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Tuesday, 10/12/2010 5:24:20 PM

Tuesday, October 12, 2010 5:24:20 PM

Post# of 51
News -Oct 12: EPL.V/'EGPLF' - (Eagle Plains/Providence Capital Expand Drill Program on Iron
Range Project, South-eastern British Columbia)


Cranbrook, British Columbia CANADA, Oct 12, 2010 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture)(EGPLF -
OTCBB_Pink_Sheets), and Providence Capital Corp. (PV - TSX Venture)have expanded
the current budget at the Iron Range Project to enable additional drilling to
further test the stratigraphic interval known to host the Sullivan deposit,
located 70km to the north. Current exploration work is funded by Providence
Capital.

The project is owned 100% by Eagle Plains, with Providence holding the option to
earn a 60% interest in the property by spending $3,000,000 on exploration,
making $500,000 in cash payments and issuing 1,000,000 shares to EPL over 4
years.

The decision to accelerate further exploration follows the intersection in Hole
2 of a significant interval located at or near the Sullivan time horizon
containing pervasive tourmaline and albite-altered sediments interlayered with
discrete conformable bands of pyrite, pyrrhotite (iron) and chalcopyrite
(copper) sulphides. Though relatively narrow (up to 8mm in width), these bands
and the associated alteration assemblage are interpreted by Eagle Plains
geologists to be indicative of a vent system nearby which may contain more
significant mineralized material.

Sampling of existing drill core has not yet been completed and no assays are
available at this time. It is anticipated that the core logging will be
completed over the next two to three weeks, with assay results in approximately
six to eight weeks.

Iron Range Project Summary

The Iron Range property consists of 20,000 hectares 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 has 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.

A map outlining pertinent details of the property may be found at:
http://www.eagleplains.ca/projects/bc/ironrange/

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 (see EPL news release dated April
20th, 2009).

Swift Resources optioned the property in late 2009 and completed a total of 580
m 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 EPL news release dated March 5th,
2010).

About Eagle Plains Resources

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), Providence Capital Corp., Waterloo Resources Ltd. (TSX-V:WAT.P),
Windstorm Resources Inc., 0802906BC Ltd. (a private B.C. company); 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.

Technical aspects of this news release have 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 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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