Eagle Plains Enters Into Agreement to Option its 100% Owned "Bar" Claims, Wells/Barkerville, B.C. Area
Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:CDNX) announces that it has executed 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. Terms of the agreement include Caribou completing $1,000,000 in exploration expenditures and making cash payments to EPL of $100,000 over four years , and issuing to EPL 100,000 voting-class common shares of Caribou.
The Bar property consists of 26 units (1580 acres) located along strike with rocks which have been intensively explored by International Wayside Gold Ltd. over the past four years. 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.
Golden Caribou intends to complete an airborne geophysical survey over the property in late 2000, followed by an aggressive surface exploration program.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
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