Eagle Plains and Gold Royalties Corporation Execute Agreement on Blende NSR

Yukon Territory |

Cranbrook, B.C., 01 November, 2011: The Board of Directors of Eagle Plains Resources Ltd. (TSX-V:EPL) (the “Company” or “Eagle Plains”) announces that it has executed an agreement with Gold Royalties Corporation, whereby Gold Royalties Corporation has purchased the 2% Net Smelter Royalty (“NSR”) currently held by Eagle Plains relating to any future production at the Blende Property, located in central Yukon approximately 65km NE of Keno. The total consideration for this purchase is CDN$1,000,000.

Blind Creek Resources acquired an option on the property in August, 2005. In 2009, Blind Creek completed earn-in requirements to exercise the option and acquired a 60% interest in the property by completing a total of $5,000,000 in exploration expenditures, paying $175,000 in cash and issuing 1,000,000 common shares to Eagle Plains and an underlying interest holder. Later in 2009, Blind Creek purchased the remaining 40% interest from Eagle Plains by issuing an additional 4,500,000 voting-class common shares.

About Eagle Plains Resources

Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery. 

Current third party agreements, if maintained to completion, expose EPL to over $50M in exploration expenditures, $5.7M cash and 13M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1M cash to EPL and a total of 16M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd. and others. 

Expenditures during 2011 on Eagle Plains-related projects are expected to be approximately $8,000,000, to be funded by Eagle Plains and third party partners. This exploration work is expected to result in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.

On behalf of the Board of Directors

“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.