Eagle Plains/Teck Terminate Strategic Alliance
Cranbrook, B.C. 01 May, 2009: Eagle Plains Resources Ltd. (“Eagle Plains”) (EPL:TSX-V) and Teck Cominco Limited (“Teck”) (TCK.B:TSX) have agreed to terminate a Strategic Alliance to explore for base-metals (zinc, lead, copper, silver) in the Mackenzie Mountain area of western NWT (see EPL news releases June 15th, 2007; May 8th, 2008). Eagle Plains has been active in the region since 2000, and controls permits and claims covering an area of over 7,700 square km.
2008 fieldwork focused on follow-up of targets generated in 2005-2007 and on grass-roots reconnaissance in new areas within the project region. An in-house Geographic Information System (GIS) database synthesized from an extensive array of both public and proprietary data and covering an area of some 19,000 square kms within the region was used to generate and prioritize targets. The 2007 and 2008 programs successfully identified a number of new mineral occurrences.
The Mackenzie Mountain region overlies a series of folded and thrusted Proterozoic to Devonian carbonates and shales. These rocks are time-equivalent to giant base-metal deposits in the region such as Howard’s Pass, currently controlled by Selwyn Resources Ltd (SWN:TSX-V), with an indicated resource of 154.35 million tonnes grading 5.35% zinc and 1.86% lead plus an additional inferred resource in excess of 231.54 million tonnes grading 4.54% zinc and 1.42% lead. Other priority exploration targets include Mississippi Valley type (MVT) base metal deposits and sedimentary copper deposits.
Eagle Plains and its partners have spent approximately $5,000,000 aggressively exploring the region since 2005. Results from the various programs identified over 20 geochemically anomalous areas and mineralized zones, including 3 target areas that are now advanced to drill-ready status. Eagle Plains is aggressively seeking joint-venture participation to further develop this world-class mineral district.
About Eagle Plains Resources
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 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. (a private B.C. company). 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 Teck Cominco Ltd, 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, 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.