Eagle Hill Buys Claims Adjacent to Windfall Lake Gold Project

Eagle Hill Exploration Corp. (TSXV:EAG,OTCQX:EHECF) announced that it has entered into a claims purchase agreement with Murgor Resources Inc. (TSXV:MGR) and Cliffs Chromite Ontario Inc., a subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF), to purchase claims immediately adjacent to the Windfall Lake gold project.

As quoted in the press release:

Upon closing of the agreement, which remains subject to regulatory approval and other customary closing conditions, Eagle Hill will own 100% of the entire 30,650 acre (12,400 hectare) Windfall Lake Property, located in the Abitibi Gold Belt approximately 200 km northeast of Val d’Or, Quebec (Fig. 1).

In consideration for purchasing Murgor and Cliffs’ ownership interests in the 29 Claims and the 184 Claims, Eagle Hill will pay $250,000 and issue 9.5 million common shares to each of Murgor and Cliffs. In addition, Eagle Hill will grant a 0.5% net smelter returns royalty (“NSR”) for the 29 Claims and a 1% NSR for the 184 Claims to each of Murgor and Cliffs. Eagle Hill will retain the right to buy back any of the NSRs at any time prior to first commercial production by paying $500,000 to the holder of the NSR.

Click here to read the full Eagle Hill Exploration Corp. (TSXV:EAG,OTCQX:EHECF) press release.