Eagle Mountain Gold Corp. Acquires 100% of Eagle Mountain Property

Eagle Mountain Gold Corp. Acquires 100% of Eagle Mountain Property

VANCOUVER, British Columbia, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Eagle Mountain
Gold Corp. ("Eagle Mountain" or the "Company") (TSX-V:Z) (Frankfurt:E9X)
(OTCQX:SDMTD) disclosed today that Omai Gold Mines Ltd. ("OGML"), a 95% owned
subsidiary of IAMGOLD Corp., has acquired 3,236,246 shares of the Company,
increasing its total ownership to 14.93%.

The transaction follows the exercise of an option held by Eagle Mountain to
acquire from OGML the remaining 50% interest in the advance-stage Eagle
Mountain gold property in Guyana, which hosts a near-surface gold deposit of
188,000 indicated and 792,000 inferred gold ounces with considerable potential
for expansion.

The closing of this transaction gives Eagle Mountain 100% ownership of the
property, and establishes IAMGOLD indirectly as the Company's largest
shareholder.

"IAMGOLD's increased ownership stake in our Company, in conjunction with
increasing our interest to 100% in the Eagle Mountain gold project, is a
significant milestone," said Yannis Tsitos, President and CEO of Eagle
Mountain. "This transaction is accretive to the Company as we have acquired
50% of the gold mineral resource for 10% of the Company. IAMGOLD has been
positioned as a strategic partner. Becoming our largest stakeholder
demonstrates confidence in our team's ability to develop the Eagle Mountain
gold project. We welcome IAMGOLD's valuable expertise and support, and look
forward to continuing to strengthen the relationship between our two firms."

The Property

Eagle Mountain is a high-quality asset with an existing NI 43-101-compliant
resource of 188,000 indicated and 792,000 inferred gold ounces. The deposit
covers just 250 hectares of the 5,050-hectare property. It is open in three
lateral directions and at depth with strong mineralization along its edges.

With gold starting at surface on the property, Eagle Mountain's goal is to
complete a scoping study and, subject to the results of same, a Feasibility
study with the aim of proving that the resource is suitable for low-cost,
open-pit mining. The property has excellent access and is close to
infrastructure, including existing roads, a small airport within four
kilometres and waterways. The historic Omai gold mine, which produced over 3.7
million ounces of gold through 2005, is approximately 40 kilometres from Eagle
Mountain. 

Eagle Mountain Gold Corp. exercised its option pursuant to the terms of its
amended and restated earn-in and joint venture agreement with Omai Gold Mines
Ltd. ("OGML") and Eagle Mountain Gold Inc. ("EMGI"), both affiliates of
IAMGOLD Corp. The remaining 50% equity interest was held by OGML in EMGI.
EMGI owns the Eagle Mountain gold property in Guyana and prior to the exercise
of this option was owned as to 50% by the Company and 50% by OGML.

The Company issued OGML, 3,236,246 common shares in the capital of the Company
in consideration of a $1,000,000 payment required for the remaining shares in
EMGI. Consequently, OGML which is owned as to 95% by IAMGOLD Corp. and 5% by
the Government of Guyana, now holds 5,536,246 out of 37,083,526 shares,
representing 14.93% of the issued and outstanding shares in the Company. The
shares issued to OGML are subject to a hold period expiring four months and
one day from their date of issue.

As a result of the exercise of the option, Eagle Mountain now owns 100% of
EMGI and therefore the Eagle Mountain gold property, and OGML once again
becomes an insider and the largest shareholder of Eagle Mountain.

About Eagle Mountain Gold Corp.

Eagle Mountain Gold Corp. (www.eaglemountaingoldcorp.com) is working
aggressively to develop its advanced-stage Eagle Mountain gold project in
Guyana. In strategic partnership with IAMGOLD, the project has an existing NI
43-101-compliant resource of 188,000 indicated and 792,000 inferred gold
ounces. The deposit is contained within just 250 hectares of the
5,050-hectare property and located close to local infrastructure. Gold at
Eagle Mountain starts at surface, making it potentially suitable for low-cost,
open-pit mining, and mineralization remains open in three lateral directions
and at depth. The Company also has an option to acquire up to 95% of Mowasi,
a 17,000-hectare gold project directly adjacent to Eagle Mountain. Guyana is
a mining friendly, English-speaking democracy in South America. The Company
is led by an experienced management team, proven in making mining discoveries
and achieving production. Eagle Mountain Gold Corp. trades on the TSX-V under
the symbol Z, on the OTCQX as SDMTD and in Frankfurt as E9X.

The Eagle Mountain Gold Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13828

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

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

Further Information

Ioannis (Yannis) Tsitos
President, CEO and Director
Eagle Mountain Gold Corp.
Toll Free (North America): 1 (866) 437-9552
Outside North America: +1 (416) 489-0092
ir@eaglemountaingoldcorp.com

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.

CONTACT: Ioannis (Yannis) Tsitos
         President, CEO and Director
         Eagle Mountain Gold Corp.
         Toll Free (North America): 1 (866) 437-9552
         Outside North America: +1 (416) 489-0092
         ir@eaglemountaingoldcorp.com

Eagle Mountain Gold Corp. Logo
 
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