Eagle Plains Announces Increase in Private Placement Financing

Cranbrook, BC, November 17th, 2005: Eagle Plains Resources’ non-brokered private placement of up to one million flow-through and non-flow through shares announced on November 10th, 2005, is oversubscribed and has been increased to 1.5 million shares for total proceeds of $1,170,000.

Application will be filed with the TSX Venture Exchange to sell up to 400,000 flow-through common shares at a price of $1 per share and up to 1,100,000 non-flow-through units at a price of $.70 per unit. Units will consist of one non-flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1 for a two-year period. The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $1.00 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants.

The gross proceeds from the sale of the flow-through shares will be used for exploration of the company's various assets in British Columbia, Yukon and the Northwest Territories. These will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2005 taxation year. The net proceeds of from the sale of the units will be used to finance exploration and for general corporate purposes.

Finder's fees may be payable to certain individuals in connection with this private placement.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many with third parties including NovaGold Inc. (NG:AMEX,TSX), Amarc Resources Ltd. - a Hunter Dickinson Group Company (AHR:TSX-V), Northern Continental Resources Inc. (NCR:TSX-V), and Golden Cariboo Resources Inc. (GCC:TSX-V). These agreements expose Eagle Plains to over $16.5 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 27,000m (90,000 ft) of drilling and over $8,000,000 in exploration spending on its projects since 1998.

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.