Eagle Plains Resources Ltd fka EPL

[btrain]

Tuesday, March 8, 2011 - 'EPL.V/EGPLF' - Eagle Plains and MMG Announce Letter of Intent on the Findlay
Property


CRANBROOK, British Columbia, Mar 08, 2011 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (EPL:TSX-V) is pleased to announce that a letter of intent has
been executed with Minerals and Metals Group ("MMG") whereby Eagle Plains has
agreed to grant an option to MMG to earn a 60-per-cent interest in Eagle Plains'
100-per-cent-owned Findlay/Greenland Creek properties (the "Project"), located
30 kilometers north of Kimberley, in south-eastern B.C.. Under terms of the
proposed agreement, MMG may earn a 60% interest in the 33,500 ha property by
making staged cash payments to EPL totalling $500,000 and completing $5,000,000
in exploration expenditures over 5 years. MMG may earn an additional 15%
interest (for a total of 75%) by delivering a bankable feasibility study by
2021.

The Findlay Project overlies Aldridge Formation stratigraphy, considered
prospective for sedimentary-exhalative ("sedex") deposits. Structurally, this
area has been identified as an extension of the North Star-Sullivan corridor
which hosts the world class Sullivan deposit 30km to the south. The Findlay
property displays Sullivan-style exhalative tourmalinite (boron) horizons,
massive fragmental sections, anomalous lead, zinc, and indicator geochemistry,
and base metal occurrences. This "Sullivan smoke" occurs throughout the Lower to
Upper Aldridge formation and indicates the potential for Sullivan style
mineralization at multiple stratigraphic levels. Fieldwork by Eagle Plains has
identified a number of target including :

-- North Findlay: 100 meter thick multi kilometer scale mineralized /
tourmalinized exhalative horizon related to hydrothermal venting within the
Upper Aldridge stratigraphic interval.

-- Greenland Creek: Diamond drilling by Eagle Plains in 1997 intersected
numerous thin stratabound sulphide bands associated with albite / garnet /
chlorite alteration, some of which display continuity over 60m, and are open
down-dip and along strike. Dating indicates Sullivan age for Pb mineralization
in the Greenland Creek area.

-- Mid-Fork: Evidence for deep-seated structures including arched gabbros and
thickened, mineralized fragmental sequences at or near "Sullivan time".

The property also includes the historic Silver Key Mine, which produced 31 tons
of selected ore averaging 3431 g/t silver from structurally-controlled narrow
quartz veins within the Lower Aldridge Formation. (B.C. Minfile).

Property scale mapping by Cominco Ltd. and Eagle Plains has established
excellent Aldridge marker control and many of the drill targets developed are
within the 500 -- 1000m range, considered to be shallow for Sullivan type
targets in the Purcell Basin.

Project History

The Findlay property has been explored sporadically since the 1930's.Government
assessment reports show exploration programs by Cominco (1959-69, 1977,
1984-1988), Texas Gulf Sulphur (1971), Kerr-Addison Mines (1971-1975), Amax
(1977-79), Four Tops Mining (1982-1985), Billiton Canada (1983-1984) and Teck
Corp.(1990). Commodities sought were skarn related tungsten from Cretaceous
intrusions and base and precious metals from SEDEX style deposition. Eagle
Plains Resources began acquiring claims in the Findlay - Doctor - Greenland
Creek area in 1996.

Between 1997 and 2000, parts of the current Findlay property were under option
to Kennecott Canada Ltd. Billiton Canada Ltd. and Rio Algom Ltd. Work by these
groups as well as extensive work funded exclusively by Eagle Plains included
property scale geological and structural mapping, soil geochemical sampling,
prospecting and limited diamond drilling. Total expenditures on the property
since 1996 are in the order of $ 4 million.

About MMG

Mineral Metals Group (MMG) is part of the Minmetals Resources Limited group of
companies (HKEx: 1208); MMG is the third largest zinc producer in the world and
operates a portfolio of world-class base metal mining operations, development
projects and exploration projects. Operating mines include the Century mine in
Queensland, Australia's largest open pit zinc mine; the Golden Grove underground
mine in Western Australia and the Rosebery underground mine in Tasmania, both of
which produce zinc, copper, lead and precious metals; and the Sepon gold and
copper operations in Lao. Development projects include the Dugald River zinc,
lead and silver deposit in north western Queensland. In Canada, MMG is focussed
on development of the Izok Lake polymetallic deposit in Nunavut, as well as
systematic exploration in the area of the High Lake and Izok Lake projects.
Target commodities include copper, zinc-lead and nickel.

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., 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 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