Eagle Plains Reports Results from 2007 Drilling Program on Sphinx Molybdenum Project

Cranbrook, B.C., 16 November, 2007: Eagle Plains Resources Ltd. (EPL:TSX-V) has compiled and interpreted assay results from a 7,688 ft (2,344m), 8 hole diamond drilling program completed in June on it’s 100% controlled Sphinx property, located 60 km west of Kimberley, B.C.  

Highlights

  • Hole SX07022 intersected .077% Mo (0.128% MoS2) over 30.0 m including 9.0 m @ 0.104 Mo (0.173% MoS2)
  • Hole SX07025 intersected .085% Mo (0.142% MoS2) over 29.0 m including 19.0 m @ 0.104 Mo (0.173% MoS2) also including 3.0 m @ 0.276% Mo (0.460 % MoS2)
  • drill holes successfully tested mineralization up dip and along strike and are expected to increase size and grade of mineralized area
  • numerous high grade targets remain to be tested

Sphinx Project Summary

The Sphinx property area consists of approximately 15,400 ha, with 14,500 ha acquired by staking by EPL and 900 ha subject to an option to earn a 100% interest (less 1% NSR) from arms-length individuals. The claims are ideally located with respect to local infrastructure. The property is road-accessible, has been logged extensively and is situated along a high-voltage hydro-electric line. Rail facilities are located 60km east of the property.  The project is being advanced as a bulk-tonnage target.

The Sphinx molybdenum-tungsten system has been defined by 38 holes for a total of 10,686m of drilling and consists of a tabular, steeply-west dipping intrusive body with a true thickness of 85m and a strike length of 230m (open in two directions and to depth).  A pervasive alteration system, 700m by 350m in size, is developed in the host sedimentary and intrusive rocks.  Mineralization is hosted in stockwork veins and fractures within the alteration zone.

Past drilling in late 2006 was successful in delineating new sections of higher-grade mineralization (see NR February, 2007) while follow-up drilling in 2007 expanded these higher-grade zones and helped to define the geometry of the mineralized intrusive and adjacent host rocks.

B. Price, P.Geo. submitted a technical report in May, 2006 which outlined an Inferred Resource of 62,005,615 tonnes grading .035% Mo, using a cut-off grade of .01% Mo. This current inferred resource represents 47,884,630 lbs of contained molybdenum metal. The estimate is based on 14 holes drilled in 2005 by Eagle Plains and incorporates data from 10 holes drilled in 1980 and 1997 by past operators. An updated resource calculation is underway, and will include drill holes from the 2006 and 2007 programs. The current inferred resource is considered to have significant potential to increase in grade. 

2007 Drill Program Results

Hole Number From (m) To (m) Length (m) Mo (%) MoS2 (5)*
SX07019 27.0 113.0 86.0 0.054 0.089
 Including 62.0 65.0 3.0 0.114 0.191
 Including 77.0 85.0 8.0 0.111 0.185
  363.0 372.0 9.0 0.073 0.121
 Including 363.0 365.0 2.0 0.214 0.357
SX07020 14.0 19.0 5.0 0.121 0.202
SX07021 14.0 21.0 7.0 0.098 0.164
 Including 19.0 21.0 2.0 0.200 0.333
  31.0 50.0 19.0 0.054 0.090
SX07022 229.0 259.0 30.0 0.077 0.129
 Including 242.0 251.0 9.0 0.104 0.173
  262.0 278.0 16.0 0.068 0.114
SX07023   No Significant Intersections  
SX07024 77.0 87.0 10.0 0.055 0.092
SX07025 135.0 142.0 7.0 0.073 0.122
 Including 139.0 142.0 3.0 0.102 0.170
  146.0 175.0 29.0 0.085 0.142
 Including 156.0 175.0 19.0 0.104 0.173
 Also Including 156.0 159.0 3.0 0.276 0.460
  232.0 241.0 9.0 0.078 0.131
 Including 234.0 238.0 4.0 0.112 0.186
  262.0 269.0 7.0 0.123 0.205
 Including 265.0 268.0 3.0 0.203 0.339
  293.0 305.0 12.0 0.072 0.120
SX07026 185.0 202.0 17.0 0.056 0.093
  221.0 225.0 4.0 0.061 0.102
  231.0 242.0 11.0 0.063 0.105

Update on Coyote Creek Gypsum Project

Eagle Plains has recently received formal notice from CGC Canada Inc. that it has elected to withdraw its offer to complete the purchase of a 100% interest in Eagle Plains’ Coyote Creek Project.

About Eagle Plains

Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Teck Cominco Ltd (TSE:TCK), Alexco Resource Corp. (TSX:AXR;AMEX:AXU), Wellstar Energy Corp. (TSX-V:WST), Blue Sky Uranium Corp. (TSX-V:BSK), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $20 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 38,000m (125,000’) of drilling and over $16,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000’) of diamond drilling on its properties.

On behalf of the Board of Directors

“Tim J. Termuende”
President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

 

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.