Eagle Plains/Greywacke Complete Acquisition, Royalty Agreement in LaRonge Gold Belt, Saskatchewan Area
Cranbrook, B.C., 18 June, 2105: Eagle Plains Resources Ltd (TSX-V:EPL) and Greywacke Exploration Ltd. (TSX-V:GWL) have completed an agreement whereby Greywacke will acquire a 100% interest in certain mineral claims in the LaRonge Gold Belt area, located 70km northeast of LaRonge, Saskatchewan. The claims comprise approximately 10,700 ha and are in part, contiguous with Greywacke’s existing holdings in the area.
By property purchase agreement dated June 15th, 2015, Greywacke will acquire 20 mineral claims from Eagle Plains by issuing 700,000 common shares upon regulatory approval. These claims are subject to a 2.5% NSR payable to EPL. Greywacke may, at any time purchase 1.5% of the NSR for $1.05 million.
The acquisition makes the Greywacke one of the largest landholders in this highly prospective region. The properties cover the extension of the “Wacke Trend”, a known gold bearing assemblage of volcaniclastic rocks. Although very little work has been carried out along this highly prospective trend, a recent airborne survey along with geological reconnaissance has identified the Wacke Trend over a strike length in excess of 40 kilometers. The project area is contiguous to the LaRonge South Gold Joint Venture property hosting the Greywacke Deposit, currently under development. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Carter Lake property.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. The company’s current focus is to preserve its robust treasury while advancing its most promising projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2014 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
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.