|By Marketwired .||
|June 30, 2014 07:19 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/30/14 -- Eagle Hill Exploration Corporation (TSX VENTURE: EAG)(OTCQX: EHECF) ("Eagle Hill" or the "Company") has released the results of its second quarter ended April 30, 2014. Details of the Company's financial results are described in the unaudited condensed interim financial statements and Management's Discussion and Analysis ("MD&A"), which are available on the Company's website at www.eaglehillexploration.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
COMPARATIVE QUARTERLY RESULTS
The following table sets out selected financial information for the most recent eight fiscal quarters.
---------------------------------------------------------------------------- Fiscal 2014 Fiscal 2013 ---------------------------------------------------------------------------- January 31, October 31, April 30, 2014 2014 2013 July 31, 2013 $ $ $ $ ---------------------------------------------------------------------------- Total assets 35,386,049 33,788,667 32,201,645 21,196,288 Long-term liabilities (3,632,258) (3,459,984) (2,997,010) (3,039,821) Net loss (446,705) (669,861) (2,006,551) (545,230) Net loss per share, basic and diluted (0.001) (0.002) (0.009) (0.003) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Fiscal 2013 Fiscal 2012 ---------------------------------------------------------------------------- January 31, October 31, April 30, 2013 2013 2012 July 31, 2012 $ $ $ $ ---------------------------------------------------------------------------- Total assets 20,483,057 19,223,152 18,899,190 16,895,227 Long-term liabilities (2,974,557) (1,993,982) (2,530,716) (1,896,795) Net loss (521,587) (482,926) (1,052,844) (834,984) Net loss per share, basic and diluted (0.003) (0.003) (0.006) (0.005) ----------------------------------------------------------------------------
Note: The Company had no revenue and paid no dividends during the above periods
At the date of this MD&A, the Company had working capital of approximately $3.6 million. For the three months ended April 30, 2014, the Company had a net and comprehensive loss of $446,705 or $0.001 per share (2013: $521,587 or $0.003 per share). At April 30, 2014, the Company had a commitment to spend a total of $444,406 on Canadian Eligible Exploration by December 31, 2014 and $1,000,000 by December 31, 2015.
WINDFALL PROPERTY REVIEW AND OUTLOOK
The Windfall Lake Property covers approximately 12,400 hectares in the prolific Abitibi Greenstone Belt in Quebec. The property consists of 285 contiguous claims. Eagle Hill obtained ownership of the property by optioning different claim blocks from Noront, Murgor and Cliffs. On May 6, 2014, the Company announced that it had completed its purchase of three 2% NSRs related to Eagle Hill's Windfall Lake Gold Project, which is located in the Abitibi Gold Belt approximately 200 km northeast of Val d'Or, Quebec. The Company paid a total of $60,000 and issued a total of 3,333,334 shares to purchase the NSRs, which cover 3,469.9 hectares of the 12,400 hectare Windfall Lake Property. The shares issued to the vendors of the royalties are subject to a four-month hold period.
On March 28, 2014, the Company completed the purchase of the 29 Claims and the 184 Claims immediately adjacent to the Windfall Lake Property. In consideration for purchasing the remaining interests in the 29 Claims and the 184 Claims, the Company paid $250,000 and issued 9.5 million common shares to each of the optionors. In addition, the Company granted a 0.5% NSR for the 29 Claims and a 1% NSR for the 184 Claims to each of the optionors. The Company retained the right to buy back any of the NSRs at any time prior to first commercial production by paying $500,000 to the holder of the NSR.
The Fall 2013 drill program achieved its primary objectives, confirming continuity of mineralization below Red Dog, confirming the extension of mineralization southwest of the Main Zone, and expanding both Zone 27 and the Mink Lens. In addition, a downhole IP survey showed additional potential below Red Dog.
The Winter 2014 drill program was focused on testing for gold mineralization below shallow lakes in the Main Zone. A total of 3,333 metres was drilled in 16 drill holes. Several drill intercepts demonstrated the presence of pyritic stockwork similar to other lenses of the Main Zone. The results confirmed continuity of the Zone 27 gold mineralization and demonstrated lateral extension of the Zone. Highlights of the drilling program include 18.5 g/t gold over 3.38 metres, 7.04 g/t gold over 6.2 metres, and 20.45 g/t gold over 2.6 metres in the eastern extension of Zone 27. In addition, the drilling program expanded the upper portion of Zone 27 by over 100 metres to the southwest with the discovery of 8.36 g/t gold over 1.2 metres and 10.6 g/t gold over 0.9 metres. Eagle Hill press released a complete summary of results from the Winter 2014 drill program on June 24, 2014.
