Eagle Hill Exploration Announces the Signing of an Exploration Agreement With the Grand Council of the Cree and the Cree First Nation of Waswanipi
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/24/12 -- EAGLE HILL EXPLORATION ("EAGLE HILL") (TSX VENTURE: EAG) is pleased to announce the company has signed an Exploration Agreement for its Windfall Lake Project with the Grand Council of the Cree (Eeyou Istchee) / Cree Regional Authority and the Cree First Nation of Waswanipi.
The Agreement has been developed on the principle of mutual respect between the parties, and the interests of all stakeholders in seeing continued exploration at Windfall Lake. It provides for business and employment opportunities for the Cree.
The agreement provides the completion of a comprehensive Business and Employment Capacity Study to assess the full potential for Cree business and employment opportunities, and the creation of a joint Implementation Committee.
This significant milestone, was built upon good faith and dialogue between the parties.
"Thanks to the collaboration of the Cree of Eeyou Istchee, in particular the Cree First Nation of Waswanipi, Windfall Lake promises to have a positive impact on the region. In addition, to providing for meaningful benefits to all stakeholders, this agreement confirms the support of involved parties in the pursuit of activities and studies necessary to enhance the value of our project." stated Brad Kitchen, President, Eagle Hill Exploration.
Chief Paul Gull from the Cree First Nation of Waswanipi stated: "Our community and the Council of the Cree First Nation of Waswanipi are eager to collaborate with the mineral exploration and mining industry. We recognize that this industry has a corporate social responsibility to follow in the footsteps of Eagle Hill. The signing of this agreement ensures that there will be meaningful participation by our local members without sacrificing sustainability. It is an important step for all parties."
About the Windfall Lake Property
The Windfall Lake Property is comprised of 370 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 historic grassroots exploration work. Along with its independently acquired claims at the Windfall Lake Property. Eagle Hill has 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. During July 2012, the Company received its second mineral resource estimate, the results of which are displayed in the table below:
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Quantity Grade Contained
('000 tonnes) Gold (g/t) Gold (ounces)
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Indicated 1,665 10.05 538,000
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Inferred 2,906 8.76 822,000
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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. 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", "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", "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.
Neither the 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 Financieres Inc. (Montreal)
Nathalie Dion
514.904.1333
nathalie@mi3.ca
www.mi3.ca
