Eagle Plains Commences Diamond Drilling Program On Findlay Base-Metal Project
Cranbrook, B.C., 23 August, 2007: Eagle Plains Resources Ltd. (EPL:TSX-V) has commenced a 6-8 hole, 3000m (10,000’) diamond drilling program on its 100% owned Findlay Project, located 35km northwest of Kimberley, B.C.. The program targets Sullivan-type sedex mineralization, and is the first major work completed in the area since 2000. Drilling activity will follow up extensive exploration work completed by Eagle Plains and past partners Rio Algom, Kennecott and Billiton Metals during the 1990s.
The Findlay Creek area is considered highly prospective for the discovery of new zinc sedex deposits located within the Proterozoic Aldridge Formation. The Sullivan deposit, located near Kimberley, is hosted by the same group of rocks and contained reserves of 149,000,000 tonnes grading 6.3% lead, 5.9% zinc, and 69 g/T silver. The mine saw continuous production for over 100 years and was decommissioned in December, 2001. According to the Province of British Columbia, the Sullivan Mine produced approximately 17.5 billion lbs of zinc, 18.5 billion lbs of lead and 298 million ounces of silver along with other associated metals. Using current metal prices, Sullivan life-of-mine production would be valued at over US$40 billion.
The Findlay property area is approximately 8km x 30km in size, and has been held continuously by EPL since 1995. During the late 1990s, over $3.5 million was spent by Eagle Plains and its partners developing a geological framework for future exploration. The property has remained dormant for the past 7 years during a period of depressed metal prices.
Drilling is expected to take 4 weeks to complete, with Apex Diamond Drilling of Smithers, B.C. contracted to carry out the work. The project is under the supervision of David Pighin, P.Geo.
Update on Bronco Drilling Program
Drilling activity has been completed on the Bronco Project, located in western NWT. 5 holes were completed for a total of 807m (2646’). Results of the program will be released as they are received and interpreted.
Update on Ice River Drilling Program
Drilling activity has recently been completed on the Ice River Project, located in southern British Columbia and held 100% by EPL.
Historical work on the property includes two tunnels driven along sedimentary-controlled massive sulphide mineralization up to a metre thick. A representative sample of ore from an adit dump assayed 3.69 per cent lead, 16.10 per cent zinc, 1.59 per cent copper, 27.30 per cent iron, 99.4 grams per tonne silver and 1.7 grams per tonne gold (Geological Survey of Canada Memoir 55, page 229). The property is also host to various Rare Earth Elements (REE’s), nepheline syenite, and abundant sodalite material, a semi-precious stone which is quarried in only three locations throughout North America.
The 2007 EPL program consisted of 5 short holes for a total of 259m (850’). Results of the program will be released as they are received and interpreted.
About Eagle Plains
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Teck Cominco Ltd (TSE:TCK), Alexco Resource Corp. (TSX-V:AXR), Wellstar Energy Corp. (TSX-V:WST), Blue Sky Uranium Corp. (TSX-V:BSK), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $17.0 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 38,000m (125,000’) of drilling and over $16,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000’) of diamond drilling on its properties.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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.