EEL

EAGLECREST EXPLORATIONS LTD. ("Eaglecrest"; the "Company") (TSX
VENTURE:EEL)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that it
has closed the second and final tranche of the non-brokered private placement
described in its news release of December 22, 2010. Gross proceeds from the two
tranches totalled $6,432,778.20.


The first tranche of 11,478,258 units closed on December 30, 2010. The second
tranche closed on February 4, 2011. It consisted of 9,964,336 units issued at
$0.30 per unit, for gross proceeds of $2,989,300.80. Each unit is comprised of
one common share of the Company and one warrant exercisable to purchase one
additional share of the Company for $0.45 for a period of 24 months from
closing; provided that if after the issuance of the warrants the average closing
trading price of the common shares of the Company is $0.75 or higher for a
period of 20 consecutive trading days, the Company may issue a notice that the
warrants must be exercised within 21 days of the date of the notice or they will
expire at the end of that 21 day period.


Cash of $239,144.06 has been paid and 797,146 share purchase warrants have been
issued as finders' fees in connection with the second tranche. In addition, the
Company has issued 100,000 shares and an additional 100,000 warrants to
Canaccord Genuity Corp. as a corporate finance fee. The finders' fee warrants
are exercisable to purchase one additional share of the Company for $0.45 for a
period of 24 months from closing. They are not subject to any acceleration
provision. The corporate finance warrants have the same exercise terms as the
private placement warrants.


All shares issued as part of the second tranche, the Corporate Finance shares
and all shares which are issued pursuant to the exercise of warrants issued as
part of the second tranche or as finder's warrants, are subject to a hold period
expiring on June 4, 2011.


About Eaglecrest

Eaglecrest Explorations Ltd. is systematically exploring promising gold projects
in Colombia and Bolivia. The management and geologic teams at Eaglecrest are
comprised of industry experts involved in gold discoveries over the past three
decades with both junior and major mining companies. With this seasoned team and
the increased sentiment towards gold, Eaglecrest looks to accelerate the
capitalization of its Bolivian asset, while shifting focus to securing interests
in and initiating the exploration programs at the Fredonia and Venecia projects,
Colombia, south of Medellin. 


On behalf of the Board of Directors, 

Hans Rasmussen, President and Chief Executive Officer 

If you would prefer to receive news releases via email please contact Eaglecrest
(eel.tsxv@telus.net) and specify "Eaglecrest news" in the subject line. 


Please visit the Company's website at www.eaglecrestexplorations.com. 

EAGLECREST EXPLORATIONS LTD.

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