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Tuesday, 05/18/2010 11:51:15 PM

Tuesday, May 18, 2010 11:51:15 PM

Post# of 51
May 18, 2010 News for 'EGPLF' - (Eagle Plains/Providence Capital Execute Option Agreement on Iron Range Project, South-eastern British Columbia)

Cranbrook, British Columbia CANADA, May 18, 2010
(Filing Services Canada via COMTEX) -- Eagle Plains Resources Ltd.
(EPL - TSX Venture)(EGPLF - OTCBB_Pink_Sheets), (or "Eagle Plains") and Providence Capital Corp. (TSX-V:PV) (or "Providence") have entered into an option agreement, on Eagle Plains' 100% owned Iron Range project located in the Goat River area 15km NE of Creston, B.C.

Under the terms of the agreement, Providence may earn a 60%
interest in the property by completing $3,000,000 in exploration
expenditures,making $500,000 in cash payments and issuing 1,000,000
shares to Eagle Plains over 4 years.

Upon Providence exercising its option, a 60/40 Joint Venture
between Providence and Eagle Plains will be established.

The option agreement and Providence's proposed share issuances
under the agreement are subject to TSX Venture Exchange approval.

The Iron Range property consists of 20,000 hectares owned 100%
by Eagle Plains and has no underlying royalties or encumbrances.

The claims are well-situated with respect to infrastructure
with a high-pressure gas pipeline,high-voltage hydroelectric
line, railway and major highway all located within property
boundaries.

The Iron Mountain structure has been mapped with widths of
up to 150m and a strike length of over 50km. Claims held by Eagle
Plains cover over 25km of the structure, with significant
iron-oxide mineralization occurring over 15km.

Copper and gold mineralization have recently been discovered
along the structure, highlighting the potential for iron-oxide
copper-gold ("IOCG") mineralized systems associated with the
structure.

The claims also overlie rocks of the Aldridge Formation,
including the same stratigraphic time horizon which hosts
the world-class Sullivan Deposit located 70km to the northeast.

Over its 100 year lifetime, Sullivan produced approximately
150,000,000 tonnes of ore including 300,000,000 ounces of silver,
8,000,000 tonnes of zinc and 8,000,000 tonnes of lead,
collectively worth over $25 billion at current metal prices.

The parties caution that past results or discoveries on proximate
land are not necessarily indicative of the results that may be
achieved on the Iron Range property.

Property History

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 deposits 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 and have been exploring the
property since then. Exploration work to date includes geological
mapping, geochemical surveys, diamond drilling and a 690 line-km
airborne geophysical survey.

Eagle Plains completed diamond drilling programs in 2005
and 2008, testing for base-metal mineralization.

A number of holes from these programs intersected gold
mineralization, including drill hole IR08006, which returned
7.0m grading 51.52 g/t (1.50 oz/ton) gold from 20.0m to 27.0m.

Swift Resources optioned the property in late 2009 and completed
a total of 580m of drilling in 7 holes. One hole was drilled
in close proximity to IR 08006 and returned 1.0m grading 7.53 g/t
gold. (See News release dated March 5th, 2010).

Eagle Plains and Providence plan to complete a $200,000
exploration program during the 2010 field season, which will
include drill-testing of a prominent geophysical anomaly
associated with a Sullivan-type target.

Financing

Providence has arranged a non-brokered private placement that
consists of 2 million flow-through units to be issued at a
price of $0.075 per unit. Each flow-through unit comprises one
flow-through common share and one warrant. Each warrant is
exercisable into one common share at a price of $0.15 for two
years. Providence may pay finder fees as outlined in the TSX
Venture Exchange policy. The private placement is subject to
TSX Venture Exchange acceptance, and all securities shall
be subject to a four-month hold period.

About Eagle Plains

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), Parkside Resources Inc., Waterloo Resources Ltd. (TSX-V:WAT.P), Prize Mining Corp. (TSX-V:PRZ), Windstorm Resources Inc., Heemskirk Canada Ltd., 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.

About Providence

Providence is an exploration company engaged in evaluating,
advancing and investing in early stage resource projects.
Providence is currently working on an option agreement to
acquire 60% interest in the gold prospective Kanweaken project
in the Republic of Liberia, Africa, but continues to evaluate
other prospective projects both in North American and internationally to build its property portfolio.

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 On behalf of the Board of
Directors of Eagle Plains of Providence.

Tim J.
Termuende
President and CEO

Steve Bajic
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

All of my posts are my own opinion. Always perform your own due diligence on every investment you are considering, or contact your licensed investment adviser.

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