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SpectrumGold/Eagle Plains Execute Copper Canyon Agreement,
SpectrumGold Acquires Share Position in Eagle Plains
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) and SpectrumGold Inc. (SGX:TSX-V) have executed a formal
option agreement under which SGX can earn a 60% interest
in the Copper Canyon project from EPL by completing
C$3 million in exploration expenditures, issuing 400,000
shares of SpectrumGold over the next 3 years and making
property payments totaling C$250,000. SpectrumGold may
earn an additional 20% interest in the project for a
total of 80% by paying Eagle Plains C$1 million and
completing a feasibility study by September 2011. This
agreement supersedes a Letter of Intent between Eagle
Plains and Viceroy Resource Corp. announced on February
12th, 2003.
On February 26th, SpectrumGold exercised warrants
and purchased 600,000 shares of Eagle Plains at a price
of $.30 per share, netting EPL $180,000.
The contiguous Copper Canyon – Galore Creek properties
cover one of the largest and highest grade alkalic intrusive-related
gold-silver-copper systems in North America. SpectrumGold
has engaged Hatch Engineering of Vancouver, British
Columbia to complete an updated Resource Estimate and
a Preliminary Economic Assessment Study of the Galore
Creek Deposit. The Economic Assessment Study will entail
a detailed review of mining and recovery methods (both
open pit and underground scenarios) and metallurgical
studies, as well as power and infrastructure requirements
and alternatives. Galore Creek will be the focus of
over $5M in exploration expenditures during 2004, including
some 20,000m of diamond drilling. SpectrumGold management
recently announced its intention to carry out extensive
exploration including diamond drilling at Copper Canyon
concurrently with work at Galore Creek.
Further to an EPL news release issued on February
9th, 2004, R.K. Netolitzky will postpone his appointment
to the Board of Directors at this time. It is intended
that Mr. Netolitzky will formally join the Board in
the spring of 2004.
Eagle Plains Resources continues to conduct research,
acquisition and exploration projects in western Canada.
Through a network of experienced prospectors, consultants
and 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.
Eagle Plains seeks to attract joint-venture participation
on its 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/SpectrumGold
Inc., Viceroy Resource Corp. and numerous other junior
exploration companies, resulting in nearly 13,000m (43,000’)
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
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