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Tuesday, 11/16/2010 9:20:40 AM

Tuesday, November 16, 2010 9:20:40 AM

Post# of 51
NOV. 16 - News for EPL.V/EGPLF - (Eagle Plains/Providence Capital Provide Update on Drill Program
at Iron Range Project, Southeastern BC)


CRANBROOK, British Columbia, Nov 16, 2010 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (EPL:TSX-V) and Providence Capital Corp. (TSX-V:PV) have now
completed six diamond drill holes for a total footage of 2368.0m A seventh hole
was collared on November 15th and is now underway. As announced on November 2nd,
an additional 35,800 ha of claims were added to the existing land package,
resulting in a total of 56,200 ha -- an area approximately 11km x 50km. The
partners continue to test the stratigraphic interval known to host the Sullivan
deposit, located 70km to the north. Current exploration work is funded by
Providence Capital.

The decision to expand the budget and continue exploration follows the
intersection in Hole IR10-02 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 (see news release October 12th, 2010). Further encouragement
was seen recently in Hole IR10-05, located approximately 1.2km from IR10-02. In
Hole IR10-05, visible lead-zinc mineralization was intersected over two separate
intervals (151.0m to 156.0m and 276.0m to 278.0m). This mineralization, though
not layered as is seen in the Sullivan deposit, is interpreted by Eagle Plains
geologists to potentially represent remobilized material from a yet-undiscovered
primary source. Rocks in the area- both on surface and in drill-core are
extensively albite-altered, which is consistent with the alteration assemblage
located proximal to the Sullivan deposit. Core logging and sampling of these
mineralized intervals is currently underway.

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

Iron Range Project Summary

The Iron Range property consists of 56,200 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 30km of the
structure, with significant iron-oxide mineralization occurring over 15km.
Copper and gold mineralization have 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/documents/iron_range_compilation_map.pdf

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
primarily 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 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 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.

Fieldwork completed on the Iron Range property during 2010 is being carried out
under the supervision of J.K. Ryley. 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

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
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.

SOURCE: Eagle Plains Resources Ltd.



CONTACT:
Eagle Plains Resources Ltd.
Mike Labach, 1-866-HUNT-ORE (486 8673)
mgl@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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