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Cranbrook, B.C., 09
September, 2008: a drill crew has been mobilized to Eagle
Plains Resources? (EPL:TSX-V) Bohan project
located 20km NE of Creston, southeastern
British Columbia. The 7,900ha property is 100% owned by EPL and carries
no underlying royalties or encumbrances. It is road-accessible and favorably located with respect to hydro power and
rail transportation infrastructure. A total budget for the program has
been set at $400,000 and will consist of approximately 1,200m (4,000?) in
5-7 holes.
The property hosts the Wilds Creek sedimentary exhalative (?sedex?) type base-metal deposit, an historic
(non-43-101 compliant) resource reported by Aho
(1964) and published by the B.C. Geological Survey consisting of 136,000
tonnes grading 6% zinc (though these estimates are considered by Eagle
Plains to be relevant, their reliability has not been confirmed, but will
constitute a target basis for future exploration work). The target areas
are considered to have good potential to host additional sedex-type base-metal mineralization.
Drilling completed in 1990 and 1992 by previous operators returned
values ranging from no significant results to 2.6m grading 10.2% Zn
(L90-1); 3.1m grading 3.44% Zn (L92-8), 2.3m grading 9.94% Zn (L92-9) and
3.1m grading 3.55% Zn (L92-10). The property overlies approximately 12km
of favourable stratigraphy and contains
numerous untested prominent soil geochemical anomalies along its
projected strike.
The current drill program will target both the Wilds Creek
resource area and at least one geochemical target located along strike. The
current program will be carried out under the supervision of C.C. Downie, P.Geo., identified
as a ?Qualified Person? under National Instrument 43-101.
Update on other Eagle Plains Projects:
Kalum (Au, Cu,
Mo); Terrace, BC
Diamond drilling is now underway on EPL?s 100%
owned Kalum property located 30km north of
Terrace, BC, funded and operated by option partner Mountain
Capital Corp (MCI:TSX-V). Approximately 1000m (3300?) of footage
is planned to test targets developed earlier this season. 2008 fieldwork
included mapping, sampling and an Induced Polarization (I.P.) geophysical
survey.
Mackenzie Valley Zinc Project (Zn, Pb, Ag); Mackenzie Mtns,
NWT
Crews have completed 2008 fieldwork on the Mackenzie Valley Zinc
Project (part of a Strategic Alliance with Teck
Cominco Ltd.) located 160km west of
Norman Wells, NWT. An average of 20 people per day carried out systematic
exploration of the large project area since mid-June. Fieldwork consisted
of ground geophysical surveys, soil and stream geochemical sampling,
geological mapping and prospecting. Detailed ground geophysical (I.P. and
E.M) surveys were completed over select target areas. A total of 529
rock, 869 stream-sediment and 3442 soil samples were collected throughout
the course of the program. A $2.5M budget has been allocated for this
project, with funding provided through equity financing by Teck-Cominco
(see EPL news release May 7, 2008). Results will be released as they are
compiled and interpreted.
Titan (Cu, Mo, Au); Atlin, BC
Work on the property was carried out between July 21st and August 22nd,
and was funded by option partner XO Gold (a private BC
company). Fieldwork included mapping, prospecting, soil and stream-silt
geochemical sampling, and an infill airborne geophysical survey. The 2008
field program included 46 man-days and saw the collection of 27 rock
samples, 53 stream-silt samples and 301 soil samples. Concurrent to the
field program, a 195 line-kilometer airborne geophysical infill survey
was completed bringing EM and magnetic coverage to 100% of the property
area. Total 2008 field and geophysical expenditures were approximately
$175,000.
Elsiar (Au, Cu, Mo); Terrace, BC
Fieldwork has resumed on the property, located 30km north of Terrace, BC,
funded by option partner Sandstorm Resources Ltd. (SSL:TSX-V).
Crews commenced sampling activity in early July, but were restricted to
lower elevations due to an unseasonably slow snow melt. Soil geochemical
sample will resume shortly, and follow-up mapping and sampling will be carried
out in areas identified during earlier sampling. The budget for this
season?s work is $200,000.
About Eagle Plains
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), Mountain Capital Inc (TSX-V:MCI) and
XO Gold Resources Ltd. These agreements expose Eagle Plains to
over $15.0 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
52,000m (158,500?) of drilling and over $27.0 million 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 Tim 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
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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