Eaglecrest Explorations Ltd.
TSX VENTURE : EEL
FRANKFURT : EAT
PINK SHEETS : ECRTF

Eaglecrest Explorations Ltd.

December 22, 2010 20:06 ET

Eaglecrest Announces Its Private Placement Is Oversubscribed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - EAGLECREST EXPLORATIONS LTD. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that the $6,000,000 financing announced on November 19, 2010 has been increased to $6,441,778.20(CDN). 

The non-brokered private placement will now consist of 21,472,594 units issued at a price of $0.30 per unit. Each unit is comprised of one common share of the Company and one warrant exercisable to purchase one additional share of the Company for $0.45 for a period of 24 months from Closing; provided that if after the issuance of the warrants the average closing trading price of the common shares of the Company is $0.75 or higher for a period of 20 consecutive trading days, the Company may issue a notice that the warrants must be exercised within 21 days of the date of the notice or they will expire at the end of that 21 day period. Finders' fees will be paid in cash and/or in securities of the Company in accordance with Exchange policies. In addition, the Company has agreed to issue 100,000 units as a corporate finance fee. The financing remains subject to acceptance by the TSX Venture Exchange.

About Eaglecrest

Eaglecrest Explorations Ltd. is systematically exploring promising gold projects in Colombia and Bolivia. The management and geologic teams at Eaglecrest are comprised of industry experts involved in gold discoveries over the past three decades with both junior and major mining companies. With this seasoned team and the increased sentiment towards gold, Eaglecrest looks to accelerate the capitalization of its Bolivian asset, while shifting focus to securing interests in and initiating the exploration programs at the Fredonia and Venecia projects, Colombia, south of Medellín. 

If you would prefer to receive news releases via email please contact Eaglecrest (eel.tsxv@telus.net) and specify "Eaglecrest news" in the subject line.

Please visit the Company's website at www.eaglecrestexplorations.com.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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