Eagle Plains and MMG Announce Letter of Intent on the Findlay Property

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[{"type":"text","content":"\nEagle Plains and MMG Announce Letter of Intent on the Findlay Property\n\n Mar. 8, 2011 (Filing Services Canada) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), is pleased to announce that a letter of intent has been executed with Minerals and Metals Group (\"MMG\") whereby Eagle Plains has agreed to grant an option to MMG to earn a 60-per-cent interest in Eagle Plains' 100-per-cent-owned Findlay/Greenland Creek properties (the \"Project\"), located 30 kilometers north of  Kimberley, in south-eastern B.C.. Under terms of the proposed agreement, MMG may earn a 60% interest in the 33,500 ha property by making staged cash payments to EPL totalling $500,000 and completing $5,000,000 in exploration expenditures over 5 years. MMG may earn an additional 15% interest (for a total of 75%) by delivering a bankable feasibility study by 2021.The Findlay Project overlies Aldridge Formation stratigraphy, considered prospective for sedimentary-exhalative (\"sedex\") deposits.  Structurally, this area has been identified as an extension of the North Star-Sullivan corridor which hosts the world class Sullivan deposit 30km to the south. The Findlay property displays Sullivan-style exhalative tourmalinite (boron) horizons, massive fragmental sections, anomalous lead, zinc, and indicator geochemistry, and base metal occurrences. This \"Sullivan smoke\" occurs throughout the Lower to Upper Aldridge formation and indicates the potential for Sullivan style mineralization at multiple stratigraphic levels. Fieldwork by Eagle Plains has identified a number of target including : * North Findlay: 100 meter thick multi kilometer scale mineralized  / tourmalinized exhalative horizon related to hydrothermal venting within the Upper Aldridge stratigraphic interval.* Greenland Creek: Diamond drilling by Eagle Plains in 1997 intersected numerous thin stratabound sulphide bands associated with albite / garnet / chlorite alteration, some of which display continuity over 60m, and are open down-dip and along strike. Dating indicates Sullivan age for Pb mineralization in the Greenland Creek area.* Mid-Fork: Evidence for deep-seated structures including arched gabbros and thickened, mineralized fragmental sequences at or near \"Sullivan time\".The property also includes the historic Silver Key Mine, which ...

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