Eagle Plains Resources Ltd fka EPL

[btrain]

NEWS FEB. 1, 2011 -News for 'EPL.V/EGPLF.PK' - (Eagle Plains Enters into Agreement with Aben Resources on Two
Yukon Properties and Northwest Territories Permits)


CRANBROOK, British Columbia, Feb 01, 2011 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (EPL:TSX-V) and Aben Resources Ltd. (TSX-V:ABN) (formerly
Consolidated Abaddon Resources Inc.) have entered into an Acquisition Agreement
whereby Aben will acquire a 100% interest in two non-contiguous mineral
exploration properties known as the Hit and Justin (Sprogge) projects, covering
approximately 2,130 hectares located in the eastern Yukon Territory (the "Yukon
Claims").

Pursuant to the terms of the Acquisition Agreement, Aben Resources has also
acquired a proprietary database owned by Eagle Plains and the right to certain
potential prospecting permits in the Mackenzie Mountain area of the Northwest
Territories (the "Permits"). The Permits are subject to an approval process and,
if approved, Aben will be granted the exclusive right to stake claims in the
Permit areas for up to a period of three years.

Upon receipt of acceptance of the Acquisition Agreement by the TSX Venture
Exchange, Aben Resources will issue a total of 5,000,000 common shares to Eagle
Plains. Aben will also make a cash payment of approximately $150,000 to
reimburse Eagle Plains for the Northwest Territories permitting costs. The
approximately $150,000 will be paid upon receipt of confirmation that the
Permits have been granted and duly registered in the name of Aben Resources.

The Yukon Claims and any property to be acquired by staking in the Permit areas
shall be subject to a three percent (3%) net smelter return royalty ("NSR") in
favour of Eagle Plains. Aben Resources has been granted a right to purchase a 2%
NSR at any time prior to commencement of commercial production for the
consideration of $2,000,000 (the "Buy Down Option").

The Justin (Sprogge) Gold Property

The Justin (Sprogge) gold property is located in east-central Yukon Territory
about 35 kilometres south of the recently re-opened Cantung Mine. The property
consists of 25 claims and is host to numerous styles of intrusive and
sediment-hosted gold mineralization located within three main bulk-tonnage
target areas. The drill-ready property has the potential to host both high-grade
and bulk-tonnage gold mineralization. Historical grab samples from the property
reported up to 59.25 g/t Au, in addition to historical chip samples returning an
average of 2.38 g/t Au over 22.5 metres. Numerous targets on the property remain
to be tested with further exploration planned, including trenching and diamond
drilling.

The Hit Gold Property

The Hit gold property is located in central Yukon Territory, 27 kilometres
north-northeast of MacMillan Pass. The project targets skarn/replacement gold
mineralization associated with Tombstone-Suite intrusives and surrounding
carbonate-rich sediments. Property highlights include intrusive-related gold
mineralization which returned an average of 7.85 g/t Au over 7.0 metres in
trenches.

The above transactions are subject to the acceptance of the TSX Venture
Exchange.

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), Active Growth Capital
(TSX-V:ACK) 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 57,100m (187,288') of drilling and over $31.5 million in exploration
spending on its projects since 1998.

Expenditures during 2010 on Eagle Plains' projects were approximately
$3,240,000, funded by Eagle Plains and third party partners. This work resulted
in approximately 3,580m of drilling and extensive ground-based exploration work
and facilitated the advancement of numerous projects at various stages of
development.

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)
[e-mail]
http://www.eagleplains.com