Cranbrook, B.C.:Eagle Plains Resources Ltd. (EPL:ASE) (the "Company") is pleased to announce the execution of a formal Option Agreement with Billiton Exploration Canada Limited respecting the Company's North Findlay Property, the completion of a private placement with Billiton Metals Canada Inc. for gross proceeds of $450,000, and the completion of a first closing of a concurrent Unit private placement for gross proceeds of $281,000, all as initially announced May 20, 1999.