Eaglecrest Explorations Ltd.

Eaglecrest Explorations Ltd.

February 01, 2007 13:12 ET

Eaglecrest Encounters High Grade Gold in the L463 Shoot

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2007) - Eaglecrest Explorations Ltd. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL) (FWB:EAT) is pleased to report that it has encountered high grade gold mineralization in pilot holes for the L463-E drift. Significant gold mineralization was discovered in drilling both the Main Quartz Vein/Structure ("MQV") as well as the footwall that lies under the MQV. The high-grade gold in the pilot holes listed below suggest that high grade gold that was encountered in underground bulk sampling of the L463 shoot (December 4, 2006 News Release) could be extended at least another 30 metres to the east.

The following table summarizes assay results from selected diamond drill holes drilled in and around the L463E underground drift:

TRD06-200 122.72 124.08 1.4 9.4 3.0 3.8
TRD06-203 121.65 123.33 1.4 1.7 1.0 25.7
TRD06-206 117.15 118.24 1.1 5.7 1.5 4.6
TRD06-207 119.6 121.34 1.7 44.2 0.9 16.4

"The diamond drill results from the L463-E drift indicate the strike length of the L463 high grade gold shoot could at least be doubled from the present 33.5 meters (the Company's December 4, 2006 news release) as underground development of the L463-E drift continues this year." comments Eaglecrest's President Hans Rasmussen. "Most importantly, the disseminated gold mineralization in the footwall appears to be associated with higher grades in the MQV, which potentially could add more gold to the upcoming resource calculation of the L463 high grade gold shoot."

Management is encouraged by the similarities being noted at San Simon to that of prominent gold mines in Brazil or Western Africa. The Birimian or Ashanti type gold deposits in Ghana, where past gold production has exceeded 32 million ounces, has quartz veins hosted in shear zones similar to the MQV at San Simon. Ore shoots in these mines are up to 500 meters long and 30 meters wide with gold grades that vary from zero to over 30 grams per tonne.

Another highlight from the latest diamond drilling includes hole TRD06-219, which returned a weighted average grade of 4.6 grams/tonne over 1.3 meters,. This hole has extended the gold mineralization in the MQV farther to the east; the gold mineralization in the Trinidad-Las Rosas area now extends for 2.1 kilometers strike length and is apparently open along strike to both east and west.

Since the May 2006 news release on diamond drilling the Company has completed 16,543.8 m in 49 holes and 3 hole extensions. The assay results from the recent diamond drilling show the gold distribution in the MQV and footwall ranging from less than 0.3 to 276.0 g/t in individual drill hole samples.

A list of latest drill hole results and a location map of the Trinidad area are presented on the Company's website at http://www.eaglecrestexplorations.com. Since 1996, the Company has completed 226 diamond drill holes in the Trinidad, Las Rosas and Manganeso areas of the Dona Amelia zone for a total of 53,374.2 meters.

About Eaglecrest Explorations Ltd.

Eaglecrest Explorations, Ltd. is exploring the advanced-stage San Simon gold project that is located near the Bolivian-Brazilian border. Eaglecrest's mandate is to increase shareholder value by employing strong technical expertise to systematically explore and development the San Simon high-grade gold project. Eaglecrest controls mineral title that covers nearly 300 square kilometers on the San Simon Plateau in northeast Bolivia.

In early 2007, the Company will focus on definition drilling of the L463 high grade gold shoot. Once delineated, the Company will provide the data to Vancouver based SRK Consulting for a resource calculation later this year.

Eaglecrest Explorations Ltd.'s Project Manager, Tor Bruland, who is a Qualified Person as defined by National Instrument 43-101, has prepared, reviewed and approved the technical information in this news release.

The diamond drilling and the underground exploration, development and bulk sampling program are being supervised by Tor Bruland, P. Geo. and Don Allen, P. Eng. (Eaglecrest Explorations Ltd.'s Chief Geologist). The gold recovery plant and the Analab operated laboratory are under the overall supervision of Gary Hawthorn. P. Eng. All are Qualified Persons under the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects.

On behalf of the Board of Directors,

Hans Rasmussen, President, Eaglecrest Exploration 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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