VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/31/09 -- Eagle Hill Exploration Corporation (TSX VENTURE: EAG) ("Eagle Hill" or the "Company") has been advised that its agent, IBK Capital Corp., has received commitments for its previously announced $3.175 million private placement offering of common and flow-through units.

The Company is also pleased to announce that, further to its news releases dated August 12, 2009 and August 27, 2009, the Company has completed the first tranche of its private placement (the "First Tranche Offering"). Eagle Hill has issued 1,750,000 units, consisting of one common share and one share purchase warrant (a "Unit"), in the capital of the Company at a price of $0.10 per Unit for aggregate gross proceeds of $175,000.

The Corporation reserved the offering price by way of a price reservation form filed with the TSX Venture Exchange (the "Exchange") on August 5, 2009. The Units issued pursuant to the Offering are subject to a hold period until December 29, 2009 in accordance with policies of the Exchange.

In connection with the First Tranche Offering, the Company has paid finder, Raymond James Ltd. (the "Finder") a Finder's commission of $ 15,750 in cash equal to 9% of the $ 175,000 aggregate gross proceeds raised from the sale of 1,750,000 Units subscribed by the subscribers introduced to the Company by the Finder. In addition, the Company has granted 175,000 Finder's warrants (the "Finder's Warrants") equal to 10% of 1,750,000 Units. Each Finder's Warrant entitles the Finder to purchase one additional common share of the Company at a price of $0.10 per common share at any time and from time to time until 5 p.m. (Vancouver time) on August 28, 2011.

The net proceeds of the First Tranche Offering will be used for general working capital for the Company. When received, the balance of the proceeds of $3.0 million will be used exclusively for acquisition and development of the announced Windfall Lake Gold Project from Noront Resources. This second tranche of financing has been conditionally approved by the Exchange but is still subject to final technical and compliance review by the Exchange.

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. In North America 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Eagle Hill Exploration Corporation (Vancouver)
Brad Kitchen
604.638.8072
604.688.9620 (FAX)
info@eaglehillexploration.com
www.eaglehillexploration.com