Eagle Plains/Swift Resources Commence Drill Program at Iron Range Property, South-eastern British Columbia
Cranbrook, B.C., 01 December, 2009: Eagle Plains Resources Ltd. (EPL:TSX-V) and Swift Resources Inc. (TSX-V:SWR) have entered into an option agreement on Eagle Plains’ 100% owned Iron Range project located in the Goat River area 15km NE of Creston, B.C. Under the terms of the agreement, Swift may earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $500,000 in cash payments and issuing 750,000 shares to EPL over 5 years. Upon Swift exercising its option, a 60/40 Joint Venture between Swift and Eagle Plains will be established.
A 700m diamond drilling program funded by Swift is planned immediately for the property, and will follow up drilling completed in 2008 by Eagle Plains. Highlights from 2008 drilling included hole IR08006, which returned 7.0m grading 51.52 g/t (1.50 oz/ton) gold from 20.0m to 27.0m, including 3.0m grading 118.45 g/t (3.46 oz/ton) gold from 20.0m to 23.0m. F.B. Drilling of Cranbrook B.C. has been contracted to provide drilling services, with the program to be carried out under the supervision of C.C. Downie, P.Geo.
The property consists of 22,000 ha owned 100% by Eagle Plains and has no underlying royalties or encumbrances. The claims are well-situated with respect to infrastructure. A high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway are located within property boundaries. The Iron Mountain structure has been mapped with widths of up to 150m and a strike length of over 50km. Claims held by Eagle Plains cover over 25km of the structure, with significant iron-oxide mineralization occurring over 15km. Copper and gold mineralization have been discovered along the structure during exploration, highlighting the potential for Iron Oxide Copper Gold (“IOCG”) mineralized systems associated with the structure.
A map outlining pertinent details of the property may be found here:
The Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposits by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20m depth) diamond drilling along the Iron Range Mountain ridge. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000. Eagle Plains has been working on the property since acquiring the claims. Exploration work including geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey were used to define targets for drill testing.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects in western Canada. In addition to holding mining royalties on various projects, the Company controls over 35 gold, base-metal and uranium projects, several with third parties including Prize Mining Corp. (TSX-V:PRZ), Waterloo Resources Ltd. (TSX-V:WAT.P), Touchdown Capital Inc. (TSX-V:TDW), 99 Capital Corp. (TSX-V:WDG) and XO Gold Resources Ltd. (a private B.C. company). 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 2008 and 2009 on Eagle Plains’ projects were approximately $7,300,000, funded by Eagle Plains and third party partners. This work resulted in approximately 6,900m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development.
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.