Eagle Plains Resources Ltd fka EPL

[btrain]

Wed., Jan 4, 2012 News for 'EPL.V/EGPLF' Eagle Plains Accepts Shares for Debt from Blackrock Resources Ltd.

Cranbrook, British Columbia CANADA, Jan 03, 2012 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTC Pink),
announces it has entered into a debt settlement agreement with Blackrock
Resources Ltd., a private B.C. company, whereby Blackrock will issue 1,048,619
common shares to EPL to settle an outstanding debt of $157,292.89. The debt is
related to unpaid exploration and development expenses incurred by Blackrock on
Eagle Plains Resources wholly owned Elsiar Project.

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