Eagle Plains Posts Robust Financials, Provides Corporate Update
August 26th, 2022 Cranbrook BC: Eagle Plains Resources (TSX-V-“EPL”) today posted extremely robust financial statements including current working capital of $9,568,554 and includes cash and cash equivalents of $10,180,949. This strong balance sheet can be attributed in part to the sale of the company’s large holdings in the securities of Taiga Gold Corp. during the second quarter, deal flow from third-parties and continuing success from TerraLogic, EPL’s wholly-owned geological contracting company. See EPL’s 2022 Q2 financial statements here
Eagle Plains has been extremely active in the field this year, carrying out exploration activity on many of its projects, both with the financial support of its partners on optioned properties, and by funding work on its 100% owned projects. See historical expenditures chart here
|Project||Location||Partner||Work Performed||News Release|
|Knife Lake||Sask||ROCK||Geophysics/Drilling||July 27, 2022|
|Olson||Sask||SKRR||Drilling||May 3, 2022|
|Pine Channel||Sask||APMI||Geophysics, Lidar||Aug 24, 2022|
|Iron Range||BC||Private||Drilling||June 28, 2022|
|Schotts Lake||Sask||CRC||Mapping, geochem||July 19, 2022|
|Kalum||BC||OWN||Mapping, geochem||July 18, 2022|
|Socan Graphite||BC||ABN||Mapping, geochem||Aug 8, 2022|
|Ice River||BC||N/A (EPL)||Mapping, geochem||July 28, 2022|
|Adamant||BC||N/A (EPL)||Mapping, geochem||Aug 3, 2022|
|Lost Horse||BC||N/A (EPL)||Mapping, geochem||N/A|
|Puzzle Lake||Sask||N/A (EPL)||Mapping, geochem||N/A|
|Vulcan||BC||N/A (EPL)||Drilling||Aug 25, 2022|
Crews continue to work in the field on various projects, with TerraLogic staff planning and permitting winter drill programs for third parties, ensuring an active 2022/2023 winter season. A number of deals have recently been announced on our Donna, Dictator and Eldridge projects, providing additional future exploration activity and funding. Drilling is currently underway at EPL’s 100%-owned Vulcan project, targeting world class “Sullivan-type” sedex mineralization. Drill targets for this exciting project have been decades in the making and results are eagerly anticipated by management.
Eagle Plains was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). The Company has continued to deliver shareholder value over the years and through numerous spin-outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and recently Taiga Gold being notable examples. See “History of Value” chart here
Eagle Plains also holds significant royalty interests in western Canadian projects, covering a broad spectrum of commodities including gold, silver, base-metals, uranium, diamonds and gypsum on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Alexco Resource Corp./Banyan Gold Corp., among many others. These royalties have the potential to be extremely valuable in the future, and management is working to maximize shareholder value relating to them.
President & 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.