Newmont Enters Agreement With Novagold to Explore Eagle Plains' McQuesten Gold Property, Yukon

Eagle Plains Resources Ltd. (EPL:CDNX) announces that it intends to complete a non-brokered flow-through private placement to arms length and non-arms-length investors. Application will be filed with the CDNX to sell up to 1.6 million shares at a price of $.25 for maximum proceeds of $400,000. The financing is anticipated to be closed by late April.

Funds generated by the financing will be used by the company to advance exploration on a number of its gold and base-metal properties in British Columbia and Yukon. With its option partners, Eagle Plains expects to see over 15,000 feet of diamond drilling completed on 4-6 individual properties during the next six months.

The Company also wishes to report that Billiton Metals Canada Ltd. has elected not to proceed with its option on the North Findlay property located 40 km northwest of Kimberley, BC. Eagle Plains has now recovered a 100% unencumbered interest in the property, and is aggressively seeking participation on the project by interested parties.

Eagle Plains has a 100% interest in over twenty base metal and precious metal properties in western Canada. Its properties are currently under option to Canadian and international corporations including Kennecott Canada Exploration Ltd., Rio Algom Exploration Ltd., CanAustra Resources, and Novagold Resources Inc. Through existing agreements, the company is carried for $9,000,000 in exploration expenditures, and stands to receive $1,000,000 in cash payments. Eagle Plains is well-funded, and is aggressive in its efforts to carry out responsible, effective exploration activities throughout its theatre of operation.

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.