Eagle Plains/SpectrumGold Announce McQuesten Drill Results

Cranbrook, B.C.: Management of Eagle Plains Resources Ltd. (TSX-V:EPL) announces the completion of a 3073 meter (10,080 feet) diamond drill program by SpectrumGold Inc., (TSE:SGX) and the initiation of a 70:30 SGX:EPL Joint Venture on the McQuesten Property in the Keno Hill Mining District, 40 kilometres northeast of Mayo, Yukon. The property consists of 51 quartz mining claims (2,500 acres) that are accessed by the all-weather Yukon Silver Trail highway with an adjacent hydro-electric transmission line. The village of Elsa is located 5km to the north.

The 2003 McQuesten drill program completed 17 HQ core holes totalling 3073 meters to target widespread gold-bearing skarn development over a continuous strike length exceeding 1.4 kilometers. Skarn intervals encountered are often thick and broadly continuous along strike. Gold grades appear to be related to both skarn development and the proximity of a series of high angle structural zones and thin felsic dikes encountered in the drilling and earlier trenching.

The following Table 1 reports significant mineralized intervals encountered in the drilling. Composite intervals are based on a minimum 0.3 gpt gold cut-off with one sample of internal waste. Values have been cut to 30 gpt gold when exceeding that value. Intervals reported are greater than 4 gram-meters or contain values in excess of 10 gpt gold. All drill holes encountered wide intervals of anomalous gold mineralization with numerous significant zones grading greater than 1 g/t gold. Mineralization remains open down dip and along strike in both directions.

Table 1 - Summary of Significant Drill Intervals

HOLE NUMBER FROM TO LENGTH (m) Au (g/t)
MQ03-08 106.50 111.50 5.00 1.98
MQ03-08 129.50 135.50 6.00 1.08
MQ03-08 167.50 171.70 4.20 1.11
MQ03-09 14.10 20.42 6.32 1.00
MQ03-09 51.20 58.90 7.70 5.81
MQ03-09 94.70 102.50 7.80 3.68
MQ03-10 8.30 11.30 3.00 1.44
MQ03-11 69.00 75.20 6.20 1.60
MQ03-11 78.20 86.70 7.50 1.18
MQ03-12 91.90 92.20 0.30 12.00
MQ03-13 17.37 28.00 10.63 1.77
MQ03-13 96.50 101.00 4.50 0.97
MQ03-14 122.00 128.00 6.00 0.94
MQ03-14 144.00 148.00 4.00 1.87
MQ03-15 59.80 62.30 2.50 1.61
MQ03-15 148.80 150.80 2.00 3.98
MQ03-16 91.20 96.50 5.30 1.50
MQ03-16 111.00 116.20 5.20 0.98
MQ03-16 124.20 127.40 3.20 1.40
MQ03-16 132.10 136.90 4.80 1.16
MQ03-16 153.70 159.50 5.80 1.12
MQ03-17 56.50 61.65 5.15 1.34
MQ03-17 71.20 80.20 9.00 1.03
MQ03-17 82.70 93.50 10.80 1.94
MQ03-17 112.00 118.30 6.30 1.25
MQ03-17 170.10 170.30 0.20 11.85
MQ03-17 175.90 178.55 2.65 1.85
MQ03-22 69.85 76.00 6.15 0.93
MQ03-23 11.50 14.10 2.60 2.04
MQ03-23 23.40 25.10 1.70 2.66

Concurrent with drilling activity was the completion of a survey by Aucoin and Lewis Surveys Ltd. to firmly establish the boundary between the McQuesten Property and surrounding properties.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. Through a network of experienced prospectors, consultants and contractors in addition to seasoned employees and a well-rounded Board of Directors, the Company has assembled a diverse portfolio of gold and base-metal properties. Eagle Plains seeks to attract joint-venture participation on its properties, thereby leveraging exploration spending to the ultimate benefit of the Company’s shareholders. In recent years, Eagle Plains has completed option agreements with Billiton, Rio Algom, Kennecott, SpectrumGold Resources, Viceroy Resources 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 properties 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.