Eagle Plains/Heemskirk Advance Coyote Creek Gypsum Project
Cranbrook, B.C., 03 May, 2010: Eagle Plains has recently received a second cash payment and notification by Heemskirk Canada Ltd. that it has completed its Phase One review of the Coyote Creek gypsum project and intends to maintain its option to purchase a 100% interest in the property. If the option is exercised, Eagle Plains will receive a final cash payment and retain a production royalty for any material mined from the property. A permit is currently in place allowing for extraction of a 5,000 tonne bulk sample.
The property consists of 1300 hectares acquired by Eagle Plains in 2001 by staking and holds no underlying royalties or encumbrances. The property is road-accessible with hydro-electric power and rail transportation located 24 km by existing road from property boundaries. The claims cover numerous gypsum occurrences hosted within the Burnais Formation.
About Eagle Plains
Eagle Plains continues to conduct research, acquire and explore metal projects in western Canada. In addition to holding mining royalties on various projects, the Company controls over 35 gold, base-metal and uranium projects, several with third parties including Excelsior Mining Corp (TSX:MIN.P), Sandstorm Resources Ltd. (TSX-V:SSL), Waterloo Resources Ltd. (TSX-V:WAT.P), Prize Mining Corp. (TSX-V:PRZ), Touchdown Capital Inc. (TSX-V: TDW) and 99 Capital Corp. (TSX-V:WDG). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,600m (163,370’) of drilling and over $28.3 million in exploration spending on its projects since 1998.
Expenditures during 2008 and 2009 on Eagle Plains’ projects were approximately $7,300,000, funded by Eagle Plains and third party partners. This work resulted in approximately 6,900m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development.
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.