Eagle Plains Resources Ltd fka EPL

[btrain]

Dec 21, 2011 News for 'EPL.V/EGPLF' Eagle Plains/Navy Resources Execute Option Agreement on Vulcan
Property, South-eastern British Columbia


CRANBROOK, British Columbia, Dec 22, 2011 (BUSINESS WIRE) -- Eagle Plains
Resources Ltd. (TSX-V:EPL)(Pink Sheets: EGPLF) and Navy Resources Corp. (a
private B.C. company) announce that they have executed a formal option agreement
whereby Navy may earn an undivided 60% interest in Eagle Plains' 100% owned
Vulcan Property located 30km northwest of Kimberley, British Columbia. Under
terms of the agreement, Navy will complete exploration expenditures of
$3,000,000, make cash payments of $250,000 and issue 1,000,000 common shares to
Eagle Plains over a fifty-four month period. The partners recently completed a
353 line-km airborne airborne gravity geophysical survey over the property area
(see EPL news release Dec 19/2011), with plans underway for drilling next
season.

Property Geology and History

The road-accessible property overlies rocks of the Purcell Supergroup, including
Aldridge Formation sediments. The principle exploration target on the property
is a Sullivan-type stratiform sediment-hosted massive sulfide deposit. The
nearby Sullivan Mine produced 144 million tons of ore averaging 6.5% lead, 5.6%
zinc and 2.3 opt silver to 1988, representing 300,000,000 ounces of silver,
8,000,000 tonnes of zinc and 8,000,000 tonnes of lead, collectively worth over
$45 billion at current metal prices. The parties caution that past results or
discoveries on proximate land are not necessarily indicative of the results that
may be achieved on the Vulcan property.

At Vulcan the styles of mineralization, host rocks and alteration all show
strong similarities to the Sullivan Deposit. The best sulfide mineralization at
Vulcan is exposed in a surface showing. Strata-controlled
pyrrhotite-galena-sphalerite is interpreted to occur at the Sullivan time
horizon in a 7.5 m thick zone which includes 1.5 m averaging 1.6% combined
lead-zinc. Grab samples of this zone assay up to 5.5% lead-zinc and 22 opt
silver.

The Vulcan property has been tested by historic drilling on separate occasions.
The most comprehensive testing occurred in the early 1990's by Ascot Resources.
In 1991 a five-hole 1,003m drill program was completed. In 1992 three holes were
drilled totaling 1535m and explored the Lower-Middle Aldridge contact (LMC) to
depths of 300m, roughly 600-800m down-dip of 1991 intersections. Though 1992
drilling indicated the presence of Sullivan-type stratigraphy and alteration in
all holes, significant base-metal mineralization was not encountered. The
down-dip extension of the 1991 holes on the Vulcan property remain untested and
provide targets for future work.

About Eagle Plains Resources

Eagle Plains continues to conduct research, acquire and explore mineral projects
throughout western Canada. Since 1992, EPL has been acquiring and developing
early stage projects utilizing an in-house team of geologists, technicians and
specialists. Considered a prolific project generator with over 35 properties,
EPL invites joint venture participation to expedite development, reduce risk and
enhance exposure to discovery.

Current third party agreements if maintained to completion expose EPL to over
$55M in exploration expenditures, $6.5M cash and 20M shares in partner
companies. Completed agreements have yielded over $17M in exploration spending,
$1M cash to EPL and a total of 16M shares of partner companies including Alexco
Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd.
and others.

Expenditures during 2011 on Eagle Plains-related projects were approximately
$9,100,000 which was funded by Eagle Plains and third party partners. This
exploration work resulted 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