Sep. 14, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and 0802906 BC Ltd. (a private B.C. corporation) have commenced a $100,000 exploration program on the Elsiar copper-gold-moly property. Crews are now on route to the property area to commence geological mapping and soil geochemical sampling work. 0802906 may earn a 60% interest in the property by making exploration expenditures of $3,000,000 and completing payments of 1,000,000 shares and $250,000 cash by the fourth anniversary of the Agreement.
The Elsiar property is located 40km north of Terrace, B.C. and is held 100% by EPL (subject to a 1% NSR). The project area has seen little historical activity and was acquired by Eagle Plains in 2003 due to the presence of numerous strong multi-element geochemical signatures in stream sediments. The property benefits from excellent infrastructure including logging roads, hydroelectric power lines and close proximity to rail and deep-water international ports in Kitimat and Prince Rupert.
After acquisition by Eagle Plains, the property was subsequently optioned to Northern Continental Resources which carried out approximately $1,000,000 in exploration work during 2004 and 2005, including an airborne geophysical survey and 20-hole, 7900' (2,400m) drilling program. Sandstorm Resources optioned the property in 2008 and completed geological mapping and soil geochemical surveys.
The property hosts widespread mineralization in surface occurrences over a 3.5 sq. km. area. Both surface and drillhole data suggest the presence of a well-developed copper-gold-molybdenum porphyry system with high-grade Au mineralization present in shears and veins. The 2005 drill program intersected high-grade Au mineralization with values ranging from trace quantities to up to 14.0g/T Au over 1.0m (DDH LC05018). Molybdenum mineralization was encountered in most holes, with assay values ranging from trace quantities to .01% Mo over 50.0 m, including 0.4% Mo over 6.0m (DDH LCO5016). Cu mineralization ranged from trace quantities to 0.43% Cu over 6.1m (DDH LC04001). Additional broad areas containing anomalous soil geochemical results were delineated during 2008 work, with soil sample values ranging from trace values up to 31.9 g/t Au.
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 Excelsior Mining Corp (TSX:MIN.P), 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., Heemskirk Canada Ltd., Active Growth Capital Corp (TSX-V: ACK.P), Touchdown Capital Inc. (TSX-V: TDW) and 99 Capital 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.
Technical aspects of this news release have been reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.
On behalf of the Board of Directors
Signed,
"Tim J. Termuende"
President and CEO
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept 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.
Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
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