Eaglecrest Explorations Ltd.

Eaglecrest Explorations Ltd.

December 11, 2009 15:45 ET

Eaglecrest Closes Non-Brokered Private Placement and Shareholders Approve Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2009) - Eaglecrest Explorations Ltd. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL)(FRANKFURT:EAT) is pleased to announce that has now closed its recently announced private placement of 11,000,000 units of the Company at the price of US$0.05 per unit to raise gross proceeds of US$550,000. Each unit will be comprised of one common share in the capital of the Company and one non-transferable share purchase warrant. Each warrant is exercisable to purchase one additional common share in the capital of the Company for US$0.10 for a period of 12 months after the closing of the private placement. The shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period and may not be traded in British Columbia until April 5, 2010 except as permitted.

In consideration of arranging the private placement, Robert Spencer received a commission finder's fee of US$52,500 paid as shares of the Company which are subject to a hold period and may not be traded in British Columbia until April 5, 2010 except as permitted.

The proceeds will be used to continue acquisitions of high-quality gold projects in Central Cordillera gold belt near Medellín, Colombia (see December 8th, 2009 News Release), to continue the Company's surface trenching, geologic mapping and sampling exploration program at its San Simon gold project in Bolivia, and for general working capital.

Additionally, the Company is pleased to announce that shareholders have approved by a 98% vote in favor of a one for ten share consolidation. Share capital will be consolidated on the basis of ten old common shares of the Company for one new common share of the Company. The consolidation will reduce the number of shares issued and outstanding to 43,381,203 before taking into account any fractional shares resulting from the consolidation. The consolidation will be effective on the TSX Venture Exchange on Monday, December 14, 2009.

About Eaglecrest

Eaglecrest Explorations Ltd.'s mandate is to increase shareholder value by employing deep expertise both at the Board level and on the ground to systematically explore, develop and monetize promising gold projects in Colombia and Bolivia.

Eaglecrest is utilizing management's extensive experience with major mining companies to acquire and explore strategic gold and gold-copper projects in the Central Cordillera of Colombia. The first of these projects includes the newly acquired 18,000-hectare Fredonia project area, which is located in a prolific Central Cordillera gold belt 40 kilometres south of Medellín.

Eaglecrest continues to advance with surface geologic exploration the San Simon gold property, which is situated in the Precambrian Amazon Basin shield. Surface trenching, mapping and sampling are underway in preparation for drilling. The Company controls mineral rights that cover nearly 300 square kilometres on the San Simon Plateau in northeast Bolivia.

On behalf of the Board of Directors,

Hans Rasmussen, President, Eaglecrest Explorations Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information