Eagle Plains/Kobex Commence Fieldwork on Titan Molybdenum Project

Cranbrook, B.C. 29 June, 2004: Eagle Plains Resources Ltd. (EPL:TSX-V) and Kobex Resources Ltd (KBX:TSX-V) have mobilized crews to commence fieldwork on the Titan molybdenum project located 50km west of Atlin in northwestern British Columbia. The property is controlled 100% by EPL (subject to a 1.5% NSR), and consists of 107 claim units covering approximately 6,500 acres. TSX approval was recently granted whereby Kobex may earn a 60% interest in the project from EPL by completing $3,000,000 in exploration expenditures, making total cash payments of $167,000 and issuing a total of 600,000 voting-class common shares to EPL by the fifth anniversary of signing. EPL will remain operator of the project up to the completion of Phase 1 work, with operatorship determined on a year-to year basis.

The Phase 1 work program expenditures are projected to total $200,000. Aurora Geosciences Ltd. of Whitehorse, Yukon have been contracted to complete a detailed Induced Polarization (IP) geophysical survey over an area associated with surface and float mineralization discovered in 2003. Concurrent with the IP survey, Kobex Resources will carry out detailed geological mapping and prospecting along the favorable contact zone. Results from this work will be used to locate diamond drill targets which will be tested in early August, 2004. Overall project supervision will be the responsibility of Charles C. Downie, P.Geo., Exploration Manager of Eagle Plains and identified as a Qualified Person under National Instrument 43-101.

The Titan claim block covers a high-grade molybdenum-copper porphyry occurrence that has been recently exposed by the retreat of glacial ice. 2003 fieldwork by Eagle Plains resulted in the discovery of high-grade molybdenum mineralization in float boulders grading up to 1.877% molybdenum. Outcrop material returned a value of 0.966 % molybdenum in grab samples. Eight of ten rock samples collected returned greater than 0.1% molybdenum. Some samples are also associated with elevated copper (up to 2873 ppm), tungsten (up to 93.1 ppm), and bismuth (up to 60.7 ppm). An Induced Polarization (I.P.) survey completed in the fall of 2003 indicates the presence of a large, high-intensity chargeability anomaly in the vicinity of the high-grade mineralization (see EPL News Release Oct. 16, 2003).

Molybdenum is a hard, malleable, ductile, high-melting, silver-white corrosion resistant metal. Steel making accounts for about 80% of molybdenum production, with the remainder used in the manufacture of high-speed cutting tools, aircraft parts, forged automobile parts, X-ray tubes, electronic tubes and electric furnaces, rocket and missile parts, lubricants and pigments. British Columbia molybdenum mines and deposits include the Endako Mine (182 Mt at .0785% Mo,) Kitsault Lake (95 Mt at .112% Mo), Boss Mountain (6.7 Mt at 0.13% Mo) and the Adanac (152 Mt at 0.063% Mo) (reference: Geology of Canadian Mineral Deposit types 1995).

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which are currently optioned to or joint-ventured with third parties including SpectrumGold Inc., Kobex Resources Ltd., Northern Continental Resources Inc., Shoshone Silver Mining Co., and Golden Cariboo Resources Inc. These agreements expose Eagle Plains to over 18 million dollars 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, NovaGold Inc., Viceroy Resource Corp. and numerous other junior exploration companies, resulting in nearly 13,000m (43,000’) of drilling and over $5,000,000 in exploration spending on its projects since 1998.

On behalf of the Board of Directors

Signed

“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.