Eagle Plains Commences Fieldwork on Kalum Gold Project

04 June, 2003, Eagle Plains Resources has commenced fieldwork on the company's 100-per-cent-owned 489-unit (29,700-acre) Kalum project located 30 kilometres northwest of Terrace, near the central coast of British Columbia. The claims cover a number of high-grade gold occurrences related to a Cretaceous-aged granitic intrusive stock with kilometre-scale dimensions. The project is accessed by a network of logging roads, transected by a hydroelectric power line, and is located 90 kilometres by road from port facilities in Kitimat, or 100 kilometres by rail from Terrace to port facilities in Prince Rupert. Extensive logging activity has taken place throughout the project area, with additional road-building and logging activity planned over the next three years.

The claims cover an area approximately 10 kilometres by 12 kilometres that is underlain by sedimentary rocks which host a large intrusive stock. Seven documented high-grade gold occurrences are located at or near the contact zone of the intrusive, while a single poorly documented copper/molybdenum occurrence is known to exist within its core. Detailed assay results were presented in Stockwatch Feb. 20, 2003, which is available at the company's Web site www.eagleplains.bc.ca.

B.C. government stream-sediment surveys of creeks draining the Kalum intrusion and sedimentary-intrusive contact area reveal the presence of highly anomalous values (many in the 95th percentile) for the elements gold, silver, arsenic, tungsten, copper, molybdenum -- all considered key pathfinder elements for intrusion-related gold systems (IRGS). Review of existing airborne geophysical data for the area confirms the existence of a pronounced magnetic anomaly coincident with the intrusive material, and suggests the presence of a much larger system than is currently outlined. Many of the documented mineral occurrences are located within the halo of the magnetic anomaly, which appears to correspond with the sedimentary-intrusive contact area. These individual occurrences have been the focus of limited exploration efforts since the early 1900s, but were worked individually and targeted for development as low-tonnage, high-grade producers. Many high-grade veins which saw work were documented as occurring within a series of veins or within stockwork swarms, many of which remain unsampled.

All exploration work in the project area was completed prior to the discovery and recognition of IRGS models, and the development of deposits such as Kinross Gold's Fort Knox, located near Fairbanks, Alaska (158.3 million tonnes grading 0.83 gram per tonne, with a contained resource of 4.3 million ounces Au), and the Donlin Creek deposit currently under development by Novagold/Placer Dome, containing measured and indicated resources of 9.9 million ounces Au grading three g/t with an additional inferred resource of 17.9 million ounces grading three g/t using a 1.5 g/t cutoff grade.

Despite the presence of strong geological, geochemical and geophysical indicators of IRGS mineralization, no exploration efforts have previously been directed toward assessing the occurrences in the Kalum area for their low-grade, bulk-tonnage potential, nor has any exploration activity been documented over the roughly 25 kilometres of projected contact area. At the time of staking by Eagle Plains, all previously held mineral tenures within the mapsheet area had forfeited, allowing the company the opportunity to secure the complete intrusive package including the entire contact zone.

Eagle Plains has mobilized a field crew to the area, and prospecting, stream-sediment and soil-sampling activity are now under way. A phase 1 budget of $200,000 has been committed to the project, with work expected to continue throughout the field season. Exploration efforts will be directed to assessing the project area and identifying similarities to known IRGS deposits such as Fort Knox, Pogo, Donlin Creek, Kidston, and other recently recognized deposits of this type located around the world.

Work will be completed under the supervision of Charles C. Downie, PGeo, identified as a qualified person in accordance with current securities regulations.

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

 

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.

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