Eagle Plains Resources Announces Discovery of Rare Earth Elements (“REE’s”) and Niobium Mineralization at Ice River

Cranbrook, B.C., February 20th, 2008: Eagle Plains Resources (TSX-V:EPL) has recently received whole rock analyses from Eagle Plains 100% owned Ice River Property. Encouraging values were returned, including up to 3.0% REOs (total Rare Earth Oxides), and 5600 g/t Nb2O3 (Niobium / “Columbium” oxide).  One 2.5 meter chip sample (JBIVR048) returned 2.4% REOs. Mineralization is hosted in syenite and carbonatite dyke systems that are numerous and widespread over a 4+ kilometer long corridor within the Ice River Intrusive Complex, located 40 kilometers southeast of Golden, British Columbia, Canada.

Rare Earth Elements (REEs) and other elements with high-tech applications, including Nb and Zr, have long been suspected as potential commodities on the property; but it was not until results from the recent 2005-2007 mapping and geochemical surveys, that this suite of elements became fully appreciated.  Other potential commodities identified include extensive nepheline syenite as an industrial mineral source, and presence of the ornamental mineral sodalite. 

Previous and ongoing work by Eagle Plains at the Ice River Property has focused on the economic potential of strataform/replacement massive sulphides of the Waterloo prospect (see August 23, 2007 news release). At the Waterloo occurrence, sulfide horizons are exposed in two historical adits excavated in the early 1900’s, with historical samples returning assays up to 3.69% Pb, 16.10% Zn, 1.59% Cu, 27.30% Fe, 99.4 g/T Ag and 1.7 g/T Au (GSC Memoir 55, page 229).

In 2006-2007, detailed surface and underground mapping by EPL Chief geologist Jarrod Brown, P.Geo., revealed a combination of structural and stratigraphic controls over the mineralization.  A 5-hole, 259m drill program was completed on the property in August, 2007 and intersected massive to semi-massive strataform sulfide mineralization and associated stockwork zones, hosted in variably altered limestone wall-rock of the Ice River Intrusive Complex.

Drill holes IV07001 to 003 tested under the known workings, while holes IV07004 and 005 were collared 120 meters west to test the strike projection of the suspected mineralization.  DDH IV07005 intersected a mineralized stockwork zone, identical to that in DDH IV07003, thus successfully verifying mineralization along the predicted stratigraphic contact.  The contact, while well exposed and mappable to the west and south, remains obscured by overburden east and north; consequently, mineralization potential in these directions remains open.

A summary of the most significant intercepts is listed in the table below:

Hole No. From (m) To (m) Intercept (m) True Thickness (m) Ag* (g/t) Pb* (ppm) Zn* (ppm) Cu (ppm) Au (ppb)
IV07001 12.52 14.59 2.07 1.23 27 9019 17401 2753 142
        inc. 13.07 13.25 0.18 0.13 27 9226 4.30% 3294 140
        inc. 13.25 14.59 1.34 0.71 27 8468 14239 2832 162
IV07002 13.6 14.72 1.12 0.94 11 11261 16542 5427 188
        inc. 14.16 14.72 0.56 0.46 2 1.5% 2.7% 7090 340
IV07003 10.04 16.3 6.26 5.92 7.1 6097 5788 156 5.0
        inc. 10.04 11.00 0.96 0.90 10 1.80% 1.13% 147 25
        inc. 14.48 16.3 1.82 1.72 10 4932 5056 192 3.0
IV07005 4.84 6.84 2.00 1.53 3.2 2484 2409 51.7 1.3
        inc. 5.84 6.34 0.5 0.38 12 9030 9083 22.0 5.0

     * values listed in % are assay quality

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-V:AXR), Wellstar Energy Corp. (TSX-V:WST), Sandstorm Resources Ltd. (TSX-V:SSL.P), Mountain Capital Inc (TSX-V:MCI.P), Blue Sky Uranium Corp. (TSX-V:BSK) and XO Gold Resources Ltd.  These agreements expose Eagle Plains to over $27.0 million in exploration expenditures over a five year period. 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 47,000m (154,200’) of drilling and over $21,000,000 in exploration spending on its projects since 1998. During the 2007 season, EPL and its partners completed over 9,000m (29,500’) 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

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.