Eagle Plains/Ecomax Enter Into Option Agreement on Acacia Project, Central British Columbia
Cranbrook, B.C., June 21st, 2011: Eagle Plains Resources Ltd. (EPL:TSX-V) and Ecomax Energy Services Ltd. (“Ecomax” EES.H: TSX-V) have entered into an agreement whereby Ecomax may earn a 60% interest in the 4,600 ha Acacia Property, located 45 km north of Kamloops in central British Columbia. Under terms of the Agreement, Ecomax has the option to earn its interest in the property by completing $3M in exploration expenditures, making $240,000 in cash payments and issuing 1.0M common shares to Eagle Plains over 4 years.
The Acacia property is considered to have good potential for hosting Volcanogenic Massive Sulphide (VMS) deposits. These deposits typically contain both base and precious metals, and occur in clusters and/or stacked lenses. The property covers a stratigraphic assemblage which hosts a number of nearby past-producing base and precious-metal deposits including the Samatosum, Rea Gold, and Homestake mines. The property currently has at least three known target areas. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Acacia property.
- Previous operators reported diamond drilling results including 10.6 g/t Au, 335.3 g/t Ag , 3.13 % Zn, 2.74% Pb, and 0.55% Cu over 2.37m on the Twin Mountain occurrence
- Eight massive sulphide lenses and a 1500m x 250m soil anomaly at the Acacia Zone remain untested by drilling.
A detailed geological review and compilation may be viewed at the Acacia Project Page
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects throughout western Canada. In addition to holding mining royalties on various projects, Eagle Plains controls over 35 gold, base-metal and uranium projects several with third parties including Aben Resources Ltd. (TSX-V:ABN), Providence Capital Corp. (TSX-V:PV), Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd., Drexel Resources Ltd. (TSX-V), Rosedale Resources Ltd (a private B.C. company), Slater Mining Corp (TSX-V:SLM), Touchdown Capital Inc. (TSX-V: TDW), Bluefire Minerals Corp (a private BC company), Active Growth Capital (TSX-V:ACK) and Giyani Gold Corp. (TSX-V:WDG). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,600m (163,370’) of drilling and over $28.3 million in exploration spending on its projects since 1998.
Expenditures during 2011 are expected to be approximately $8,000,000 to be funded by Eagle Plains and third party partners. This exploration work will result in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.
“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.