Bulldog Exploration Commences Drilling on Eagle Lake Uranium Property, Saskatchewan
Cranbrook, B.C., June 28th, 2012: Bulldog Explorations Ltd. (TSX-V:BDG) (formerly SinoGas West Inc.) has recently notified Eagle Plains Resources Ltd. (TSX-V:EPL) that drilling activity has commenced on EPL’s 100% owned Eagle Lake uranium project located 45 km southeast of Cameco's Key Lake mining operation in north-central Saskatchewan, Canada.
The exploration program consists of approximately 450 metres of diamond drilling and is being conducted on behalf of Bulldog by Terralogic Exploration Inc., a subsidiary of Eagle Plains. The total budget for this work is approximately $350,000, which is being funded by Bulldog. 2012 drill targets consist of uranium mineralization discovered through prospecting by TerraLogic in 2008. Named “Red October”, the area contains grab samples which returned up to 1.02% U3O8. Subsequent soil sampling and a magnetic geophysical survey indicate that mineralization is coincident with a pronounced linear magnetic high feature. This magnetic feature is continuous for at least 1.5 kilometers and is coincident with several radioactive features.
Bulldog and Eagle Plains have executed a Property Option Agreement whereby Bulldog has the right to acquire a 60% interest in the Eagle Lake Property. In order to earn a 60% interest in the Property, Bulldog must make staged cash payments to Eagle Plains totaling $300,000, carry out $3,000,000 in aggregate exploration expenditures, and issue to Eagle Plains an aggregate of 1,000,000 common shares of the Company over a period of four years.
The Eagle Lake Property consists of six mineral dispositions covering approximately 14,295 hectares located approximately 190 km north of La Ronge, Saskatchewan and approximately 45 km south east of the Key Lake Mine in Saskatchewan.
The current program will be conducted under the supervision of Jarrod Brown, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.
Current third party agreements if maintained to completion expose EPL to over $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Exploration is currently underway for an aggressive 2012 exploration season with many individual exploration programs planned, most of which will be funded by third parties in relation to ongoing option agreements.
The contents of this news release have been reviewed and approved by Tim J. Termuende, P.Geo.
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.