Eagle Plains Exploration Program Underway in Saskatchewan’s Athabasca Region
Eagle Plains Resources (TSX-V: EPL) is pleased to announce that a six man crew has begun a surface prospecting program with its joint venture partner Blue Sky Uranium Corp. (TSX-V: BSK, WKN: AOMKXP) on the Eagle Lake and Karin Lake uranium projects, located in the Athabasca region of Saskatchewan. The work program will follow up on historic showings identified in the exploration programs conducted in the 1970’s which identified surface samples as high as 8% U308 (AR 74A14-0023). The focus of the work program will be to site drill targets.
In addition to the historical results reported above, previous exploration in the area covered by the Eagle Lake property was conducted by Great Plains between 1969 and 1971 reportedly identified a float boulder train 1.5 kilometers in length. Historical records document that four boulders collected from the float train assayed 0.19, 0.32, 0.56, and 0.5 per cent U3O8 (note these are historical results and cannot be confirmed by Blue Sky or Eagle Plains). Great Plains reported high radon gas values from both water and soil samples collected near the uraniferous boulder train. Notably, the bedrock source for these float boulders was not located. Identifying the bedrock source will be one of the priorities of the exploration program.
The current surface exploration program will comprise scintillometer prospecting, geological mapping and a radon soil gas survey. The program has been allocated a budget of $150,000 and is expected to be completed by mid-summer 2007. Upon completion of the program and analysis of the data the Company will delineate drill targets for a fall/winter drill program.
The Eagle Lake/Karin Lake projects cover 69,000 hectares and the properties located approximately 35 km east of Cameco's Key Lake mining operation in north-central Saskatchewan, Canada. The project area is contiguous to the 34,000 ha Eagle Lake property, owned 100% by Eagle Plains and currently under option to Blue Sky.
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 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 $18.0 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.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
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.