Eaglecrest Initiates Exploration Program in the Middle Cauca Belt, Colombia

EAGLECREST EXPLORATIONS LTD. ("Eaglecrest"; the "Company") (TSX
VENTURE:EEL)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that with
the closing of the second tranche of its $6.4 million financing, the Company has
initiated the exploration program for the Fredonia and Venecia projects in the
Middle Cauca Belt, near Medellin, Colombia. The program consists of collecting
airborne magnetic and radiometric data, accumulating governmental and industry
exploration data, and evaluating through geologic field review those areas where
up to 8.25 grams per tonne gold was detected from surface sampling in 2010 (see
the Company's news releases for October 4, 2010 and December 20, 2010).


"The airborne geophysical survey is a very rapid, effective first step in our
exploration program," commented Hans Rasmussen, Eaglecrest's President and CEO.
"Magnetite is clearly associated with gold mineralization in these types of
deposits and airborne magnetic data is the least expensive, most rapid of all
geophysical techniques to employ. In just a few weeks we will have the data in
hand to begin field work on selected anomalies in the concessions where we have
agreements with Grupo de Bullet (Fredonia) and Colombian Mines Corp. (Venecia).
Other neighbouring explorers like Sunward Resources, Bellhaven Resources, Batero
Resources and Seafield Resources have clearly demonstrated the effectiveness of
magnetic data in their exploration program. With the close of our financing, we
have the funds in our 18-month budget projections to immediately implement this
program."


The Company has signed an agreement with MPX Geophysics Ltd. ("MPX") to acquire
about 5,000 line kilometres of high-resolution airborne magnetic and radiometric
data. Lines will be flown in an east-west direction, 100-metres apart, in an
attempt to map the distribution of porphyry-related intrusions that may contain
gold within the belt.


Also, the Company today has granted incentive options for the purchase of a
total of 2,150,000 shares in its capital. Of the options granted, 1,700,000 are
exercisable on or before February 8, 2016 at a price of $0.45 per share. Of the
remaining options granted, 250,000 options were granted to technical consultants
for the Company and are exercisable on or before February 8, 2013 at the price
of $0.45 per share. The remaining 200,000 options were granted to Progressive IR
Consultants Corp. and are exercisable on or before February 8, 2013 at a price
of $0.45 per share. These 200,000 options are vested over a one-year period with
50,000 becoming exercisable every three months.


Any shares issued to "associated consultants" (as is defined in BC Instrument
45-105) pursuant to the exercise of options held by them will be subject to a
four month hold period commencing on the date of the granting of the options.
Shares issued to other optionees on the exercise of such options will not be
subject to any hold period.


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.


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