Eaglecrest Explorations Ltd.
TSX VENTURE : EEL
FRANKFURT : EAT

Eaglecrest Explorations Ltd.

June 26, 2009 13:01 ET

Eaglecrest Announces Increase of Non-Brokered Private Placement to US$2,503,450

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2009) - Eaglecrest Explorations Ltd. (TSX VENTURE:EEL)(FRANKFURT:EAT) is pleased to report that the amount proposed to be raised pursuant to the non-brokered private placement announced December 22, 2008 has been increased from US$1,500,000 to US$2,503,450.

The Company announced on March 30, 2009 that the first tranche of 10,069,000 units had been fully subscribed for a total issue price of US$503,450. Due to increased demand, the Company now proposes to increase the private placement by up to a further 40,000,000 units, to raise up to an additional US$2,000,000.

Each unit will be comprised of one common share and one full warrant, with each warrant exercisable to purchase one additional common share in the capital of the company for US$0.10 until 4:30 p.m. ET on that day which is 12 months after the date of acceptance of the private placement by the TSX Venture Exchange. The proceeds will be used to continue the Company's infill and delineation drilling program at its San Simon gold project in Bolivia.

"This financing provides us with sufficient exploration funding to continue our district-wide mapping and sampling program at the San Simon project until the first quarter of 2010," said Hans Rasmussen, President and Chief Operating Officer. "We are very excited about the new high-grade sample results we announced on June 8, 2009 from the seven-kilometre long Paititi-Buriti trend. This increased financial commitment from our shareholders demonstrates their dedication to the continued success of our exploration team in finding these new gold zones, which will add value to the already-drilled, gold-rich Trinidad/Mina Vieja Zone."

The Company has also arranged to settle an arm's length debt in the amount of US$600,000 by issuing 12,000,000 units having the same terms as the private placement units. The debt settlement is expected to be completed concurrently with the private placement.

All shares issued in conjunction with the private placement and debt settlement, and any shares issued on exercise of warrants, will be subject to a four-month hold period in Canada. Finder's fees are payable in conjunction with a portion of the private placement in accordance with the policies of the TSX Venture Exchange. Completion of the private placement and debt settlement are subject to acceptance of filings respecting same by the TSX Venture Exchange.

About Eaglecrest

Eaglecrest Explorations Ltd. is conducting an advanced exploration project on its San Simon gold property, which is situated in the Precambrian Amazon Basin shield. The Company controls mineral rights that cover nearly 300 square kilometres on the San Simon Plateau in northeast Bolivia. Eaglecrest's mandate is to increase shareholder value by employing strong technical expertise both at the Board level and on the ground to systematically explore and develop the San Simon gold project.

On behalf of the Board of Directors,

Hans Rasmussen, President and Chief Operating Officer

Additional information on the company's project is available on our website at www.eaglecrestexplorations.com; the SEDAR website (securities related information electronic filed with the Canadian securities regulatory authorities) www.sedar.com; or, by contacting: Paul Zdebiak at 604-687-7272; e-mail: info@eaglecrestexplorations.com.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

Contact Information