Eagle Plains Resources Ltd fka EPL

[btrain]

5/12/2011-News EPL.V/EGPLF.PK News for 'EGPLF' - Eagle Plains/Bluefire Enter into Option Agreement on K-9
Project, South-Eastern British Columbia


Cranbrook, British Columbia CANADA, May 12, 2011 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture)(EGPLF -
OTCBB_Pink_Sheets), and Bluefire Mining Corp. (a private B.C. company) have
entered into an agreement whereby Bluefire may earn an interest in the K-9
copper-gold property, located in south-eastern British Columbia. Under terms of
the agreement, Bluefire has the option to earn a 60% interest in the 9,760 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 K-9 property is located 30km west of Kimberley and covers the projected
northern extension of the Iron Range structure, currently the focus of ongoing
exploration by Eagle Plains and its partner Providence Resources Ltd. The
property surrounds the historic Great Dane Crown grants. The target
mineralization on the K9 property is stratabound massive sulphides within
Creston Formation rocks possibly related to the same regional structure as the
Iron Range deposits.

In the early 1900's, miners drove a300-foot tunnel at the Great Dane to exploita
1.8 meter wide stratabound lens of silver-bearing lead-zinc-copper sulphides.
Channel sampling of this mineralization in the mid 1980's returned values
including 20.29 ounces per ton silver, 2% Cu, and 61.50% lead across a width of
0.6 meters, 18.2 ounces per ton silver and 45.40% lead across 0.6 meters and
10.12 ounces per ton silver and 32.60% lead across 0.5 meters.(BCMEMPR AR
15309)The parties caution that past results or discoveries on proximate land are
not necessarily indicative of the results that may be achieved on the K9
property.

After acquiring the area surrounding the Great Dane Crown Grants in 1996, work
by Eagle Plains identified a 7m-deep shaft sunk within a 2.7m-wide massive
pyrrhotite lens, located at a similar elevation, and directly on strike with,
the Great Dane adits. Grab samples of the massive sulphides returned values of
up to 27.6 g/t Ag, and 2.13% Cu. The 1996 work also delineated a strong, 1.5
kilometer-long geochemical anomaly which indicates that one or more mineralized
horizons may be present within the property area. Results from an airborne
geophysical survey flown in 2004 by Eagle Plains indicate a number of anomalous
electromagnetic responses which appear to be related in part to the known
mineralized zones. These zones remain untested.

The K9 claims cover a steeply dipping package of phyllitic quartzites and
dolomitic limestones belonging to the Proterozoic Creston and Kitchener
Formations.The mineralization at the Great Dane and K9 adits appears to be
related to a near vertical structure which may be part of the regional Iron
Range Fault Zone.

Bluefire and Eagle Plains plan to carry out an airborne geophysical survey
during the summer of 2011 and intend to follow up results of this work with
additional exploration activity.

Update on Eagle Lake Project

Sandstorm Resources Ltd has recently notified Eagle Plains that it will not
proceed with its option on the Eagle Lake U - REE Project, located 30 km south
of the Athabasca Basin in northern Saskatchewan. Work by Eagle Plains and
Sandstorm has led to the discovery of basement hosted uranium mineralization on
the property.

The Red October showing has been defined in over 270 meters of strike length in
trenches, within a geochemical anomaly of over 500 meters strike length
associated with an airborne geophysical anomaly of greater than 1 kilometer.
Samples collected from the showing and trenches returned exceptional uranium
assays including a 1.0 m yellow-stained chip sample which returned 1.56% U3O8
and a grab sample of a yellow-stained black alteration selvage which returned
2.24% U3O8. The mineralization is associated with intrusions and meta sediments
of the Wollaston Group.

The claim region is part of a newly recognized >300km long belt of U -
REE-bearing pegmatites and intrusions within the Wollaston Domain defined by
numerous new properties currently under investigation by Eagle Plains which is
seeking a partner to continue to advance this exciting project.

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), 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

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

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.

To view this release as a web page, please click on the following link:

http://www.usetdas.com/pr/eagle05122011.htm

Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca

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