Eagle Plains Receives Interim Order for Copper Canyon Resources
Cranbrook, B.C. 18 May, 2006: Eagle Plains Resources Ltd. (EPL:TSX-V) announces that an Interim Order from the Queens Bench of Alberta was received on May 15th directing Eagle Plains to conduct an annual and special meeting “to consider, and if deemed advisable, to pass, with or without variation, resolutions to approve a proposed Plan of Arrangement”. The meeting date has now been set at Friday, June 9th, 2006.
Notice of Meeting, Notice of Petition and a Management Information Circular are expected to be mailed by May 19th, 2006. The Share Distribution Effective Date, which determines the Eagle Plains Shareholders entitled to receive share certificates representing Copper Canyon Shares under the Arrangement, now stands as June 5th.
Originally announced on September 26th, 2005, Eagle Plains 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.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 35 gold, base metal and uranium projects, many of which are joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), and Blind Creek Resources. 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 EPL and its partners completed over 11,900m (39,000’) of diamond drilling on its properties.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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