Eagle Hill Exploration Corporation TSX VENTURE: EAG

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2009) - Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") (TSX VENTURE:EAG) is pleased to announce that the TSX Venture Exchange (the "Exchange") has approved the Eagle Hill acquisition of the Windfall Lake Property ("Windfall Lake").

Eagle Hill also is pleased to announce the closing of the first tranche of its previously announced C$3.175 million private placement financing for gross proceeds of C$2,249,999.90 (the "Private Placement") through its agent, IBK Capital Corp.

The Exchange approval of Eagle Hill's acquisition of Windfall Lake and the Private Placement will allow Eagle Hill to proceed to meet its initial obligations on the acquisition of the property from Noront Resources Ltd. and advance data compilation and exploration on the site this season.

The Private Placement is comprised of 13,250,000 non-flow through units (a "Common Share Unit"), consisting of one common share and one share purchase warrant (a "CS Warrant"), at a price of $0.10 per Common Share Unit and 6,166,666 flow through units (a "Flow-Through Unit"), consisting of one common share and one half share purchase warrant (a "FT Warrant"), at a price of C$0.15 per Flow-Through Unit. Each whole CS Warrant and FT Unit will entitle the holder to acquire one additional common share of the Company at a price of C$0.20 for a period of one (1) year after the closing.

The Common Share Units and Flow-Through Units issued in connection with this Private Placement are subject to a hold period until January 30, 2010, in accordance with applicable securities laws and Exchange policies.

Eagle Hill engaged IBK Capital Corp. ("IBK" or the "Agent") to complete the Private Placement on a best efforts basis. The Company paid an aggregate cash commission in the amount of C$202,499.99 to IBK and its selling group agents. The Company also issued 1,325,000 Agent's warrants entitling IBK and its selling group agents to purchase up to 1,325,000 common shares at a price of C$0.10 for a period of four (4) years from the date of issue (the "Non-Flow-Through Agent's Warrants") and 624,667 Agent's warrants entitling IBK and its selling group agents to purchase up to 624,667 common shares at a price of $0.15 for a period of four (4) years from the date of the issue (the "Flow-Through Agent's Warrants"). The Agent engaged the following sub-agents in connection with the completion of the first tranche of the Private Placement: CIBC World Markets Inc., Brant Securities Ltd., Octagon Capital Corp., Sherbrooke Street Capital, Union Securities Ltd., Raymond James Ltd., CIBC Wood Gundy, Primary Capital Inc., Dundee Securities Corporation and Jones, Gable & Company Ltd.

The Pro-Group participants in the Private Placement are: Ian Thomas Haar,100,000 units; Samantha Sharpe, 150,000 units; Jay Smith, 666,667 units; Wayne J. White, 216,667 units; Alamy Holdings Inc., 50,000 units (Barbara J. White); David McLeish, 150,000 units; David Jones, 135,000 units; Alberto Galeone, 531,667units; and D.M. Ross, 183,331 units.

The net proceeds from the Private Placement will be used to fund the option price on Windfall Lake and the initial exploration and development program of the Company's interest in the Windfall Lake, located in Urban Township, Quebec, between Val D'or and Chibougamau.

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 contain high grades and large tonnage 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