Latest press releases from EAG do not even mention the offer from MAO, being that it was more of an insult than a serious offer , that is not really a surprise.
This was from a Press Release i found on Yahoo finance.
Eagle Hill Exploration Corporation, a Vancouver based gold exploration company, is taking the steps to turn its high grade gold deposit at Windfall Lake into production
(PRWEB) January 21, 2013 Eagle Hill Exploration Corporation, a Vancouver based gold exploration company, is taking the steps to turn its high grade gold deposit at Windfall Lake into production .
“Our Windfall Lake project is a large, high grade, continuous gold deposit located in Quebec. Our exploration team has done a great job of de-risking the project and as a result should be easy to mine because of existing infrastructure, our management team and our strong relations with the Cree First Nation of the region,” states Brad Kitchen, President of Eagle Hill Exploration Corporation.
In the three and a half years that the company has been working on the Windfall Lake Property, the team at Eagle Hill has identified and modeled a large high grade gold deposit and has advanced the project so that a commitment to go into production is the next step. In this very short time, the company has announced the first resource calculation on the deposit (November 2011), doubled that resource after only one drill program (July 2012) and in the next few months is preparing to announce a new resource based on its most recent 25,000 meter drill program which was designed to expand the existing deposit and identify near surface gold mineralization. The consistency and high grade of the gold mineralization warrants a feasibility study which will provide, in April 2013, a reserve calculation and an estimate of daily production. All this taking place in Quebec, which is one of the most stable and friendly jurisdictions for exploration and mining in the world.
The Windfall Lake Property is located in Urban Township, Quebec, between Val-d'Or and Chibougamau. The 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 grassroots exploration work. Eagle Hill was able to take this historic work, develop its own theories on how the gold might have been deposited and conducted its own drilling exploration to develop a large and continuous gold mineralization model.
Eagle Hill has engaged Stantec Consulting Ltd. to complete a Mining Feasibility Study that will include an estimated reserve calculation and daily tonnage production. The feasibility study will be completed by mid-April 2013.
“A positive feasibility study means that the management of Eagle hill will be able to confirm its intention to take the Windfall Lake Gold Deposit into commercial production,” says Brad Kitchen, president and CEO of Eagle Hill.
“This will allow the company to meet its obligations under the earn in agreement for the property.”
The latest resource calculation published in July 2012, is 1.36 million ounces of gold at a grade of 9.26 grams per ton, using a conservative 3.0 gram per ton cut-off.
“Our resource calculation includes only the deposit which is located roughly between 200 and 500 meters from surface. Recent drilling has identified a significant near surface high grade deposit that could be easily extracted by an open pit mining operation,” says Kitchen.
A new resource calculation based on a recently completed 25,000 metre drill program will include this new near surface deposit and further expansion of the existing resource, he explains.
Eagle Hill has announced the assay results this month from its 2012 drill program at the Windfall Lake Gold Deposit in Northwestern Quebec. The new results include wide intercepts of high grade gold mineralization occurring near surface as a series of parallel lenses.
These results are part of a drill program designed to expand the size of the mineral resource estimation released in July 2012 that already includes 1,665,000 tonnes at 10.05 grams per ton of gold (538,000 ounces) in the indicated category and 2,906,000 tonnes at 8.76 grams per ton of gold (822,000 ounces) as an inferred resource.
Eagle Hill completed several shallow diamond drill holes in the upper Extension of Zone 27 and was able to define its lateral continuity over more than 300 meters. The Zone 27 upper extension consists of a gold-rich lens plunging shallowly to the east and extending for more than 50 meters vertically with widths of up to 31 metres.
Some of the best results for this near surface zone include 22.85 grams per ton of gold over 25 meters in drill hole EAG-12-318, 9.75 grams per ton of gold over 55.0 meters in drill hole EAG-12-351 and most recently 5.53 grams per ton of gold over 15.8 metres in drill hole EAG-12-441. In addition to their intersections in Zone 27, several of the shallow drill holes returned other significant intersections from parallel mineralized lenses in the first one hundred meters below the surface. The best results for the additional lenses include 14.74 grams per ton of gold over 17.9 metres and 15.12 grams per ton of gold over 4.2 metres.
“These new results expand the size of the near surface gold deposit in multiple lenses showing a consistent gold distribution,” says Kitchen.
“The broadening of the gold mineralization at such a shallow depth strengthens the case for a potential open pit operation for this part of the Windfall Lake deposit. The grades for the near surface gold zones at Windfall Lake are much higher than that of traditional open pit operations. The feasibility for an open pit operation will need to be investigated in more detail but further validates management’s decision to commitment to cause the commencement of commercial production.”
“In addition to the known gold resource and the near surface deposit, the Company has successfully identified continuation of gold zones to a depth of over 800 metres,” Kitchen says.
“This is very encouraging as Windfall Lake is a mesothermal type deposit historically continues three to five times the length of the horizontal strike. The Windfall Lake horizontal strike is over 750 metres and our current deposit was identified to a depth of approximately 500 meters.”
Eagle Hill is currently de-risking the deposit at Windfall Lake with the ultimate goal of entering into commercial production. This means continued exploration drilling to expand the deposit, convert some of the inferred resources into the measured and indicated category, and identify potential mining methodologies.
“We have a large high grade gold deposit that should be easy to mine, which has great infrastructure and we also have good relations with the First Nations,” Kitchen says.
Eagle Hill has already signed an Exploration Agreement for its Windfall Lake Project with the Grand Council of the Cree, Cree Regional Authority and the Cree First Nation of Waswanipi.
The agreement announced last fall provides the completion of a comprehensive Business and Employment Capacity Study to assess the full potential for Cree business and employment opportunities, and the creation of a joint Implementation Committee.
“Thanks to the collaboration of the Cree of Eeyou Istchee, in particular the Cree First Nation of Waswanipi, Windfall Lake promises to have a positive impact on the region,” said Kitchen at the announcement.
“In addition, to providing for meaningful benefits to all stakeholders, this agreement confirms the support of involved parties in the pursuit of activities and studies necessary to enhance the value of our project."
Chief Paul Gull from the Cree First Nation of Waswanipi also stated, “Our community and the Council of the Cree First Nation of Waswanipi are eager to collaborate with the mineral exploration and mining industry.”
“We recognize that this industry has a corporate social responsibility to follow in the footsteps of Eagle Hill,” he added. “The signing of this agreement ensures that there will be meaningful participation by our local members without sacrificing sustainability. It is an important step for all parties.”
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Eagle Hill Exploration Corporation