Eagle Plains Increases Financing


Cranbrook, BC; 15th November, 2006: Eagle Plains Resources Ltd. (TSX-V:EPL) announces that due to overwhelming interest in its recently-announced financing, it has increased the amount of funding to be raised from $2,100,000 to $2,975,000. Eagle Plains intends to complete a brokered and non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell up to 2,500,000 Flow-through units at a price of $.80 CDN per unit, each unit consisting of a flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1.00 CDN for an 18-month period. 

The Company will also offer 1,500,000 non-flow-through units at a price of $.65 CDN per unit, each unit consisting of a non-flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1.00 CDN for an 18 month 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 $1.20 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.

A 7% commission or finders fee or will be paid to registered dealers or arms-length agents involved in the financing. The financing is expected to close on or before December 8th, 2006.

Maximum gross proceeds of the offering are expected to be $2,975,000 CDN.  The proceeds from the sale of the shares will be used for general working capital and to finance exploration of the company's various projects in British Columbia, Yukon and NWT. These expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2006 taxation year. 

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 NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), Solomon Resources Inc (TSX-V:SRB), Mulligan Capital Corp (TSX-V:MCC.P), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $11.0 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, 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

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.