EAG Sedar listing re 75% owneship of claims
The following was posted on SEDAR on June 20, 2012 as a "Material Change Report" -- any further discussion regarding the status of the action items should be taken up directly with the mgmt team at EAG!
Item 1 Name and Address of Company
Eagle Hill Exploration Corporation
601-999 Canada Place
Vancouver, BC V6C 3E1
Item 2 Date of Material Change
April 20, 2012
Item 3 News Release
Issued and disseminated on June 20, 2012, through the facilities of Marketwire and SEDAR.
Item 4 Summary of Material Change
Eagle Hill Exploration Corp. exercised its 75% option of the Windfall Lake Property with Noront Resources Ltd.
Item 5 Full Description of Material Change
Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") is pleased to announce that, pursuant to the terms of an option agreement dated July 20, 2009 (the "Option Agreement") with Noront Resources Ltd. (the "Optionor"), the Company has completed the expenditures and payments required to be made to the Optionor as consideration for the exercise of the option to acquire a 75% interest (the "75% Option") in and to the Optionor’s portion of the Windfall Lake Property (the "Property"). The exercise of the 75% Option has triggered deliverables from both parties and the Company is currently in discussions with the Optionor on finalizing the necessary steps to complete the obligations under the Option Agreement. The deliverables include the following items:
• The Company has one year from April 20, 2012, to either complete a bankable feasibility study demonstrating a minimum after tax internal rate of return of 15% on the Property or give notice to the Optionor of its commitment to cause the Commencement of Commercial Production from the Property (which notice shall specify the number of tons of proven and probable ore reserves on the property at the time estimated by the Company and the anticipated annual rate of production). If the Company does not deliver the above within the specified time frame the Optionor has the option to purchase back the Company’s 75% interest in the property for the lessor of i) an amount equal to the expenses incurred by the Optionee and ii) $6 million;
• Formation of a Joint Venture Agreement with the Optionor; and
• Transfer of the titles to the Company.
The Company is working closely with its technical advisors to fulfill the remaining obligations under the Option Agreement and will make further announcements in this regard as the Company’s plans develop.
Read more at https://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=31593380&l=0&r=0&s=eag&t=LIST#Mh8DEUtLMPjw9pC3.99