that up to 95.7% of gold at Windfall lake could be recovered using a standard flotation and cyanide leaching process, a 4% increase over previous estimates.

In December 2014, the Company announced the decision to cease trading on the OTCQX International marketplace. The Company's shares continue to trade on the TSX Venture Exchange under the symbol "EAG", and on the OTCQX Pink Sheets under the symbol "EHECF".

In January 2015, Eagle Hill completed a 20:1 share consolidation, such that every 20 existing shares were consolidated into one new share, resulting in Eagle Hill having approximately 23,843,766 shares issued and outstanding. The Company's options and warrants were also adjusted to account for the consolidation in accordance with the terms and conditions of such options and warrants.


Windfall Lake covers approximately 12,400 hectares in the prolific Abitibi Greenstone Belt in Quebec. The Company increased its ownership and significantly consolidated the property in 2013 and 2014 by entering into a series of purchase and option agreements, and now owns 100% of the property, subject to some residual NSRs as described in the MD&A and Financial Statements. 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.

A total of 734 holes (plus six wedges and nine extensions) have been drilled at the property for a total of 194,512 metres. Drill 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 Winter 2014 drill program was focused on testing for gold mineralization below shallow lakes in the Main Zone. Several drill intercepts demonstrated the presence of pyritic stockwork similar to other lenses of the Main Zone. The results confirmed continuity of the Zone 27 gold mineralization and demonstrated lateral extension of the Zone.

The Summer 2014 drill program tested the depth extension of gold mineralization below the Main Zone. A structural re-interpretation of the deposit indicated that the gold mineralization hosted by Zone 27 and the Caribou Zone (the major resource zones in the Windfall Lake deposit) may have been displaced to the north below Red Dog. The new drill holes intersected pyrite intervals up to 26 metres thick similar to gold-bearing mineralization in Zone 27, and encountered mineralized intercepts in two areas that have been interpreted as the depth extensions of Zone 27 and the Caribou Zone. While the new intercepts are narrower than what has typically been encountered above Red Dog, the grades are similar and Eagle Hill's technical team believes there is potential to discover wider gold-bearing intercepts with additional drilling.

All drill results have been press released and are available on SEDAR at and on the Company's website at

To further advance the Windfall Lake project, a PEA is underway, with completion targeted for the end of March 2015. The PEA will be an important milestone for the project, providing preliminary engineering and economic parameters and a potential timeline to production.


For the three months ended October 31, 2014, the Company had a net and comprehensive loss of $1,163,567 or $0.002 per share (2013: $2,006,551 or $0.009 per share).

For the year ended October 31, 2014, the Company had a net and comprehensive loss of $2,826,640 or $0.007 per share (2013: $3,556,294 or $0.02 per share).


The following table sets out selected financial information for the most recent eight fiscal quarters.

Fiscal 2014
October 31, July 31, April 30, January 31,
2014 2014 2014 2014
$ $ $ $
Total assets 37,521,513 37,691,590 35,386,049 33,788,667
Long-term liabilities (3,926,504 ) (3,709,886 ) (3,632,258 ) (3,459,984 )
Net loss (1,163,567 ) (546,507 ) (446,705 ) (669,861 )
Net loss per share, basic and diluted (0.003 ) (0.001 ) (0.001 ) (0.002 )

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 )

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

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, Canada. The current mineral resource comprises 2,375,000 tonnes at 9.75 g/t gold (744,000 ounces) in the indicated category and 3,084,000 tonnes at 7.37 g/t gold (731,000 ounces) in the inferred category (Technical Report for the Windfall Lake Gold Project, Quebec prepared by SRK Consulting (Canada) Inc., dated April 17, 2014). These grades make Windfall Lake one of the highest grade resource-stage gold projects in the world. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit remains open at depth and along strike. More information is available at

Eagle Hill Contact

Rhylin Bailie
Vice President, Communications & Investor Relations
Telephone: 604-697-5791
Email: [email protected]

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 related to the metallurgical testing has been reviewed by Senior Metallurgist and Mineral processing Specialist Pierre Roy from Soutex. Other 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. The drill program and sampling protocol is managed by Eagle Hill under the supervision of Jean-Philippe Desrochers. The diamond drill holes are drilled at NQ sizes and core recovery to date has averaged better than 95.0% . Half core is cut by rock saw and is generally sampled using nominal 1-metre intervals; however, sample intervals vary according to geological contacts and have ranged between 0.3 to 1.5 metres in length. Two quality control samples (one blank and one certified reference material) are inserted into each batch of 20 samples. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Quebec. The half core samples are securely transported from the project site to the ALS Chemex laboratory by Eagle Hill personnel. Gold analyses reported in this release were performed by standard fire assay using a 30-gram charge with atomic absorption finish and a gravimetric finish for assays greater than 10 grams per tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. In addition, an Aqua regia digestion with ICP-AES finish is used to analyse a full suite of elements including silver and base metals.

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", "could", "will be", "advancing", 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 Corporation and Southern Arc Minerals 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.

SOURCE: Eagle Hill Exploration Corporation

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