Eagle Plains Resources Ltd fka EPL

[btrain]

DEC 21, NEWS FOR EPL.V/EGPLF.PK - Analytical Results from
Diamond Drill Program at Iron Range Project, Southeastern BC

(Eagle Plains/Providence Capital Provide Analytical Results from
Diamond Drill Program at Iron Range Project, Southeastern BC)


Cranbrook, British Columbia CANADA, Dec 21, 2010 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture)(EGPLF -
OTCBB_Pink_Sheets), and Providence Capital Corp. (TSX-V:PV)have received
complete analytical results for Holes IR10-005 and IR10-010, which are
considered to contain the best mineralization observed to date of the 2010
program. Since September, the partners have completed ten diamond drill holes
for a total footage of 10,945 feet (3,337m). The partners continue to test
structural features and the stratigraphic interval known to host the Sullivan
deposit, located 70km to the north. Current work is targeting both precious
metal and base metal mineralization.

Highlights:

* Hole IR10-010 intersected two intervals of gold-bearing massive sulphide
mineralization. The lowermost zone consists of finer grained, gold-bearing
massive sulphide material at a depth of 275.5.0-279.5m (truncated by a fault)
within similar host rocks and at a stratigraphic position interpreted to be at
or near the same interval which hosts the Sullivan deposit. The structural
setting, alteration assemblages (tourmalinite, albite) and accessory minerals
encountered (cadmium, antimony, tin, bismuth, boron, copper) are also consistent
with those associated with Sullivan and other sedimentary-exhalative ("sedex")
deposits.

* Selected intervals from Hole 10 include:

* 192.0-206.0m (upper sulphide interval): 14.0m @ 5.1g/t Au, 1.86%

Pb, 2.1% Zn, 75.3g/t Ag

* Including 196.9-204.0m: 7.1m @ 8.13g/t Au, 2.84% Pb, 3.07% Zn, 86.6g/t Ag

* Also Including 196.9-198.5m: 1.6m @ 9.9g/t Au, 6.06% Pb, 7.18% Zn, 181.0g/tAg

* Also Including 201.4-204.0m: 2.6m @ 8.4g/t Au, 2.6% Pb, 2.54% Zn, 56.4g/t Ag

* 224.0-280.5m: 56.5m @ 1.9g/t Au, 0.44% Pb, 0.59% Zn, 21.5g/t Ag

* Including 240.0-245.0m: 5.0m @ 3.7g/t Au, 1.34% Pb, 0.13% Zn, 69.2g/t Ag

* Including 272.0-280.5m: 8.5m @ 6.0g/t Au, 1.45% Pb, 2.56% Zn, 47.8g/t Ag

* Also including 277.5-279.5m (lower sulphides-interpreted Sullivan time
horizon): 2.0m @ 12.8g/t Au, 4.18% Pb, 5.06% Zn, 122.5g/t Ag; elevated Cd, Sb,
Sn, Bi, B, Cu

* Holes IR10-005 and IR10-010 are located near a major transportation corridor;
with rail, road, gas and hydro-electric power situated within 3km from the drill
collar locations.

Widths of altered and mineralized intervals are apparent thicknesses only. True
thicknesses will be established with the completion of additional drilling.

Detailed Drill-hole Descriptions

IR10-005: Length: 394.72m, azimuth 260?, angle -80?. Upper 95m is altered and
brecciated quartzite, with lesser siltstone to 135m which marks the onset of
fracture hosted sulphides and strong alteration to 163m. Lesser alteration
offiner grained sediments occurs to 210m, underlain by 95m of increased
alteration and numerous veins and veinlets variably with sulphides to 305m.
Sixteen metres of mineralized breccia mark the interval to the top of the Lower
Aldridge Formation at 321m. Minor albite and tourmaline with disseminated
sulphides occur over the interval to the base of the hole at 394.7m

Complete analytical results from Hole IR10-005 have been returned, and include
the following highlights:

* 62.5-89.5m: 27.0m @ 0.644g/t Au, 0.14% Pb, 0.19% Zn, 13.0g/t Ag

* *Including 74.5-78.5m: 4.0m @ 1.488g/t Au, 0.30% Pb, 0.15% Zn, 22.5g/t Ag

* *Including 86.5-87.5m: 1.0m @ 6.05g/t Au, 0.56% Pb, 0.35% Zn, 33.9g/t Ag

* *144.0-163.0m:19.0m @ 0.841g/t Au, 8.7g/t Ag

* *Including 148.0-155.0m: 7.0m @ 1.793g/t Au, 0.3% Pb, 0.59% Zn, 15.7g/t Ag

* Including 151.0-154.0m: 3.0m @ 3.17g/t Au, 0.42% Pb, 1.11% Zn, 22.9g/t Ag

* 276.0-320.0m: 44.0m @ 0.355g/t Au

* Including 300.0-320.0m: 20.0m @ 0.543g/t Au

* Also Including 306.0-309.0m: 3.0m @ 0.951g/t Au

* Previously reported in EPL/PV news release December 1st, 2010

IR10-010: Length: 345.6m, azimuth 040?, angle-70?. Upper third is oxidized,
fractured, and intensely altered. Weak disseminated mineralization in veins
occurs to 183m, underlain by 23m of mineralized breccia and local sections of
massive sulphide to 208m.(see EPL/PV news release December 1, 2010). Mineralized
fractures, veins and brecciation of varying intensity occur over 68m to the
lower massive sulphide intercept at 275.5-279.5m, which is interpreted to lie at
Sullivan Time. Faulted section of Middle Aldridge sediments, with local
alteration and weak mineralization occurs to the base of the hole.

