Eagle Plains Resources Announces Results of Annual General Meeting

British Columbia |

Cranbrook, B.C., 21 August, 2012: Eagle Plains shareholders approved all matters put before them at the Company's annual general meeting held on Aug. 17, 2012, as follows:

  1. Approved the consolidated financial statements of the Company for the fiscal year ended December 31st, 2011, and the report of its auditors;  
  2. Elected the following directors of the Company for the ensuing year: Timothy Jay Termuende, Charles C. Downie, Ronald K. Netolitzky, Glen J. Diduck, Ryan Kalt and Darren B. Fach
  3. Appointed MacKay LLP as auditor of the Company for the ensuing year at a remuneration to be fixed by the board of directors;  
  4. Passed a resolution approving the renewal of the Company's Stock Option Plan;  
  5. Ratified the re-pricing of 1,460,000 options
  6. Passed a resolution approving the extension of the Company's Shareholder Rights Plan Agreement.  

Update on Selwyn Project

Eagle Plains further announces an agreement with Aben Resources Ltd. with respect to a base metal exploration program on Abens’ Northwest Territories mineral tenures, which specifically includes all carbonate-hosted and/or sedimentary exhalative-style silver-lead-zinc, or other base-metal targets and/or sediment-hosted copper targets (the "Sedex Minerals"). Pursuant to the terms of the Agreement, all costs associated with the Sedex Minerals exploration program will be shared equally and the parties shall each own a 50% interest in the Sedex mineral rights to the Property.

Update on Titan Project

Eagle Plains has recently received notice from Blue Gold Mining (formerly Drexel Capital Corp.) that Blue Gold has terminated the Titan Property Agreement and Option, effective September 15th, 2012.

About Eagle Plains Resources

Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.

Current third party agreements if maintained to completion expose EPL to over $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others.

Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Exploration is currently underway for an aggressive 2012 season, with many individual exploration programs either completed or in progress, most of which will be funded by third-parties in relation to ongoing option agreements.

The contents of this news release have been reviewed and approved by Tim J. Termuende, P.Geo.

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.