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Drilling Commences
on
Titan Molybdenum Project
Cranbrook
BC, 03 August, 2004: Management of Eagle Plains Resources
Ltd. (TSX-V:EPL) and Kobex Resources
Ltd. (TSX-V:KBX) announce that diamond drilling
has commenced on Eagle Plains’ Titan molybdenum
project located 50km west of Atlin in northwestern British
Columbia. The property is controlled 100% by EPL (subject
to a 1.5% NSR), and consists of 107 claim units covering
approximately 6,500 acres. Kobex may earn a 60% interest
in the project from EPL by completing $3,000,000 in
exploration expenditures, making total cash payments
of $167,000 and issuing a total of 600,000 voting-class
common shares to EPL by the fifth anniversary of signing.
EPL will remain operator of the project up to the completion
of Phase 1 work, with operatorship determined on a year-to
year basis.
The Phase 1 work program expenditures are projected
to total $150,000. Drilling follows a detailed Induced
Polarization (IP) geophysical survey conducted by Aurora
Geosciences Ltd. of Whitehorse, Yukon over an area associated
with surface and float mineralization discovered in
2003.
Drilling will consist of 4-5 holes totaling 400-500m
(1300-1600’), and should take 1-2 weeks to complete.
Overall project supervision will be the responsibility
of Charles C. Downie, P.Geo., Exploration Manager of
Eagle Plains and identified as a Qualified Person under
National Instrument 43-101.
The Titan claim block covers a high-grade molybdenum-copper
porphyry occurrence that has been recently exposed by
the retreat of glacial ice. 2003 fieldwork by Eagle
Plains resulted in the discovery of high-grade molybdenum
mineralization in float boulders grading up to 1.877%
molybdenum. Outcrop material returned a value of 0.966
% molybdenum in grab samples. Eight of ten rock samples
collected returned greater than 0.1% molybdenum. Some
samples are also associated with elevated copper (up
to 2873 ppm), tungsten (up to 93.1 ppm), and bismuth
(up to 60.7 ppm). An Induced Polarization (I.P.) survey
completed in the fall of 2003 indicates the presence
of a large, high-intensity chargeability anomaly in
the vicinity of the high-grade mineralization (see EPL
News Release Oct. 16, 2003).
Molybdenum is a hard, malleable, ductile, high-melting,
silver-white corrosion resistant metal. Steel making
accounts for about 80% of molybdenum production, with
the remainder used in the manufacture of high-speed
cutting tools, aircraft parts, forged automobile parts,
X-ray tubes, electronic tubes and electric furnaces,
rocket and missile parts, lubricants and pigments. British
Columbia molybdenum mines and deposits include the Endako
Mine (182 Mt at .0785% Mo,) Kitsault Lake (95 Mt at
.112% Mo), Boss Mountain (6.7 Mt at 0.13% Mo) and the
Adanac (152 Mt at 0.063% Mo) (reference: Geology of
Canadian Mineral Deposit types 1995).
On Behalf of the Board of Directors
Tim J. Termuende, P.Geo.
President and CEO
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