Eagle Plains/Rosedale Enter Into Option Agreement on Rohan Copper-Gold Project, NW British Columbia
Cranbrook, B.C., February 23rd, 2011: Eagle Plains Resources Ltd. (EPL:TSX-V) and Rosedale Resources Ltd. (a private B.C. company) have entered into an agreement whereby Rosedale may earn an interest in the Rohan copper-gold property, located in northwestern British Columbia. Under terms of the agreement, Rosedale has the option to earn a 60% interest in the 3,000 ha property by completing $5M in exploration expenditures, making $500,000 in cash payments and issuing 1.0M common shares to Eagle Plains over 5 years. Eagle Plains will maintain a 4% Gross Metal Royalty on the claims, which may be reduced to 2% upon payment of $2M.
The Rohan property is located immediately south of the Yukon border, 80 kilometres south of White Horse, YK, and 80 kilometres northwest of Atlin BC. Logistically, the property is well situated along the White Pass rail line, 60 kilometres north of the port of Skagway, Alaska, with easy boat access to the property from Carcross, Yukon.
The project area covers a 6 kilometre span of the prospective Llewellyn/Tally-Ho shear zone, part of a larger (>150 kilometre long) crustal-scale fault system, host to numerous gold, silver and base metal properties. The land package covers several regional stream-silt (RGS) anomalies that includes better than 95th percentile values for gold, copper, antimony, arsenic and lead. The presence of on-strike gold-bearing showings to the north and south gives the underexplored property good potential for precious metal discoveries.
Rosedale and Eagle Plains intend to carry out an airborne geophysical survey followed up by silt-sampling and prospecting to define specific target areas for future work.
Update on Wildhorse Project
Eagle Plains has recently received notice from Excelsior Mining Corp that Excelsior is terminating its option on the Wildhorse gold-copper property located in southeastern BC.
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal projects throughout western Canada. In addition to holding mining royalties on various projects, Eagle Plains controls over 35 gold, base-metal and uranium projects, several with third parties including Aben Resources Ltd. (TSX-V:ABN), Sandstorm Resources Ltd. (TSX-V:SSL), Sandstorm Metals and Energy Ltd. (TSX-V:SND), Providence Capital Corp., Waterloo Resources Ltd. (TSX-V:WAT.P), Windstorm Resources Inc., Rosedale Resources Ltd. (a private B.C. company); Blackrock Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd., Touchdown Capital Inc. (TSX-V: TDW), Active Growth Capital (TSX-V:ACK) and Giyani Gold 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.
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.