Eagle Plains/Northern Continental Complete Airborne Geophysical Survey on Terrace-Area Gold Projects
Cranbrook, B.C., 01 April, 2004: Eagle Plains Resources Ltd. (EPL:TSX-V) and Northern Continental Resources (NCR:TSX-V) have recently completed an airborne geophysical survey on two separate mineral projects located 30-40km north of Terrace, in west-central British Columbia. The survey was conducted by Geotech Geophysical Ltd., and consisted of airborne magnetometer and time-domain electromagnetic (EM) instrumentation.
Two separate surveys were conducted, both on properties held 100% by Eagle Plains. The Kalum property consists of 540 units (32,000 acres), and was covered by a 1500-line km survey, financed by EPL. The LCR property (180 units/11,000 acres) is located 5km north of Kalum, and is also owned 100% by EPL. The property is currently under option to Northern Continental (see News Release January 15th, 2004), who financed a 500 line-km survey over the entire LCR project area. Detailed technical reports are expected to be received by late April.
Both the Kalum and LCR projects contain intrusive-related gold targets associated with Cretaceous-aged granitic stocks. Government regional stream-sediment sampling of the two property areas outlined highly anomalous metal enrichment in streams draining areas known to host large intrusive bodies. Eagle Plains committed $250,000 to reconnaissance-scale geological work on the Kalum property during 2003 which confirmed the presence of high-grade gold and silver-mineralized structures associated with the intrusive rocks.
Eagle Plains has committed $1.4M for exploration work on Kalum in 2004, with the airborne geophysical survey being Phase 1 of a 3-phase program. Geological mapping and sampling will follow in late spring, with a 10,000 foot diamond drilling program expected to commence in mid-August. Northern Continental has indicated that it will spend between $300,000 and $500,000 this season on the LCR claims.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. Through a network of experienced prospectors, consultants and contractors in addition to seasoned employees and a well-rounded Board of Directors, the Company has assembled a diverse portfolio of gold and base-metal properties. Eagle Plains seeks to attract joint-venture participation on its properties, thereby leveraging exploration spending to the ultimate benefit of the Company’s shareholders. In recent years, Eagle Plains has completed option agreements with Billiton, Rio Algom, Kennecott, NovaGold/SpectrumGold Inc., Viceroy Resource Corp. and numerous other junior exploration companies, resulting in nearly 13,000m (43,000’) of drilling and over $5,000,000 in exploration spending on its properties since 1998.
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.