Eagle Hill First Quarter Financial Results
2014年3月28日 - 8:00PM
Marketwired
Eagle Hill First Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 28, 2014) -
Eagle Hill Exploration Corporation (TSX-VENTURE:EAG)(OTCQX:EHECF)
("Eagle Hill" or the "Company") has released the results of its
first quarter ended January 31, 2014. Details of the Company's
financial results are described in the unaudited condensed
consolidated interim financial statements and Management's
Discussion and Analysis ("MD&A"), which are available on the
Company's website at www.eaglehillexploration.com and on SEDAR at
www.sedar.com. All amounts are in Canadian dollars unless otherwise
stated.
FINANCIAL SNAPSHOT
Selected financial information for the three months ended
January 31, 2014 and the years ended October 31, 2013 and 2012 is
as follows:
|
January 31, 2014 $ |
|
October 31, 2013 $ |
|
October 31, 2012 $ |
|
Revenue |
nil |
|
nil |
|
nil |
|
General and administrative expenses |
(968,058 |
) |
(3,552,024 |
) |
(3,221,554 |
) |
Net loss |
(669,860 |
) |
(3,556,294 |
) |
(3,211,274 |
) |
Comprehensive loss for the period |
(669,860 |
) |
(3,556,294 |
) |
(2,924,564 |
) |
Basic and diluted net loss per common share |
(0.00 |
) |
(0.02 |
) |
(0.02 |
) |
Total current assets |
3,406,810 |
|
4,720,581 |
|
3,527,250 |
|
Total exploration and evaluation assets |
30,223,713 |
|
27,314,497 |
|
15,161,617 |
|
Total assets |
33,788,667 |
|
32,201,645 |
|
18,899,190 |
|
Total liabilities |
4,944,418 |
|
4,654,235 |
|
3,424,934 |
|
Total shareholders' equity |
33,788,667 |
|
27,547,410 |
|
15,474,256 |
|
At the date of this MD&A, the Company had working capital of
approximately $380,000. For the period ended January 31, 2014, the
Company had a net and comprehensive loss of $669,860 or $0.002 per
share (2013: $555,719 or $0.003 per share).
WINDFALL PROPERTY REVIEW AND OUTLOOK
The Windfall Lake Property covers approximately 12,400 hectares
in the prolific Abitibi Greenstone Belt in Quebec. The property
consists of 285 contiguous claims. Eagle Hill obtained ownership of
the property by optioning different claim blocks from Noront,
Murgor and Cliffs. On March 13, 2014, the Company announced that it
has entered into a claims purchase agreement with Murgor Resouces
Inc. ("Murgor") and Cliffs Chromite Ontario Inc. ("Cliff"), to
purchase the remaining interest in The 29 Claims and The 184 Claims
immediately adjacent to the Windfall Lake Property. Upon closing of
the agreement, which remains subject to regulatory approval and
other customary closing conditions, Eagle Hill will own 100% of the
entire Windfall Lake Property. In consideration for purchasing
Murgor and Cliff's ownership interests in The 29 Claims and The 184
Claims, the Company will pay $250,000 and issue 9.5 million common
shares to each of Murgor and Cliffs. In addition, the Company will
grant a 0.5% NSR for The 29 Claims and a 1% NSR for The 184 Claims
to each of Murgor and Cliffs. The Company 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.
The Fall 2013 drill program achieved its primary objectives,
confirming continuity of mineralization below Red Dog, confirming
the extension of mineralization southwest of the Main Zone, and
expanding both Zone 27 and the Mink Lens. In addition, a downhole
IP survey showed additional potential below Red Dog.
From February 18 to March 22, 2014, Eagle Hill drilled 3,333.3
metres to test for extensions of Zone 27 under shallow lakes (2 to
6 metres depth) that were frozen. Eagle Hill drilled 21 holes to a
depth of 120 to 321 metres to test the lateral extensions of Zone
27, where previous drilling had confirmed near-surface high-grade
intervals such as 14.8 g/t over 16.0 metres (EAG-12-418). All drill
core has been delivered to the assay lab, with results pending.
On March 3, 2014 the Company released an updated mineral
resource statement for the Windfall Lake Property. The mineral
resource statement was prepared by SRK Consulting (Canada) Inc.
