Wednesday, Feb. 23, 2011 - News for 'EPL.V/EGPLF' - Eagle Plains/Rosedale Enter Into Option Agreement on Rohan
Copper-Gold Project, NW British Columbia
Cranbrook, British Columbia CANADA, Feb 23, 2011 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture)(EGPLF -
OTCBB_Pink_Sheets), and Rosedale Resources Ltd. (a private B.C. company) have
entered into an agreement whereby Rosedale may earn an interest in the Rohan
copper-gold property, located in northwestern British Columbia. Under terms of
the agreement, Rosedale has the option to earn a 60% interest in the 3,000 ha
property by completing $5M in exploration expenditures, making $500,000 in cash
payments and issuing 1.0M common shares to Eagle Plains over 5 years.Eagle
Plains will maintain a 4% Gross Metal Royalty on the claims, which may be
reduced to 2% upon payment of $2M.
The Rohan property is located immediately south of the Yukon border, 80
kilometres south of White Horse, YK, and 80 kilometres northwest of Atlin
BC.Logistically, the property is well situated along the White Pass rail line,
60 kilometres north of the port of Skagway, Alaska, with easy boat access to the
property from Carcross, Yukon.
The project area covers a 6 kilometre span of the prospective Llewellyn/Tally-Ho
shear zone, part of a larger (>150 kilometre long) crustal-scale fault system,
host to numerous gold, silver and base metal properties.The land package covers
several regional stream-silt (RGS) anomalies that includes better than 95th
percentile values for gold, copper, antimony, arsenic and lead.The presence of
on-strike gold-bearing showings to the north and south gives the underexplored
property good potential for precious metal discoveries.
Rosedale and Eagle Plains intend to carry out an airborne geophysical survey
followed up by silt-sampling and prospecting to define specific target areas for
future work.
Update on Wildhorse Project
Eagle Plains has recently received notice from Excelsior Mining Corp that
Excelsior is terminating its option on the Wildhorse gold-copper property
located in southeastern BC.
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 Aben Resources Ltd. (TSX-V:ABN), 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., Rosedale Resources Ltd. (a private B.C. company);Blackrock
Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd., Touchdown
Capital Inc. (TSX-V: TDW), Active Growth Capital (TSX-V:ACK) and Giyani Gold
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.
Signed,
"Tim J. Termuende"
President and CEO
For further information on EPL, please contact
Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com
