Eagle Plain’s Partner Aben Resources Suspends Drilling Program at the Chico Gold Project, Saskatchewan
Cranbrook, B.C., March 23, 2018: Eagle Plains Resources Ltd. (TSX-V: “EPL”) (the “Company”) announces the suspension of the planned and permitted Chico drill program in Saskatchewan as a result of a request by the citizens of the community of Pelican Narrows and members of the Peter Ballantyne Cree Nation (“PBCN”). Details of the intended program were previously announced in a news release dated March 1st, 2018.
Eagle Plains as optionor and project operator informed partner Aben Resources Ltd. (TSX-V:ABN) (OTCBB: ABNAF) (Frankfurt: E2L2) of this request after a March 21, 2018 community meeting was convened in Pelican Narrows, attended by local stakeholders and Eagle Plains management. Following the meeting a decision was made by Aben and Eagle Plains to suspend the program. Aben may revisit plans to explore the property in the future, following meaningful consultation with the community and PBCN members. Government permits to undertake the proposed drilling program were issued on Feb. 28, 2018 by the Saskatchewan Ministry of Energy.
Aben holds the exclusive right to earn an undivided 80-per-cent interest in the property by completing $3.5-million in exploration expenditures, issuing 2.5 million shares and making $150,000 in cash payments to Eagle Plains Resources (TSX-V: EPL) by 2020. Aben recently made a cash payment of $25,000 and issued 250,000 common shares to Eagle Plains, pursuant to the terms of the current option agreement.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements’ current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in terms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2016 on Eagle Plains-related projects were approximately $16.0M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.