Eagle Hill Exploration Closes on $2.3 Million of Financing, Continues to Fill Orders in Private Placement for Up to a Further $1.2 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2014) -

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Eagle Hill Exploration Corporation (TSX VENTURE:EAG)(OTCQX:EHECF) ("Eagle Hill" or the "Company") is pleased to announce that the Company has closed the first tranche of the non-brokered private placement announced on April 22, 2014 (the "Offering"), raising $2.3 million to be used for general working capital.

The Company continues to fill orders for the Offering to raise up to an additional $1.2 million in general working capital. Interested investors should contact Eagle Hill's Corporate Secretary at 1-855-597-5791 or by email at [e-mail].

The Company has issued 46,550,000 units of the Company (the "Units") at $0.05 per Unit. Each Unit consists of one common share (a "Share") and one share purchase warrant (a "Warrant") of the Company. Each Warrant entitles the holder to acquire one Share at a price of $0.08 until May 8, 2016. The Shares, Warrants and Shares issuable upon exercise of the Warrants are subject to a four-month hold expiring on September 9, 2014. Eagle Hill paid a 6% cash finder's fee for placement of 6,550,000 million of the Units. Eagle Hill has received conditional approval from the TSX Venture Exchange for the Offering.

Southern Arc Minerals Inc. ("Southern Arc") and Dundee Corporation ("Dundee") each purchased 20 million Units in this tranche of the Offering. In August 2013, Southern Arc and Dundee invested an aggregate of $12 million to purchase a controlling interest in Eagle Hill. Dundee currently owns 30.0% of Eagle Hill on an undiluted basis, and 30.1% on a fully diluted basis. Southern Arc currently owns 26.7% of Eagle Hill on an undiluted basis, and 31.7% on a fully diluted basis.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.