First I'm going to answer what you asked.
NO it will not EXACT them in .mp3
Now I will answer what I think you meant to ask.
Will EAC extract an Audio CD to .mp3
Yes if set up correctly .
If you are going to burn what EAC rips as a backup to an Audio CD .
You want the ripped files as .wav or FLAC.
If your goal is to create a data CD with many .mp3's then it is better to rip as .mp3.