Eagle Plains/Blind Creek Complete Blende Sale
Cranbrook, B.C. 17 April, 2009: Eagle Plains Resources Ltd. (EPL:TSX-V) and Blind Creek Resources Ltd. (a private B.C. company) jointly announce that they have completed a purchase agreement whereby Blind Creek will assume a 100% interest in the Blende project (subject to 3% NSR) on the Blende property, located in central Yukon approximately 65km NE of Keno Hill.
Blind Creek recently completed earn-in requirements to exercise the option to acquire a 60% interest in the property. To earn its 60% interest, Blind Creek has completed a total of $5,000,000 in exploration expenditures, paid $175,000 in cash and issued 1,000,000 common shares. Under terms of the recently executed agreement, Blind Creek will issue an additional 4,500,000 voting-class common shares in order to purchase the remaining 40% interest.
The partners recently announced results from 2008 drilling, summarized in a news release issued January 21st, 2009.
The decision to divest itself of an operating interest in the project is consistent with EPL management’s strategy to shift its exploration focus to gold projects.
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 Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Sandstorm Resources Ltd. (TSX-V:SSL.P), Waterloo Resources Ltd (TSX-V:WAT.P), Mountain Capital Inc (TSX-V:MCI.P) and XO Gold Resources Ltd. These agreements expose Eagle Plains to over $15.0 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 52,000m (158,500’) of drilling and over $27.0 million in exploration spending on its projects since 1998. 2008 expenditures on Eagle Plains’ projects were approximately $6,000,000 in 2008, funded equally between Eagle Plains and third party partners.
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.