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Eagle Plains Announces Offer to Purchase Yellowjacket Project
Eagle Plains Announces Offer to Purchase Yellowjacket Project
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\nEagle Plains Announces Offer to Purchase Yellowjacket Project\n\n\n Jun. 10, 2010 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), announces the execution of a formal agreement whereby Eagle Plains has offered to purchase from Prize Mining Ltd. (TSX-V:PRZ) the remaining beneficial right, title and interest in the Yellowjacket Project, including mineral and placer rights, and all equipment and infrastructure currently in place on the Yellowjacket mine site by making a cash payment of four hundred thousand ($400,000) dollars Canadian and issuing two million (2,000,000) common shares of Eagle Plains Resources. The deal is subject to regulatory approval from the TSX Venture Exchange and must also be approved by Prize Mining shareholders at their Annual General Meeting on July 13, 2010. The project is currently operated through the Yellowjacket Joint-Venture (?YJV?), jointly owned by Eagle Plains and Prize Mining and operated by Eagle Plains. As announced in the EPL/PRZ News Release dated February 01, 2010, the project has a current NI43-101 Technical report prepared by Barry Price, P,Geo. Based on the results of the exploration and development conducted to date on the Property, the report concludes that the Yellowjacket Gold Zone represents a legitimate development target with the potential to host an economically feasible mineral deposit. The report also states that additional zones on the Property are legitimate early stage exploration targets and recommends a tentative budget of $520,000 for the next stage of exploration. Currently the Yellowjacket Zone is open along strike in both directions and to depth. Upon formal approval of the purchase agreement by Prize Shareholders and the TSX-V, Eagle Plains intends to carry out an exploration program on the property in 2010, which will include drilling.  About the Yellowjacket Gold ProjectThe Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road.In 2007 - 2008, Prize reported production of over 800 ounces of gold from a bulk sample extracted from the Yellowjacket zone.  2007 production was reported to be 6.43 kilograms (206.9 ounces) of gold from sluicing the placer-bedrock interface material excavated during bulk sample extraction. In 2008, Prize processed 4200 tonnes of be...