Eagle Plains Resources Ltd fka EPL

[btrain]

Aug 4, 2011 News for 'EPL.V/EGPLF' - Eagle Plains and MMG Announce Two Property Option Agreements


CRANBROOK, British Columbia, Aug 04, 2011 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (TSX-V:EPL) is pleased to announce that it has executed two
separate property option agreements with Minerals and Metals Group ("MMG")
relating to the Findlay and Boundary properties.

Findlay Project

MMG may earn a 60% interest in Eagle Plains' 100-per-cent-owned Findlay
properties, located 30 kilometers north of Kimberley, in south-eastern B.C..
Under terms of the agreement, MMG may earn a 60% interest in the 33,500 ha
property by making cash payments to EPL of $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 2018.

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".

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.

Boundary Project

MMG may earn a 60% interest in Eagle Plains' 100-per-cent-owned Boundary (Dode)
properties, located along the US border approximately 20km SE of Creston,
British Columbia. The claims were acquired by Eagle Plains through staking
carried out in December, 2010. Under terms of the agreement, MMG may earn a 60%
interest in the property by reimbursing EPL all acquisition costs and completing
$3,000,000 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
2018.

About MMG

MMG is owned by Minmetals Resources Limited (HKSE 1208), an international
upstream base metals company. It is one of the world's largest producers of zinc
as well as a substantial producer of copper, lead, gold and silver. Minmetals
Resources Limited currently has mining operations located in Australia and Asia
and a large portfolio of exploration and development projects in Australia, Asia
and North America. Its operations include the Century mine in Queensland, Sepon
copper and gold operations in Laos, Golden Grove underground base and precious
metals mine in Western Australia and the polymetallic Rosebery mine in Tasmania.

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,
many with third parties including Minerals and Metals Group (HKSE:1208), 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), Olympic Resources Ltd.
(TSX-V: OLA.P), Touchdown Capital Inc. (TSX-V: TDW), Bluefire Mining 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

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)