Eaglecrest Explorations Ltd.

Eaglecrest Explorations Ltd.

January 23, 2007 12:46 ET

Eaglecrest Commences Close-Spaced Infill Definition Drilling at San Simon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - Eaglecrest Explorations Ltd. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL)(FWB:EAT) announced today that, in light of recent discovery of high grade gold shoots, a program of close-spaced infill definition drilling has commenced at the San Simon project.

Company president Hans Rasmussen and the Board of Directors met to discuss the importance of the new gold shoot targets and unanimously agreed to complete infill drilling and quantify the gold grade and size of the high-grade gold shoots-before asking SRK Consulting to complete the first resource calculation. Rasmussen and his team are focusing exploration on shallow, high-grade gold intercepts that are already in the Company's drill hole database-and delineate them one gold shoot at a time. The infill drill program is designed to provide SRK Consulting with more detailed information to get a better representation of the high grade gold present in both the Main Quartz Vein ("MQV") and its newly discovered high grade gold shoots.

"Our maximum depth of exploration in this phase will be 300 meters," said Rasmussen. "An advantage of this type of target is that drills are moved only 25 meters between holes, drilling isn't as deep and core samples can be recovered in less than two days-rather than one to three weeks for the deeper holes. There is also much less drilling through barren rock-making the overall cost of exploration and finding gold more efficient."

Rasmussen recently recruited an expert in exploring mature mining districts who also has familiarity with this kind of gold shoot mineralization. Eaglecrest's newest Board member and consultant is Dr. Odin Christensen (see News Release dated 01/09/07). Dr. Christensen was the Chief Geologist for over twenty years for Newmont Mining Corporation-one of the largest producers of gold in the world. He has considerable experience with similar types of gold deposits in Bolivia, Brazil, Mongolia and North America.

Dr. Christensen reports, "One of the reasons I am pleased to join Eaglecrest is that I believe this first gold shoot, referred to as L463, could turn out to be part of a regional, district-wide phenomenon. This could be the first of multiple shoots on the nearly 300 square kilometers San Simon property. Discovering and defining multiple gold shoots is now our objective."

Eaglecrest Explorations, Ltd. is an advanced exploration company focused on high-potential gold mineralized regions in Bolivia. Once a discovery is made, Eaglecrest adds value to its projects through methodical exploration and development programs incorporating the knowledge and expertise of top industry professionals.

On behalf of the Board of Directors,

Hans Rasmussen, President, Eaglecrest Explorations Ltd.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This press release concerns certain "forward-looking statements," including but not limited to, the statements regarding the Company's strategic plan, evolution of mine resources and reserves, work programs, development plans and exploration budgets at the Company's San Simon Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculations of mineral reserves and other risks.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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