Drilling Commences on Eagle Plains’ Rusty Springs Property
Cranbrook, B.C. 07 June, 2005: Crews have been mobilized to an area north of Dawson City, Yukon to commence a $350,000 diamond drilling project on the Rusty Springs base-metal property, owned 100% by Eagle Plains Resources Ltd. (TSX-V:EPL).
Mineralization at Rusty Springs consists of Mississippi Valley Type silver-lead-zinc mineralization hosted by a 25-40m thick replacement horizon within dolomite of Devonian age. Some 35 showings are present within the property area and consist of both high grade vein occurrences and lower grade replacement mineralization. Since staking the property in 1992, Eagle Plains has defined mineralization over a 6 square kilometer area. Drilling highlights from the property include hole 77-08 (1977) which was reported to have returned 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 78-07 and tested the same stratigraphic interval, returning 15.1 oz/t silver, 3.0% copper, and 1.3% zinc over 15.3m from 28.6m to 43.9m. A summary and detailed compilation map outlining past work may be viewed at the Rusty Springs Project page.
The 2005 program is being carried out by Aurora Geosciences of Whitehorse, Yukon. A total of three holes are planned, and are intended to test the favourable horizon at depth. Drilling activity is expected to take 2-3 weeks to complete. Project supervision is the responsibility of S. Casselman, P.Geo. hereby identified as the “Qualified Person”, under National Instrument 43-101.
In southeastern B.C., fieldwork is continuing on Eagle Plains 100% owned Iron Range and Sphinx properties. Drilling at Iron Range has been completed, and follow-up soil geochemical work is being carried out to test favorable stratigraphy identified during the recent drill campaign. The scope of drilling activity on the Sphinx molybdenum project has been extended following encouraging results from initial drilling. Results from all projects will be released as they are received, compiled and interpreted.
EPL anticipates 8-10 drill programs to be completed on its properties during the 2005 field season. Up to $CDN 4M is expected to be spent, with much of this funded by option and joint-venture partners. A schedule outlining planned 2005 work programs may be viewed here.
Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which are currently optioned to or joint-ventured with third parties including NovaGold Inc., Amarc Resources Ltd. (a Hunter-Dickinson Company), Northern Continental Resources Inc., and Golden Cariboo Resources Inc. These agreements expose Eagle Plains to over $14 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 21,000m (70,000 ft) of drilling and over $7,000,000 in exploration spending on its projects 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.