Eagle Plains Closes $300,000 Financing


Cranbrook, B.C., 28 September, 2006: Eagle Plains Resources Ltd. (EPL:TSX-V) has closed  a non-brokered public offering as announced on September 7, 2006. The financing was comprised of 461,538 units at a price of $0.65 CDN per unit for aggregate proceeds of $300,000 CDN.  Each unit consisted of one (1) “flow-through” common share and one half (1/2) of one non-flow-through common share purchase warrant.  Each whole non-flow-through common share purchase warrant entitles the holder to purchase one (1) non-flow-though common share at a price of $0.80 CDN for a period of eighteen (18) months. The warrants are subject to an accelerated exercise clause, whereby warrant holders will have 30 days to exercise should the average share price over a consecutive 10 day trading period exceed $1.00.

Funds generated by the financing will be used to advance exploration activities on the Company’s EagleLake property located in Saskatchewan.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 35 gold and base metal projects, many of which are joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), Blind Creek Resources and Mulligan Capital Corp (TSX-V:MCC.P). These agreements expose Eagle Plains to over $13,000,000 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 30,000m (100,000’) of drilling and over $9,000,000 in exploration spending on its projects since 1998. During the 2005 season alone, EPL has seen over 11,900m (39,000’) of diamond drilling on its properties.

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.