Eagle Hill Closes $3,750,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2010) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) has completed its previously announced private placement for gross proceeds of $3,750,000 (the "Offering"). The Offering was completed in conjunction with a financing agreement with IBK Capital Corp. who acted as lead agent in an investment dealer syndicate which included Laurentian Bank Securities Inc. and Industrial Alliance Securities Inc., (collectively the "Agents").

"We are very excited to be heading into our June drill program well capitalized. IBK, Laurentian and Industrial Alliance have done a great job. The offering was oversubscribed and the greenshoe was executed in full. This strong support from the investment community is encouraging as we continue our exploration on the Windfall Lake Property." stated P. Bradley Kitchen, President, Chief Executive Officer and Director.

The Agents placed 9,000,000 flow-through units (the "FT Units") at a price of $0.25 per FT Unit (the "FT Offering") and 7,500,000 non-flow through units (the " NFT Units") at a price of $0.20 per NFT Unit (the "NFT Offering"), for gross proceeds of to $3,750,000. The green shoe allotment of $750,000 was used for the FT Units rather than the NFT Units as previously announced on May 12, 2010.

Each FT Unit consists of one common share of Eagle Hill and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase a common share at an exercise price of $0.30 for a period of one year after the closing of the Offering. Each NFT Unit consists of one common share of Eagle Hill and one common share purchase warrant, with each warrant entitling the holder thereof to purchase a common share at an exercise price of $0.30 for a period of one year after the closing of the Offering.

The Company paid the Agents a cash fee equal to 6% of the gross proceeds raised in connection with the Offering. In addition, the Agents received warrants (the "Agent's Warrants") equal to 10% of the number of the FT and NFT Units subscribed for, exercisable for four years for exercise prices of (i) $0.25 for Agent's Warrants issued pursuant to the FT Offering and (ii) $0.20 cents for Agent's Warrants issued pursuant to the NFT Offering.

Proceeds of the Offering will be used for further exploration and development of the Windfall Lake property, and for general working capital purposes.

About the Windfall Lake Property

The Windfall Lake Property is comprised of 362 contiguous claims (over 12,000 hectares) in the Abitibi mineralized belt of northern Quebec. This area between Val d'Or and Chibougamau is known for its gold and copper production and excellent infrastructure for exploration and mining. Historically, the Windfall Lake Property has had extensive historic grassroots exploration work. Eagle Hill has signed options with Murgor Resources Inc., Freewest Resources Canada Inc., and Noront Resources Inc. to acquire the Windfall Lake Property.

About Eagle Hill Exploration Corporation

Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold and precious metal exploration company with its acquisition of the Windfall Lake high grade gold project, located in Urban Township, Quebec, between Val D'or and Chibougamau. Eagle Hill seeks projects that contain or have potential to have large resource potential. The Company's website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on its properties and other information with respect to its management and operations.

ON BEHALF OF THE BOARD,

P. Bradley Kitchen, President