Eagle Plains Joins Saskatchewan Uranium Play
Cranbrook, B.C., March 28th, 2006: Eagle Plains Resources (TSX-V:EPL) has recently responded to a unique exploration opportunity by staking Claim Blocks S-108185 and S-108186 (the “Eagle Lake” property), located 28 km southeast of Cameco's Key Lake mining operation in north-central Saskatchewan, Canada. A location map outlining the claim area may be found at the Eagle Lake Project page.
The claims cover 15,550 acres (6,294 ha.) containing uranium mineralization discovered by Great Plains Development Company of Canada Ltd. during the 1969 Athabasca Basin uranium rush. The property lies 30 kilometres south of the edge of the Athabasca Formation.
Geologists then managing Great Plains' multi-million dollar exploration programs are now consultants and associates of Eagle Plains. A privately-held uranium exploration data base was combined with public assessment files to target uranium mineralization in the Eagle Lake project area.
Exploration in the area from 1969 to 1971 identified a boulder train 1.5 kilometres in length. The boulders consisted of white pegmatite containing uranium stain as well as uranium/copper mineralization in sheared graphitic material. Four boulders reported assays of 0.19, 0.32, 0.56, and 0.50% U3O8. These boulders are adjacent to a prominent north - south trending fault structure. High radon gas values from both water and soil samples were found near the uraniferous boulder train. Notably, the bedrock source for these boulders was never found. A summary of pertinent background information is available at the Eagle Lake Project page.
The area lies within the Wollaston domain and consists of Aphebian metasedimentary gneisses and schists, including pelitic schists and gneisses with graphitic horizons. EPL’s focus will be to explore for uranium deposits in north to northwest-trending faults which are interpreted to have formed structural traps where uranium mineralization may have been preserved.
Eagle Plains intends to launch an aggressive exploration program including diamond drilling during the 2006 field season.
Important Update on Eagle Plains/Copper Canyon Plan of Arrangement
Management of Eagle Plains would like to inform interested parties that tentative dates have been set for a proposed Plan of Arrangement as announced September 26th, 2005. EPL intends to spin-off its Copper Canyon, Abo and Severance properties in an effort to maximize shareholder value by improving their identification and simplifying ownership. The new company; Copper Canyon Resources Ltd. (“Copper Canyon”) will apply to have its shares listed on the TSX Venture Exchange. Under the proposed terms, shareholders of Eagle Plains will receive shares of Copper Canyon on a 1 for 1 basis.
A Share Distribution Record Date which will determine those Eagle Plains shareholders eligible to vote on the proposed transaction, has been tentatively set for April 25th, with the Annual & Special General Meeting tentatively set for May 26th.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 35 gold and base metal projects, many of which are joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $8,000,000 in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 30,000m (100,000’) of drilling and over $9,000,000 in exploration spending on its projects since 1998. During the 2005 season alone, EPL has seen over 11,900m (39,000’) of diamond drilling on its properties.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
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.