Eagle Hill Exploration Corporation (TSX VENTURE:EAG) is pleased to announce that, following completion of the $12 million private placement by Southern Arc Minerals Inc. and Dundee Corporation, the Company has finalized the acquisition of Noront Resources Inc.’s 25% interest in the Windfall Lake Property, as well as Noront’s royalty interests and rights associated with the property.
With this consolidation complete, Eagle Hill now owns 100% of the Windfall Lake Gold Deposit, a Quebec high-grade gold exploration project currently hosting an indicated resource of 538,000 ounces of gold at 10.1 g/t gold, and 822,000 ounces of gold at 8.8 g/t gold in the inferred resource category (as previously announced on July 25, 2012). This has also removed Noront’s buy-back option, royalties and a future preferential payment from Eagle Hill of $11.9 million from potential production cash flow.
Eagle Hill has paid to Noront a cash consideration of $5,000,000 and issued 25 million Eagle Hill common shares, subject to a hold period of four months.
“Eagle Hill now owns 100% of the Windfall Lake Gold Deposit, free and clear,” said John Proust, Chairman and Interim CEO of Eagle Hill. “Consolidating ownership has enhanced the value of the project for Eagle Hill and its shareholders, retaining full upside as the project advances.”
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. Southern Arc Minerals and Dundee Corporation each hold a 26.14% interest in Eagle Hill and recently invested an aggregate of $12 million to fund an aggressive exploration program.
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We acknowledge the [financial] support of the Government of Canada.