During the summer of 2014, the Company has planned a 2,800-metre drill program targeting the extension of Zone 27 to the northeast below the Red Dog intrusion. Eagle Hill plans to deepen six existing drill holes in a target zone that is currently untested. Using existing holes to reach the target zone will reduce drilling costs and also allow the target zone to be reached more quickly. The Board of Directors has also approved an additional hole-to-hole IP survey to further define drill targets at depth. Geological studies indicate that the gold mineralization hosted by Zone 27 and the Caribou Zone may have been displaced as much as 600 metres below the Red Dog dike, which coincides with the IP anomaly identified below Red Dog. The Fall 2013 drilling program confirmed continuity of gold mineralization below the Red Dog intrusion and delineated an inferred mineral resource of 455,000 tonnes at a grade of 8.21 g/t gold for 120,000 contained ounces of gold, highlighting the potential to increase the mineral resource below the Red Dog intrusion.
Preliminary Economic Assessment Study
On June 24, 2014, Eagle Hill announced that the Company plans to initiate a Preliminary Economic Assessment Study ("PEA") for the Windfall Lake Property. The environmental, engineering and economic studies associated with a PEA will provide further clarity on the potential of advancing the Windfall Lake Property to production. The Board of Directors has appointed Paul-Henri Girard as the lead director to manage the PEA process. Mr. Girard is a Mining Engineer with extensive hands-on experience planning and operating Canadian mines. Mr. Girard started his career with Falconbridge Copper as a mining engineer in 1980, and moved to Agnico Eagle Mines Ltd. in 1987 as Chief Engineer of LaRonde Mine in Quebec. Mr. Girard held increasingly senior positions with Agnico Eagle over a 25-year period, eventually retiring from the position of Vice President Canadian Operations in 2012.
On Behalf of the Board of Directors
Interim Chief Executive Officer
About Eagle Hill Exploration Corporation
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 1.15 million acres of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol NZ and on the OTCQX International under the symbol NZERF. More information is available at www.newzealandenergy.com or by emailing [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will", "is subject", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the ability of the Company to close the Offering; the granting of regulatory approval; the timing of receipt of regulatory approvals; and the use of proceeds raised from the offering. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, including uncertainty related to market conditions that prevent the Company from closing the Offering on acceptable terms or at all; and global financial market events that cause significant volatility. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in the document are expressly qualified by this cautionary statement. These statements speak only as of the date of this document and the Company does not undertake to update any forward-looking statements that are contained in this document, except in accordance with applicable securities laws.
The technical information in this document has been reviewed by Eagle Hill's Vice President Exploration, Jean-Philippe Desrochers, PhD, PGeo, who has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined by National Instrument 43-101. The drill program and sampling protocol is managed by Eagle Hill under the supervision of Jean-Philippe Desrochers. The diamond drill holes are drilled at NQ sizes and core recovery to date has averaged better than 95.0%. Half core is cut by rock saw and is generally sampled using nominal 1-metre intervals; however, sample intervals vary according to geological contacts and have ranged between 0.3 to 1.5 metres in length. Two quality control samples (one blank and one certified reference material) are inserted into each batch of 20 samples. All assays were performed by ALS Chemex Laboratory Group, in Val d'Or, Quebec. The half core samples are securely transported from the project site to the ALS Chemex laboratory by Eagle Hill personnel. Gold analyses reported in this release were performed by standard fire assay using a 30-gram charge with atomic absorption finish and a gravimetric finish for assays greater than 10 grams per tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. In addition, an Aqua regia digestion with ICP-AES finish is used to analyse a full suite of elements including silver and base metals.
Vice President, Communications & Investor Relations
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,474
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Sep. 29, 2014 06:45 AM EDT Reads: 1,872
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
Sep. 28, 2014 09:45 AM EDT Reads: 1,533
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Sep. 27, 2014 11:30 PM EDT Reads: 1,900
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
Sep. 27, 2014 10:30 PM EDT Reads: 1,821
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Sep. 27, 2014 10:30 PM EDT Reads: 2,284
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,492
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,361
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,041
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Sep. 27, 2014 11:00 AM EDT Reads: 2,218
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
Sep. 26, 2014 11:45 PM EDT Reads: 1,536
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
Sep. 26, 2014 10:45 PM EDT Reads: 1,478
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,289
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,654
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,584
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Sep. 26, 2014 05:00 PM EDT Reads: 1,584
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,070
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
Sep. 26, 2014 10:00 AM EDT Reads: 1,529
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
Sep. 26, 2014 09:45 AM EDT Reads: 1,440
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.
Sep. 26, 2014 09:00 AM EDT Reads: 1,417