Drill-holes IR10-001 to 004 were located over 1000m from holes reported herein
and returned no significant economic mineralization, though contained important
alteration minerals associated with sedex style deposits (see EPL/PV news
release November 16th, 2010). Analytical results from Holes IR10-006 to -009
will be reported in future updates, but are not expected to return significant
values. Portions of oxide material observed in some holes will be re-analyzed
using a screened-metallic process to test for the presence of coarse
gold.Results of this work will be reported at a later date. Petrographic and
lead-isotope dating is planned for the massive sulphide intervals in an attempt
to better understand the origin and mode of mineralization as well as the timing
of the emplacement of the lead.These studies could have significant implications
for the potential of the area and the methodology of future exploration.

Tim J. Termuende, President and CEO of Eagle Plains Resources stated recently
that "we are encouraged by results received from Holes IR10-005 and IR10-010.The
presence of gold mineralization over significant widths coupled with massive
sulphides containing lead, zinc and silver with key accessory minerals at our
target horizon underscores the potential of the Iron Range property and provides
the impetus for further work. Our partners are both aggressive and well-funded
and share our enthusiasm for the project"

A complete data package, including analytical results, drill-hole sections,
strip-logs, collar locations and drill-hole orientations, geophysical data and
drill-core photographs is available on the Eagle Plains website at:
http://www.eagleplains.com

Additional diamond drilling is planned for the property in early 2011. A
$500,000 Phase 2 program is intended to commence in mid- to late January.The
objective of the program will be to further delineate the mineralized zone
encountered in Holes IR10-005 and IR10-010 and to gain an understanding of the
geometry and structural controls of the zone. Down-hole geophysical surveys are
currently being contemplated. Contingent on favourable results, Phase 3 work
will follow immediately thereafter, with a budget to be determined.

Conference Call

The partners are planning to host a conference call on Tuesday, December 21st at
9:00am PST. Tim Termuende, President and CEO of Eagle Plains and Jim Ryley and
Dave Pighin of TerraLogic Exploration will be present to answer questions. The
call will be recorded and will be available on the Eagle Plains website for
later review.

Participanttoll-free dial-in number (North America): 1-866-809-5793

Iron Range Project Summary

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.

Drill programs were carried out by Eagle Plains in 2005 and 2008. Drilling on
the property in 2008 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). This intercept is located
approximately 10km north of 2010 drilling locations. 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). Swift subsequently
relinquished their option on the property.

DDH IR05-03, drilled in 2005, was collared 175m away from DDH IR10-10 and
returned values of 3.82 g/t Au and 46g/t Ag over a 2m interval (see EPL NR June
13, 2005). The mineralization encountered in this hole was associated with a
silicified, veined and altered breccia unit with associated galena, sphalerite
and arsenopyrite, and appears to be similar to material observed in the current
drill-holes as described above.

The Iron Mountain structure has been mapped with widths of up to 150m and a
strike length of over 50km.Copper and gold mineralization has been discovered
previously 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
$30 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.

Analytical Details and QAQC

All material was shipped to ISO17025-accredited AGAT Laboratories in Vancouver
for rush analysis. Core samples were analyzed via AquaRegia / ICP-OES
multi-element analysis and 30g Fire Assay / AAS analysis for gold.
Over-detection limit results for base metals (>10000ppm) and silver (>100 ppm)
were reanalyzed utilizing AquaRegia / ASS techniques. Due to the presence of
significant intercepts of semi-massive to massive sulphides in hole IR10-010,
the interval from 192.0m to 280.5m was also analyzed via a sodium peroxide
fusion / ICP-OES analysis for a variety of base metals

QAQC: Blank material and 3 different base metal and precious metal standards
were routinely introduced into the sample chain of custody for analysis.
Statistical analysis of the QAQC data was completed for Au, Pb, Zn and Ag and
the results are consistent with all analytic procedures completed by AGAT being
within acceptable parameters.

Geological exploration contracting services on the Iron Range property during
2010 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a
wholly-owned subsidiary of Eagle Plains). Diamond drilling is being carried out
by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of
geologist J.K. Ryley while C.C. Downie, P.Geo. is hereby identified as the
overall project supervisor. 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.

Providence Option Agreement

The Iron Range project is owned 100% by Eagle Plains and holds no underlying
royalties or encumbrances. Providence holds 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. 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 land package now covers over 30km of the Iron Range structure; most of it
unexplored.

About Providence Capital

Providence Capital Corp. is a junior mining exploration company focused on
delivering shareholder value through project acquisition and
development.Currently the company is focused on its Iron Range Project in
British Colombia, Canada.

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 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.

On behalf of the Board of Directors of Eagle Plains, we would like to wish
everyone a Merry Christmas and all the best in the coming year.

Signed,

"Tim J. Termuende"

President and CEO

For further information on EPL, please contact Mike Labach at 1 866 HUNT ORE
(486 8673)

Email: [e-mail] or visit our website at http://www.eagleplains.com

On behalf of the Board of Directors of Providence Capital Corp.,

Signed,

"Steve Bajic"

President and CEO

For further information on PV, please contact Steve Bajic at [phone]

or visit our website at www.providencecapital.ca

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. (TSX-V: EPL) http://www.eagleplains.ca

Maximum News Dissemination by Filing Services Canada Inc. *

www.usetdas.com



URL: http://www.useTDAS.com