Eagle Plains Plans $4M in Exploration Spending During 2006
Cranbrook, B.C. 16 June, 2006 -Eagle Plains Resources Ltd. (EPL:TSX-V) announces that a total of $4,000,000 in exploration spending is expected for the Company's projects, with total projected drill footages of a minimum of 12,000m ( approx. 40,000 feet) to be completed on at least 6 separate projects located in western Canada. In addition, airborne geophysical surveys, geological mapping and sampling programs and grassroots project generation work will be conducted in a number of geographic areas.
A major drilling campaign (8,000m) is scheduled for the Blende project (to be funded by Blind Creek Resources), with drilling also planned for EPL's, Severance (Au), Copper Canyon (Au, Cu), Black Diamond (Ag, Pb, Zn), Coyote Creek (Gypsum) and Sphinx (Mo) projects.
A preliminary project timeline schedule may be viewed on our website here.
Information regarding our current trading halt Trading in the securities of Eagle Plains Resources has been halted since May 31st at the request of the company in order to fairly and equitably facilitate the Plan of Arrangement which was approved by shareholders at a Special Meeting held on June 12th, 2006. Significant steps have been taken recently by counsel, and the company is confident that trading in both Eagle Plains and spin-off company Copper Canyon Resources (CPY: TSX-V) will commence next week.
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), and Blind Creek Resources. These agreements expose Eagle Plains to over $8,000,000 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.
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.