Eagle Plains Executes Agreement with Rio Algom Exploration on Bootleg Base-Metal Property, Southeastern B.C.
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) has formalized an agreement with Rio Algom Exploration Inc. on Eagle Plains' 100% owned Bootleg project located 1.5 km west of Kimberley, British Columbia. The property is situated 5 km from Cominco's world-class Sullivan deposit, and is contiguous with the Sullivan crown grants. Rio Algom may earn a 60% interest in the 184 unit (11,200 acre) property by carrying out $2,000,000 in exploration expenditures and making cash payments of $310,000 over 4 years ($30,000 of which was paid to Eagle Plains on signing).
Grassroots exploration carried out on the Bootleg property by Eagle Plains and merger partner Miner River Resources revealed elevated base-metal geochemical values in stream-sediment and soil samples from within property boundaries, in addition to alteration indicative of hydrothermal venting activity. The property has never been drilled and to date, has seen only limited exploration activity.
Eagle Plains has a 100% interest in over twenty base metal and precious metal properties in western Canada. Its properties are currently under option to Canadian and international corporations including Kennecott Canada Exploration Ltd., Rio Algom Exploration Ltd., CanAustra Resources, Newmont Exploration Ltd. and Novagold Resources Inc.. Through existing agreements, the company is carried for $9,000,000 in exploration expenditures, and stands to receive $1,000,000 in cash payments. Eagle Plains is well-funded, and is aggressive in its efforts to carry out responsible, effective exploration activities throughout its theatre of operation.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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