("SRK") and updated the previous resource statement prepared by SRK
in July 2012. The revision was based on the results from a total
database of 706 core boreholes (192,045 metres) of which 635
boreholes (179,641 metres) were used for mineral resource
estimation purposes. Compared to the July 2012 mineral resource
statement, the indicated mineral resource tonnage and contained
gold have increased by 43% and 38%, respectively, resulting in
contained gold of 744,000 ounces grading 9.75 g/t gold. Indicated
mineral resources are defined only within the Main Zone, which is
informed by higher density of drilling data and better confidence
in the geological continuity of the gold mineralization. The
inferred mineral resource is estimated at 3,084,000 tonnes grading
7.37 g/t gold for contained gold of 731,000 ounces.
Table 1: Mineral
Resource Statement, Windfall Lake Gold Project, Quebec SRK
Consulting (Canada) Inc., February 28, 2014
Resource Classification |
Tonnes |
Grade (g/t) |
Contained Gold (ounces) |
Indicated |
2,375,000 |
9.75 |
744,000 |
Inferred |
3,084,000 |
7.37 |
731,000 |
- Prepared by SRK Consulting (Canada), Inc. with an effective
date of February 28, 2014.
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resources will be converted into mineral
reserves.
- All figures have been rounded to reflect the relative accuracy
of the estimates.
- Reported at a cut-off grade of 3.0 g/t gold, assuming an
underground extraction scenario, a gold price of US$1,200 per ounce
and metallurgical recovery of 91.7%.
- The National Instrument 43-101 technical report for this
resource statement will be filed by Eagle Hill on SEDAR at
www.SEDAR.com by April 17, 2014.
COMPARATIVE QUARTERLY RESULTS
The following table sets out selected financial information for
the most recent eight fiscal quarters ending January 31, 2014.
|
Fiscal 2014 |
|
Fiscal 2013 |
|
|
January 31, 2014 $ |
|
October 31, 2013 $ |
|
July 31, 2013 $ |
|
April 30, 2013 $ |
|
Total
assets |
33,788,667 |
|
32,201,645 |
|
21,196,288 |
|
20,483,057 |
|
Long-term liabilities |
(3,459,984 |
) |
(2,997,010 |
) |
(3,039,821 |
) |
(2,974,557 |
) |
Net
loss |
(669,860 |
) |
(2,006,551 |
) |
(545,230 |
) |
(521,587 |
) |
Net loss per share, basic and diluted |
(0.002 |
) |
(0.009 |
) |
(0.003 |
) |
(0.003 |
) |
|
Fiscal 2013 |
|
Fiscal 2012 |
|
|
January 31, 2013 $ |
|
October 31, 2012 $ |
|
July 31, 2012 $ |
|
April 30, 2012 $ |
|
Total
assets |
19,223,152 |
|
18,899,190 |
|
16,895,227 |
|
16,462,785 |
|
Long-term liabilities |
(1,993,982 |
) |
(2,530,716 |
) |
(1,896,795 |
) |
(1,434,250 |
) |
Net
loss |
(482,926 |
) |
(1,052,844 |
) |
(834,984 |
) |
(711,018 |
) |
Net loss per share, basic and diluted |
(0.003 |
) |
(0.006 |
) |
(0.005 |
) |
(0.005 |
) |
Note: The Company had no revenue and paid no dividends
during the above periods
On Behalf of the Board of Directors
John Proust, Chief Executive Officer
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral
exploration company focused on the exploration and development of
the high-grade Windfall Lake Gold Deposit, located between Val-d'Or
and Chibougamau in Quebec. In August 2013, Southern Arc and Dundee
invested an aggregate of $12 million to purchase a controlling
interest in Eagle Hill and fund an aggressive exploration program.
More information is available at www.eaglehillexploration.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-looking
Statements
This document contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
The use of any of the words "will", "is subject", and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Such forward-looking statements should not be unduly
relied upon. This document contains forward-looking statements and
assumptions pertaining to the ability of the Company to close the
Offering; the granting of regulatory approval; the timing of
receipt of regulatory approvals; and the use of proceeds raised
from the offering. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors, including
uncertainty related to market conditions that prevent the Company
from closing the Offering on acceptable terms or at all; and global
financial market events that cause significant volatility. Readers
are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements contained in the document are
expressly qualified by this cautionary statement. These statements
speak only as of the date of this document and the Company does not
undertake to update any forward-looking statements that are
contained in this document, except in accordance with applicable
securities laws.
Eagle Hill ContactRhylin BailieVice President, Communications
& Investor
Relations604-697-5791info@eaglehillexploration.comwww.eaglehillexploration.com
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