From Ubika Research... "The market responded favourably to this news, with EAG up 26% with over 1.5 million shares traded. The stock closed at 9.5 cents after touching an intraday high of 10.5 cents on April 25, 2013.
We at Ubika Research continue to be impressed by the excellent work done by the EAG management and technical team in developing the Windfall Lake deposit. Eagle Hill is also making good progress in its negotiation with Noront Resources to get more time to further the development of this project. On April 22nd 2013, EAG announced that it has secured a three-year extension to complete the development of the Windfall Lake project upon payment of $615,000. This means EAG has three years to deliver either a bankable feasibility study (the "BFS") with no defined hurdle rate or obtain a financing commitment to immediately enter into commercial production as per the extension to the option agreement it has received from Noront. This extension agreement will come into effect within 90 days of EAG making the extension payment to Noront Resources (TSXV: NOT)."