Eagle Plains Resources Ltd fka EPL

[btrain]

June 27, 2011 News for EPL.V/EGPLF - Eagle Plains/Olympic Execute Option Agreement on Dragon Lake Gold Project, Yukon Territory


CRANBROOK, British Columbia, Jun 27, 2011 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (TSX-V:EPL) (Pink Sheets: EGPLF) and Olympic Resources Ltd.
(OLA.P) have executed a formal option agreement whereby Olympic will have the
exclusive right to earn a 60% interest in the 2,300 acre Dragon Lake project
located 85km northeast of Ross River, Yukon. To exercise the option, Olympic
must complete $3,000,000 in exploration expenditures, issue 1,000,000 common
shares and make cash payments of $500,000 to Eagle Plains over 4 years. Soil
geochemical sampling, limited trenching and drilling has been completed by Eagle
Plains since 1996 and has indicated that significant gold mineralization is
present within property boundaries. Drilling of the property is expected to
commence within three weeks.

Property Geology and Mineralization

Mineralization on the property is associated with an elongate Tombstone Suite
intrusive which has intruded sedimentary rocks of the Hyland Group. Contact
metamorphism related to intrusion of the pluton has resulted in a distinct
alteration halo which hosts known mineralization. Work carried out by Eagle
Plains in 2010 on the Main Zone included continuous chip trench sampling which
returned 4.9 g/t gold over 6.0m, including 6.7 g/t over 4.0m (T-11) and 6.0m
grading 2.8 g/t (T-02). A grab sample of material from a 1.2m wide quartz vein
returned 19.8 g/t gold. Exploration pits dug in 2010 by Eagle Plains in areas of
anomalous soil samples from past programs returned 2.85 g/t gold and 2.25 g/t
gold, respectively.

Property History

The property was first staked in 1966 by Kennco Exploration, which completed
geological and geophysical survey work. Canamax and Welcome north carried out
additional surface work in 1983 and 1988, respectively. Eagle Plains staked the
property in 1996 and have completed 7 separate exploration programs in the
ensuing years. In 2010, Eagle Plains completed rock and soil geochemical
sampling and an airborne geophysical survey.

Update on Kalum Property Option

Eagle Plains has recently received notice that Windstorm Resources Inc.
(TSX-V:WSR) has terminated its option on the Kalum gold property located near
Terrace, in west-central British Columbia.

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. (TSX-V:PV), Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock
Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd., Drexel Resources
Ltd. (TSX-V), Rosedale Resources Ltd (a private B.C. company), Slater Mining
Corp (TSX-V:SLM), Touchdown Capital Inc. (TSX-V: TDW), Bluefire Minerals Corp (a
private BC company), 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 2011 are expected to be approximately $8,000,000 to be
funded by Eagle Plains and third party partners. This exploration work will
result in approximately 9400m diamond drilling and extensive ground-based
exploration work facilitating the advancement of more than 15 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.

SOURCE: Eagle Plains Resources Ltd.



CONTACT:
Eagle Plains Resources Ltd.
Mike Labach, 1-866-HUNT-ORE (486-8673)
[e-mail]
http://www.eagleplains.com