Eagle Hill Exploration Corp. Clarifies Technical Disclosure
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/23/11 -- Eagle Hill Exploration Corporation (TSX VENTURE: EAG) ('Eagle Hill' or the 'Company') announces today that as a result of a review by the British Columbia Securities Commission, Eagle Hill is issuing the following news release to clarify its disclosure regarding its Windfall Lake Property.
Retraction of VSA Report
The Company had posted a report by VSA Capital Ltd. dated April 12, 2011 (the 'VSA Report') on its website, which contained a non-compliant one million ounce gold resource estimate and a non-compliant exploration target of two million ounces. The Company has removed the VSA Report from its website, and wishes to retract the VSA Report, and specifically retract the VSA Report's one million ounce gold resource estimate and the two million ounce exploration target, as they are not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'). Disclosure by the Company of VSA's one million ounce gold resource estimate was not compliant because the company did not have a current resource estimate suitable for public disclosure at the time the VSA Report was prepared, a QP did not prepare the estimates, and the unclassified gold-ounce estimates contravene various NI 43-101 resource disclosure requirements.
Eagle Hill filed a technical report dated August 15, 2011 on the Windfall Lake Property by P & E Mining Consultants Inc. on SEDAR that does not support the resource estimates contained in the VSA Report or any other resource estimates.
On November 3, 2011, the Company filed a news release disclosing its initial current resource estimate calculated by SRK Consulting (Canada) Inc. at a cut off of 3.0 grams of gold per tonne ('g/t of Gold'):
-- Indicated resource of 1.144 million tonnes at 9.10 g/t of Gold (344,000
Gold ounces)
-- Inferred Resource of 1.690 million tonnes at 6.70 g/t of Gold (364,000
Gold ounces).
The SRK resource estimates cannot be reconciled with the estimates contained in the VSA Report as the Company understands that VSA used their own model to calculate their estimates.
In those instances where the Company has retracted, revised, clarified or updated previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
Eagle Hill's Chief Geologist is Jean-Philippe Desrochers, Ph.D., P.Geo., a Qualified Person registered as defined by National Instrument 43-101 who has reviewed the technical information that this press release contains.
About the Windfall Lake Property
The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val-d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property, Eagle Hill has also signed options with Murgor Resources Inc., Cliffs Natural Resources Inc. (formerly, Freewest Resources Canada Inc.), and Noront Resources Inc. to acquire the Windfall Lake Property.
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 exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val-d'Or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties 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 the Company has 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.
Contacts:
Eagle Hill Exploration Corporation
David Matousek
Corporate Communications
604.697.5791
info@eaglehillexploration.com
www.eaglehillexploration.com
MI3 Communications Financières Inc. (Montréal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca