Eagle Plains/Aben Enter Into Option Agreement on Rusty Springs Project, Yukon Territory
Cranbrook, B.C., February 22nd, 2011: Eagle Plains Resources Ltd. (EPL:TSX-V) and Aben Resources Ltd. (TSX-V: ABN) (FWB: E2L) (formerly Consolidated Abaddon Resources Inc.) have entered into an Agreement whereby Aben may earn a 100% interest in the Rusty Springs Property, located north of Dawson City, Yukon. Under terms of the agreement, Aben has the option to earn a 100% interest in the 1,100 ha property by making $500,000 in cash payments and issuing 1,500,000 common shares to Eagle Plains over 5 years. The property shall be subject to a three percent (3%) net smelter return royalty (“NSR”) in favour of Eagle Plains.
Rusty Springs hosts silver-lead-zinc mineralization associated with a 25-40m thick replacement horizon within carbonate rocks. Some 35 showings are present within the property area and consist of both high-grade vein occurrences and lower-grade replacement mineralization. Since originally staking the property in 1975, Eagle Plains personnel and others have defined mineralization over a 6 square kilometer area. Drilling highlights from the property include hole 77-08 (1977) which was reported to have returned 1,140g/t (33.27 oz/t) silver, 4.72 % lead, and 2.30 % copper over 37.5m (123’) from surface to a depth of 37.5m. Hole 95-07, drilled by Eagle Plains in 1995 was located 1.5 km from hole 77-08 and tested the same stratigraphic interval, returning 517g/t (15.1 oz/t) silver, 3.0% copper, and 1.3% zinc over 15.3m from 28.6m to 43.9m
Detailed information may be found at: Rusty Springs
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), Excelsior Mining Corp (TSX:MIN.P), Sandstorm Resources Ltd. (TSX-V:SSL), Sandstorm Metals and Energy Ltd. (TSX-V:SND), Providence Resources Corp., Waterloo Resources Ltd. (TSX-V:WAT.P), Windstorm Resources Inc., 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.