Cranbrook, B.C., September 25th, 2008: Eagle Plains Resources (TSX-V:EPL) and Waterloo Resources Ltd (TSX-V:WAT.P) have executed a formal option agreement whereby Waterloo may earn a 60% interest in the Ice River property by making exploration expenditures of $3,000,000 and completing payments of 700,000 shares (on a post sub-divided basis – see also the Waterloo news release dated September 11, 2008) and $500,000 cash over a five year period. A 1% NSR is reserved for Eagle Plains.