10,000’ Drilling Program Commences on McQuesten Gold Project

Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) has commenced fieldwork on the Company’s 100% owned 489-unit (29,700 acre) Kalum project located 30km northwest of Terrace, near the central coast of British Columbia. The claims cover a number of high-grade gold occurrences related to a Cretaceous-aged granitic intrusive stock with kilometer-scale dimensions. The project is accessed by a network of logging roads, transected by a hydro-electric power-line, and is located 90km by road from port facilities in Kitimat, or 100km by rail from Terrace to port facilities in Prince Rupert. Extensive logging activity has taken place throughout the project area, with additional road-building and logging activity planned over the next three years.

The claims cover an area approximately 10km x 12km that is underlain by sedimentary rocks which host a large intrusive stock. Seven documented high-grade gold occurrences are located at or near the contact zone of the intrusive, while a single poorly-documented copper/molybdenum occurrence is known to exist within its core. Detailed assay results were presented in an EPL news release dated February 20th, 2003 which is available on our website.

B.C. Government stream-sediment surveys of creeks draining the Kalum intrusion and sedimentary-intrusive contact area reveal the presence of highly anomalous values (many in the 95th percentile) for the elements gold, silver, arsenic, tungsten, copper, molybdenum - all considered key pathfinder elements for intrusion-related gold systems (“IRGS”). Review of existing airborne geophysical data for the area confirms the existence of a pronounced magnetic anomaly coincident with the intrusive material, and suggests the presence of a much larger system than is currently outlined. Many of the documented mineral occurrences are located within the halo of the magnetic anomaly, which appears to correspond with the sedimentary-intrusive contact area. These individual occurrences have been the focus of limited exploration efforts since the early 1900s, but were worked individually and targeted for development as low-tonnage, high-grade producers. Many high-grade veins which saw work were documented as occurring within a series of veins or within stockwork swarms, many of which remain un-sampled.

All exploration work in the project area was completed prior to the discovery and recognition of IRGS models and the development of deposits such as Kinross Gold’s Fort Knox, located near Fairbanks, Alaska (158.3 Mt grading 0.83 g/t, with a contained resource of 4.3 M oz Au) and the Donlin Creek deposit currently under development by Novagold/Placer Dome, containing measured and indicated resources of 9.9 million ounces Au grading 3.0 g/t with an additional inferred resource of 17.9 million ounces grading 3.0 g/t using a 1.5 g/t cut-off grade.

Despite the presence of strong geological, geochemical and geophysical indicators of IRGS mineralization, no exploration efforts have previously been directed towards assessing the occurrences in the Kalum area for their low-grade, bulk-tonnage potential, nor has any exploration activity been documented over the roughly 25km of projected contact area. At the time of staking by Eagle Plains, all previously-held mineral tenures within the mapsheet area had forfeited, allowing the Company the opportunity to secure the complete intrusive package including the entire contact zone.

Eagle Plains has mobilized a field-crew to the area, and prospecting, stream-sediment and soil-sampling activity is now underway. A Phase 1 budget of $200,000 has been committed to the project, with work expected to continue throughout the field season. Exploration efforts will be directed to assessing the project area and identifying similarities to known IRGS deposits such as Fort Knox, Pogo, Donlin Creek, Kidston, and other recently recognized deposits of this type located around the world. Work will be completed under the supervision of Charles C. Downie, P.Geo., identified as a “Qualified Person” in accordance with current securities regulations.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. Through a network of prospectors, consultants and experienced contractors in addition to seasoned employees and a well-rounded Board of Directors, the Company has assembled a diverse portfolio of gold and base-metal properties. EPL seeks to attract joint-venture participation on it’s properties, thereby leveraging exploration spending to the ultimate benefit of the Company’s shareholders. In recent years, Eagle Plains has completed option agreements with Billiton, Rio Algom, Kennecott, Novagold Resources, Viceroy Resources and numerous other junior exploration companies, resulting in nearly 10,000m (33,000’) of drilling and over $5,000,000 in exploration spending on its properties since 1998.

On Behalf of the Board of Directors

Tim J. Termuende, P.Geo.
President and CEO