Eagle Plains Completes $1.66M Flow-Through, Non Flow-Through Financing

Cranbrook, B.C., January 6, 2005: Eagle Plains Resources Ltd. (TSX-V:EPL) has completed a brokered and non-brokered flow-through and non-flow-through financing to arms length and non-arms length investors in British Columbia, Alberta and Ontario. Gross proceeds of $1,664,087.50 was raised through the issuance of 1,598,250 flow-through common shares priced at $.75 per share and 716,000 non-flow-through units priced at $0.65 per unit (each unit consisting of one common share and one-half warrant, exercisable at $1.00 for one year from date of closing).

First Associates Investments Inc. acted as agent for a portion of the financing, and received a total of $85,078 in commissions and an agent's option entitling the Agent to purchase 125,000 nonflow-through common shares and 89,500 units (equaling 12.5% of the number of flow-through shares and units sold by the agent) at the respective offering price for a period of 12 months from the closing date.

Funds generated by the financing will be used by the company for general working capital and to advance exploration activities on the Company’s British Columbia properties.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which are currently optioned to or joint-ventured with third parties including NovaGold Inc., Amarc Resources Ltd. (a Hunter-Dickinson Company), Northern Continental Resources Inc., Shoshone Silver Mining Co., and Golden Cariboo Resources Inc. These agreements expose Eagle Plains to over $18 million in exploration expenditures by its partners over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 18,000m (60,000 ft) of drilling and over $6,000,000 in exploration spending on its projects since 1998. Over $3.5 million in exploration spending is expected on the company’s properties during 2005.

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

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