Eagle Hill Exploration Corporation
TSX VENTURE : EAG

Eagle Hill Exploration Corporation

December 28, 2007 16:00 ET

Eagle Hill Exploration Corporation Acquires Two Additional Uranium Exploration Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 28, 2007) - Eagle Hill Exploration Corporation (TSX VENTURE:EAG) ("Eagle Hill") is negotiating separate and distinct agreements to acquire two uranium exploration properties located in Coconino and Mohave Counties in Arizona. These exploration properties total 469 claims plus five State Section leases, which in total, include 157 Uranium Breccia Pipe Targets covering approximately 12,000 acres. The Rimshot exploration properties consist of 379 claims and 5 State Section Leases covering 124 Breccia Pipe Targets and the Lombardo exploration properties include 90 claims covering 33 Breccia Pipe Targets.

Eagle Hill and its wholly owned subsidiary, Eagle Hill Arizona Uranium LLC ("Eagle Hill LLC") proposes to enter into an Asset Purchase Agreement with Rimshot Joint Venture ("Rimshot"), an unincorporated joint venture to acquire 100% of the Rimshot Uranium Project in exchange for 8.0 million common shares of Eagle Hill, issued at a deemed value of $0.30 per common share.

In addition, Eagle Hill and Eagle Hill LLC proposes to enter into an Asset Purchase Agreement to acquire 100% of the Lombardo claims, subject to a 4.0% net smelter royalty, in exchange for 700,000 common shares of Eagle Hill, issued at a deemed value of $0.30 per common share and a cash payment of US$300,000 to be paid US$200,000 upon the close of the transaction and US$100,000 six months after the closing date of the transaction.

The Rimshot and Lombardo Asset Share Purchase Agreements are subject to TSX Venture Exchange Approval and, if applicable, ratification by the Shareholders at the upcoming Annual General Meeting on January 21, 2008. A National Instrument 43-101 Technical Report is being prepared for both exploration properties and will be filed in due course on SEDAR. The transactions are arms' length and will not result in a change of control and will not create any new insiders.

ON BEHALF OF THE BOARD OF DIRECTORS

P. Bradley Kitchen, President, Director

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.

Contact Information

  • Eagle Hill Exploration Corporation
    Brad Kitchen
    (604) 637-3114