Eaglecrest Explorations Ltd.

Eaglecrest Explorations Ltd.

January 23, 2006 17:10 ET

Eaglecrest Explorations Ltd.: Underground Development and Diamond Drilling Resume on the Dona Amelia Zone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Eaglecrest Explorations Ltd. (TSX VENTURE:EEL)(FWB:EAT) is pleased to report that the Phase III Exploration and Underground Development Program has resumed following the Christmas holiday break on the Dona Amelia zone that covers an area of 40 square kilometers (km) within the Company's approximately 300 square km San Simon project in northeast Bolivia.

As of December 2005, the Company had completed 34,000 metres (m) of diamond drilling in 168 holes on the Dona Amelia zone and the TD-1 decline adit in the Trinidad area had reached a length of 100 m.

On January 8 the Phase III program resumed with underground development of the TD-1 decline adit in the Trinidad area and diamond drilling in the Trinidad and Las Rosas areas. The diamond drilling is required to define the geological structure of the main quartz vein/structure (MQV) and identify the size of the resource (tonnes of MQV). The underground bulk sampling is required to determine the true in-situ grade of the gold mineralization. The objective of the diamond drilling and the underground bulk sampling is to provide the data required to complete a Preliminary Feasibility study and resource calculation in 2006. The 160 man project team includes the Company's project management, geologists, metallurgical engineers and support personnel, Major Drilling International Inc.'s diamond drilling crews, AMTRAC's underground mining crews, ANALAB's independent assayers and various subcontractors.

The MQV has been traced at surface for an east-west strike length of 4.2 km and a north-south downdip extension of 560 m by diamond drilling. Diamond drilling has resumed in the Trinidad area with hole TRD06-169. It is estimated that hole TRD06-169 will intersect the MQV in approximately 3 weeks at 725 m downdip (estimated depth from surface of 490 m), which is 175 m further downdip than any previous holes. The drilling of this and subsequent deep holes will continue to trace the MQV in the Trinidad area along strike and downdip. In the Trinidad area the MQV has been traced along an east-west strike length of 1.4 km and a north-south downdip extension of 560 m. Some of the MQV intersections in the Trinidad area are highlighted below.

- 20.1 gram per tonne (g/t) gold over 6.2 m (TRD96-001)

- 4.1 g/t gold over 16.7 m (TRD96-011)

- 8.2 g/t gold over 7.9 m (TRD96-012)

- 8.6 g/t gold over 4.2 m (TRD03-026)

- 3.4 g/t gold over 8.3 m (TRD04-051)

- 4.6 g/t gold over 4.7 m (TRD04-100)

- 9.9 g/t gold over 2.1 m (TRD05-124)

- 6.8 g/t gold over 1.6 m (TRD05-168)

Diamond drilling in the Las Rosas area, adjacent and between the Trinidad area and the Manganeso area (1.0 km further to the west), commenced with hole TRD06-170. It is estimated that hole TRD06-170 will intersect the MQV in approximately 10 days at 325 m downdip (estimated depth from surface of 260 m), which is 185 m further downdip than 8 diamond drill holes completed late last year. The initial Las Rosas area holes, which traced the MQV along a 0.4 km of east-west strike length and a north-south downdip extension of 140 m, have defined the same continuity and widths of the MQV as identified by diamond drilling in the Trinidad area.

The underground development of the TD-1 decline adit in the Trinidad area will continue towards the targets of diamond drill hole intersections TRD03-026 (7.7 g/t gold over 4.7 m) and TRD03-032 (5.4 g/t gold over 2.0 m) for bulk sampling to determine the true in-situ gold grade of the MQV in these locations. It is estimated that the first of these targets (TRD03-026) will be reached by a drift from the decline adit within the next 3 weeks and the second will be reached at a decline adit depth estimated to be 250 m in approximately 8 weeks. The highlight of the processing of bulk samples in the gold recovery plant is:

- 5.3 g/t gold along 8.9 m of the decline adit from 153 tonnes of quartz vein and minor host rock sediment material.

The diamond drilling, underground exploration development and bulk sampling program is being supervised by Tor Bruland, P. Geo. (B.C.) and Don Allen, P. Eng. (B.C.). Mineral Processing Engineer Gary Hawthorn, P.Eng. (B.C.) has the overall supervision of the independent Fire Assay laboratory, gold recovery plant and sample quality control. All three are Qualified Persons under the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects definition.

On behalf of the Board of Directors,

Carl A. Erickson, President, Eaglecrest Exploration Ltd.

Additional information on the company's project is available on our website 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 604-684-7160 or by E-Mail: eel.tsxv@telus.net.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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