Eagle Plains and Golden Cariboo Amend "Bar" Option Agreement
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) announces that it has amended an agreement with Golden Cariboo Resources Ltd. ("Cariboo"), whereby Cariboo may obtain an option to purchase a 100% interest (less 2% NSR reserved for EPL) in the "Bar" mineral claims located 18km SW of Barkerville, in central British Columbia. Original terms of the agreement included Caribou completing $1,000,000 in exploration expenditures, making cash payments to EPL of $100,000 over four years and issuing EPL 100,000 voting-class common shares of Caribou. Under the amended agreement, Cariboo will complete $900,000 in exploration expenditures, make cash payments to EPL of $100,000 by December 31st, 2004 and upon CDNX approval, issue EPL a total of 200,000 voting-class common shares of Caribou.
The Bar property consists of 26 units (1580 acres) located within the "Wells trend", a belt of rocks which has seen intensive exploration recently by Golden Cariboo/ International Wayside Gold Ltd. The property is considered to hold good potential for hosting "Bonanza Ledge"-type gold mineralization similar to that recently discovered by Wayside near Barkerville. Originally staked in 1992, the property was actively explored by Miner River Resources in 1994-1995, with ownership transferred to Eagle Plains when the two companies merged in 1999.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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