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Symbol: EEL
Extension of Warrant Terms, Revised Loan Terms Eaglecrest Explorations Ltd. announced today that the Canadian Venture Exchange has accepted for filing an application for the extension of the term of 1,105,000 warrants exercisable at $0.60 and 280,000 Broker's warrants exercisable at $0.50 which were originally issued November 17, 1999. The amended expiry date is November 19, 2002. Further to the company's news release of June 22, 2001, the company announced that a lender has advanced additional funds for maintenance of the company's operations in Bolivia. The lender has advanced US$435,000 (of which US$400,000 was received earlier in the year, and US$35,000 was received over the last few weeks) and has agreed to advance a further US$200,000, for a total loan amount of up to US$635,000. The loan bears interest at 12%, and the lender will receive a loan bonus of common shares in the amount of 20% of the loan at a deemed price of $0.30 per share, for a maximum of 668,867 shares. In addition, the principal and interest under loan will be convertible into common shares at the option of the lender for a period of one year at a price of $0.20 per common share. An additional US$50,000 loan bearing interest at 12% remains outstanding to two lenders who will receive 102,666 warrants as a loan bonus. The loan bonus shares, warrants and conversion features of the loans are all subject to CDNX approval. The loans will be repaid from the proceeds of a private placement that is currently being negotiated. - 30 - On Behaf of the Board of Directors, "Gary Cope" Gary Cope |