Eagle Hill Announces Proposed Share Consolidation
13.01.2015 | Newsfile
Vancouver, British Columbia -- (Newsfile Corp. - January 13, 2015) - Eagle Hill Exploration Corp. (TSXV: EAG) ("Eagle Hill" or the "Company") today announces a proposed share consolidation of the Company's common shares on a 20-for-1 basis. The Company currently has 476,875,339 shares issued and outstanding. Following the consolidation, the Company will have approximately 23,843,766 shares issued and outstanding prior to rounding for fractional shares. The share consolidation is subject to approval by Eagle Hill shareholders and by the TSX Venture Exchange.Management believes the share consolidation is in the best interest of shareholders, and will improve Eagle Hill's ability to attract new investors and to raise the additional capital that will be required to advance the Windfall Lake Gold Project.
The exercise price of outstanding options and warrants, and the number of common shares that may be acquired pursuant to such options and warrants, will be adjusted to account for the consolidation in accordance with the terms and conditions of such options and warrants.
On Behalf of the Board of Directors
"John Proust"
Chairman and Interim CEO
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corp. 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. A Preliminary Economic Assessment for the project is underway, with completion targeted for Q1-2015. 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 www.eaglehillexploration.com.
Eagle Hill Contact
Eagle Hill Exploration Corp.
Rhylin Bailie, Vice President, Communications & Investor Relations
Telephone: 604-697-5791
Email: info@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. 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.