Eagle Mountain Gold Corp. Announces Closing of $541,500 Private Placement

Eagle Mountain Gold Corp. Logo

VANCOUVER, British Columbia, Nov. 27, 2012 (GLOBE NEWSWIRE) -- ("Eagle Mountain" or the "Company") (Z: TSX-V) The Company reports that it has closed the non-brokered financing (the "Financing"), previously announced on October 12, 2012 in the amount of $541,500 by the issuance of 3,800,000 units (each a "Unit") at a price of $0.1425 per Unit. Each Unit consists of one common share (a "Share") and one transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share (a "Warrant Share") at a price of $0.19 until November 27, 2017, being five years from the closing of the Financing. No finder's fees are payable.

All securities issued above are subject to a hold period expiring on March 28, 2013, being four months and one day after closing of the Financing. In addition, an aggregate of 3,650,000 of the Shares, and up to 3,650,000 Warrant Shares issuable on exercise of the Warrants, are subject to a voluntary pooling agreement and may not be sold or otherwise transferred for a period of 12 months following the closing of the Financing. The proceeds of the Private Placement will be used to fund the advancement of the Company's Eagle Mountain Project in Guyana, and for general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

On behalf of The Board of Directors of Eagle Mountain Gold Corp.

"Ioannis (Yannis) Tsitos"
President, CEO & Director

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the corporations control which may cause actual results, performance or achievements of the corporation's to be materially different from the results, performance or expectation implied by these forward looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Eagle Mountain Gold Corp. logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=15976

CONTACT: Ioannis (Yannis) Tsitos President, CEO & Director Phone: 604.806.0916

Source:Eagle Mountain Gold Corp.