Eagle Hill Exploration Corporation

Eagle Hill Exploration Corporation

October 29, 2009 16:34 ET

Eagle Hill Receives Approval for Additional Windfall Claims and Closes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2009) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) has received TSX Venture Exchange approval for its previously announced Windfall Lake Property claims acquisition from Murgor Resources Inc. ("Murgor"), Freewest Resources Canada Inc. ("Freewest").

With this approval in place, Eagle Hill will now plan an exploration program for the Windfall Lake Property claims acquired from Murgor, Freewest and Noront Resources Ltd.

The Company has also closed the previously announced private placement for gross proceeds of C$249,999.90 (the "Private Placement") through its agent, IBK Capital Corp.

The Private Placement is comprised of 1,666,666 flow through units (a "Flow-Through Unit"), consisting of one common share and one half share purchase warrant (a "Warrant"), at a price of C$0.15 per Flow-Through Unit. Each whole warrant will entitle the holder to acquire one additional common share of the Company at a price of C$0.20 for a period of one (1) year after the closing.

The Flow-Through Units issued in connection with this Private Placement are subject to a hold period until March 1st, 2010, in accordance with applicable securities laws and TSX Venture Exchange policies.

Eagle Hill engaged IBK Capital Corp. ("IBK" or the "Agent") to complete the Private Placement on a best efforts basis. The Company paid an aggregate cash commission in the amount of C$22,499.99 to IBK. The Company also issued 166,666 Agent`s warrants entitling IBK to purchase up to 166,666 common shares at a price of C$0.15 for a period of four (4) years from the date of issue (the "Agent's Warrants").

The net proceeds from the Private Placement will be used to fund the initial exploration program of the Company's interest in the expanded Windfall Lake Property, located in Urban Township, Quebec, between Val D'or and Chibougamau.

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 Property 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 contain high grades and large tonnage 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.


P. Bradley Kitchen, President

Neither 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.

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