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Cranbrook, B.C., June 19th, 2008: Eagle Plains
Resources (TSX-V:EPL) has
mobilized crews to commence work in both British Columbia and NWT on
projects in various stages of development. $6M in exploration
expenditures are planned for the year, with 14 individual projects
scheduled for work. 6 projects are expected to see diamond drilling this
year, with approximately 5500m (18,000') in total footage planned to
date. Approximately � of the total expenditures will be incurred by third
parties under various option agreements currently in place. Summaries of
planned programs will be provided by EPL as work progresses.
Four individual programs have been initiated
this week, namely the Mackenzie
Mountain (geology, geophysics; western NWT-TeckCominco
Strategic Alliance), Iron
Range (drilling; south-eastern BC; Fe, Cu, Au), Acacia (airborne
geophysics; central BC; Pb, Zn, Ag), and Karin Lake/Eagle Lake/Kulyk Lake
projects (geology, prospecting; Saskatchewan; uranium).
Mackenzie Mountain program, western NWT
The work program will be carried out within a
Strategic Alliance agreement as announced on May 7th, 2008 between
TeckCominco Ltd and EPL. An exploration budget of $2.3 million has been
approved for the 2008 program, which will run between June and late
August.
Eagle Plains has been
active in the region since 2000, and controls permits and claims covering
an area of over 8,000 square km, including 20 new prospecting permits
issued on February 01, 2008. Results from the 2006-2007 reconnaissance
programs have identified over 20 geochemically anomalous areas and
mineralized zones which will be followed up for their base-metal
potential. Total 2007 expenditures on the Area of Mutual Interest
("AMI") were $1,500,000, funded by Teck Cominco under the
existing Strategic Alliance agreement.
2008
fieldwork will involve defining targets for 2009 drill testing, following
up on areas of interest generated by 2007 fieldwork and continuing the
successful grass roots reconnaissance program. The Eagle Plains/Teck Cominco Area of
Mutual Interest ("AMI") overlie a series of folded and
thrusted Proterozoic to Devonian carbonates and shales. These rocks
are time-equivalent to giant base-metal deposits in the region such as
Howard's Pass, currently controlled by Selwyn Resources Ltd. Other
priority exploration targets include Mississippi
Valley type (MVT) base metal deposits and sedimentary copper deposits.
A
$100,000 budget has been set to carry out exploration work on the Bronco property,
owned 100% by EPL and not subject to terms of the Strategic Alliance
agreement. The program will consist of a follow-up of work completed in
2007 on mineralization discovered by EPL crews in late 2006. The Bronco-Golf Ball corridor of
mineralization contains a 7km trend of promising new carbonate-hosted
Zn-Pb showings. Drilling carried out in 2007 returned encouraging results
(see April 10th NR), and confirms the potential of the area. Numerous
untested regional silt geochemical anomalies remain to be investigated
and a number of the new showings and strong Zn-Ag soil geochemical
anomalies discovered in 2007 will be targeted in 2008.
Iron Range program, south-eastern B.C.
A $350,000, 1500m diamond drilling program is
now underway on the Iron Range property, located near Creston in
south-eastern BC. The property consists of 191 units (11,540 acres) owned
100% by Eagle Plains and holds no underlying royalties or encumbrances.
The claims are well situated with respect to infrastructure; with a high
pressure gas pipeline, high voltage hydro-electric line, railway and
major highway located within property boundaries.
The Iron Range deposits were
originally staked in 1897 and were covered by Crown Grants held by
Cominco Ltd. and the Canadian Pacific Railway. Past work on the
Iron Range deposit by Cominco focused on the considerable iron oxide
resource with trenching and very shallow (<20m depth) diamond drilling
along the Iron Range Mountain ridge. Eagle Plains staked the current
claims immediately after the Crown Grants reverted in 2000. Results from
2000 - 2006 exploration work including geological mapping, geochemical surveys
and a 690 line-km airborne geophysical survey were used to define targets
for drill testing.
The Iron Range Fault system
represents a major structural feature that is markedly different from
other structures in the region in terms of deformation and alteration.
Structural, mineralization and alteration relationships indicate that the
property has potential for both Olympic Dam type Cu-Au-U-REE deposits and
Sullivan type sedimentary-exhalative deposits. The Olympic Dam deposit in
Australia is known as the world's largest multi-mineral ore deposit,
while the nearby Sullivan deposit was a world class silver-lead-zinc
deposit which saw continuous production for over 100 years, closing in
December, 2001. The mineralized zone on the Iron Range Property is
exposed over approximately 4 kilometers strike length and is up to 150
meters wide.
Acacia program, central BC
An 840 line-km airborne geophysical survey has
commenced on the Acacia property, owned 100% by EPL with no underlying
royalties, located 45km northeast of Kamloops. The 203 unit (12,000 acre)
property is considered to have high potential for hosting volcanogenic
massive sulphide (VMS) deposits. These deposits typically contain both
base- and precious metals, and occur in clusters and/or stacked lenses.
The project area covers a stratigraphic assemblage which hosts a number
of nearby past-producing base and precious metal deposits including the
Samatosum, Rea Gold, and Homestake mines. The property currently has at
least three known target areas.
Most recent work on the property was carried out
under option to Amarc Resources, who in 2004 completed a single
drill-hole prior to terminating their option.
Karin Lake/Eagle Lake/Kulyk Lake projects,
Saskatchewan
Field crews are mobilizing this week
to continue exploration of these three separate properties located north
of LaRonge, Saskatchewan. Work will be focused on geological mapping and
follow-up prospecting of anomalies generated by extensive airborne geophysical
programs completed in 2007 over the entire project area. Diamond drilling
was completed in March/April 2008 on the Karin Lake property, with
results to be released shortly.
Overall project supervision is
provided by C.C. Downie, P.Geo., Director and Exploration Manager of
Eagle Plains, who is identified as a Qualified Person under National
Instrument 43-101.
For additional information on these
and other Eagle Plains projects, please refer to our website at www.eagleplains.com.
Eagle Plains Resources continues to conduct research, acquire and
explore metal projects in western Canada. The Company controls over 35
gold, base-metal and uranium projects, many with third parties including Teck Cominco Limited (TSX:TCK.B),
Alexco Resource
Corp. (TSX-V:AXR), Sandstorm Resources Ltd. (TSX-V:SSL.P),
Mountain Capital
Inc (TSX-V:MCI.P), Blue
Sky Uranium Corp. (TSX-V:BSK) and XO Gold Resources Ltd.
These agreements expose Eagle Plains to over $27.0 million in exploration
expenditures over a five year period. In recent years, Eagle Plains has
completed option agreements with Billiton
Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and
numerous other junior exploration companies, resulting in over 47,000m
(154,200') of drilling and over $21,000,000 in exploration spending on
its projects since 1998. Eagle Plains management anticipates
approximately $6,000,000 in expenditures on its projects in 2008, funded
equally between Eagle Plains and third party partners.
This news release has 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 www.eagleplains.com
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.
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