Eagle Plains Resources Ltd fka EPL

[btrain]

Jan 17, 2012 News for 'EPL.V/EGPLF' - Eagle Plains/Providence Identify Multiple New Drill Targets
Based Upon Historical Soil Data and Provides an Update for 2011 Drilling on the
Iron Range Project


Cranbrook, British Columbia CANADA, Jan 17, 2012 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTC Pink),and
Providence Resources Corp. (TSX-V: PV) are pleased to announce that a systematic
compilation and analysis of historical soil geochemistry data has identified
eight anomalous zones including two high priority, multi-element soil anomalies
that are slated for drill testing in 2012, and six additional anomalous zones,
that have been selected for field evaluation as part of the 2012 exploration
program. For maps and figures related to this news release please visit our
website http://www.eagleplains.com/projects/bc/ironrange/

"Our analysis of the historic soil data confirms our belief that the Iron Range
Property displays an anomalously high background metal endowment and
demonstrates that the entire property is prospective for gold mineralization in
addition to the traditionally explored for Sullivan-style lead-zinc
mineralization." Stated Providence Resources Corp.'s President and CEO Vince
Sorace. "The results from the soil data compilation are highly encouraging; we
are looking forward to comparing these anomalies with those obtained from
electromagnetic and gravity surveys when results are available."

The final 3 drill holes of the 2011 drill program (1,044.2 metres) were
completed in August, 2011. Drill holes IR11-027 to IR11-029 intercepted the
Talon Zone at depth. IR11-27 was drilled oblique to the Talon Zone and returned
3 meters @ 3.29 g/t gold and 4.6 g/t silver, IR11-28 and 29 were drilled
perpendicular to the zone and returned 12.0 meters @ 0.59 g/t gold, 2.5 g/t
silver and 2 meters @ 2.34 g/t gold, 61.2 g/t silver respectively. A map
outlining these drill locations is available at
http://www.eagleplains.com/projects/bc/ironrange/

2012 Exploration Program

The Company intends to execute a full exploration program in 2012 with the
objective of systematically evaluating all existing exploration data, utilizing
newly acquired 2011 geophysical surveys, field evaluating all resulting
anomalies and ultimately drill testing the highest priority targets.

* Systematic compilation and analysis of historical soil geochemistry - this
work and the resulting anomalies are the focus of this news release.

* Geophysical electromagnetic and gravity surveys - it is anticipated that
results from this work will be available in February 2012.

* Winter drilling (Phase I) of high-priority geophysical and geochemical
anomalies. Two targets have been identified during the evaluation of historical
geochemistry and additional targets are anticipated.

* Field work will be completed in summer 2012 with the objective of bringing
remaining targets to the drill testing stage for Phase II drilling in late 2012.

Historic Iron Range Soil Surveys

Soil anomalies were identified as part of ongoing compilation of historical data
on the Iron Range Project. Data compilation work is producing exploration
targets in advance of gravity and electromagnetic survey results that will be
available in February, 2012. All available geological, geochemical and
geophysical data will be used to delineate priority targets which will be tested
during 2012 Phase I and Phase II drilling.

A total of 12,201 soil samples were collected by various operators between 1986
and 2010 within the limits of the Iron Range project. These data have been
systematically compiled by TerraLogic Exploration Services and re-evaluated by
Providence Resources Corp. Soil anomalies were selected where assay values
exceed the mean value of the survey by at least 1 standard deviation and where
an anomaly can be traced across at least two soil lines within a given survey or
an adjoining survey. Priority is assigned to anomalies that are present within
multiple elements in a given survey.

A total of eight geochemical anomalies have been identified. Two anomalies
(Canyon and Row) are considered high priority at this early stage of evaluation
and are already slated for drill testing. The remaining six anomalies will be
further evaluated throughout 2012. A map and description of these anomalies can
be found at http://www.eagleplains.com/projects/bc/ironrange/

2011 Talon Zone Drill Results

Drill intercepts from 2011 diamond drilling for holes IR11-027, IR11-028 and
IR11-029 within the Talon Zone are summarized below. The Talon Zone is a 30
meter-wide, steeply west-dipping, northeast-striking fault zone marked by
moderate to intense silica-sericite (minor albite) alteration zone and hosts
precious and base metal mineralization. The object of the 2011 diamond drill
program was to determine the thickness, strike and depth extent of the gold and
base metal mineralization within the Talon Zone.

IR11-027

IR11-027 shares the same collar as previous drill hole IR11-026. This hole was
designed to test the continuity and intensity of mineralization within the
steeply west-dipping Talon Zone at depth. IR11-027 defines the western limit of
the intense silica-sericite-albite alteration zone intersected in IR11-026 drill
hole (101.4m of 0.5g/t Au), defined by three narrow intervals of significant
gold values. Mineralization occurs in fractures and within a quartz-carbonate
breccia matrix with localized narrow sections of semi-massive sulphide.
Mineralization is dominantly pyrite with minor arsenopyrite +/- sphalerite and
rare galena.

IR11-028

IR11-028 was drilled approximately 70m northeast of IR11-026/027. An isolated
intercept of 1.0m of 2.87g/t Au is coincident with the appearance of breccia
which is consistent with the down-dip extension of the sub-vertical
(west-dipping) Talon zone. Mineralization consists of arsenopyrite with lesser
pyrite, rare sphalerite, and galena within a dolomite-calcite-quartz matrix
supported breccia.

IR11-029

IR11-029 was the final hole drilled in the 2011 Talon zone drill campaign. In
order to obtain a perpendicular cut through the Talon zone, this hole was
drilled at 135 degree azimuth and a -55 degree dip angle. This hole returned
2.0m grading 2.34g/t Au (110-112 meters) defining the central portion of the
Talon zone below the surface oxide zone. Mineralization is characterized by a 10
cm interval of massive pyrite and lesser arsenopyrite within an oxidized,
limonitic breccia.





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Hole From To Length Gold Lead Zinc Silver Lead Zinc

# (m) (m) (m) (g/t) (%) (%) (g/t) (ppm) (ppm)

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IR11027 221.8 237.1 15.25 0.29 0.05 0.11 3.16 481.99 1053.34

Incl. 234.8 237.1 2.3 0.89 0.12 0.11 12.93 1229.95 1076.51

-------------------------------------------------------------------------

IR11027 260 274 14 0.86 0.06 0.05 4.63 550.24 479.91

Incl. 271 274 3 3.29 0.21 0.18 18.20 2145.00 1751.00

-------------------------------------------------------------------------

IR11027 344.5 346.9 2.35 1.06 0.09 0.05 7.06 942.64 537.37

-------------------------------------------------------------------------

IR11027 376 385 9 0.14 0.01 0.01 0.49 89.51 84.41

-------------------------------------------------------------------------

IR11028 239 251 12 0.59 0.06 0.14 2.54 632.82 1359.46

incl. 239 240 1 2.87 0.32 0.35 9.70 3215.00 3459.00

-------------------------------------------------------------------------

IR11028 260 278 18 0.24 0.025 0.05 2.17 247.57 467.53

-------------------------------------------------------------------------

IR11028 297 304 7 0.19 0.01 0.01 2.27 132.19 119.13

-------------------------------------------------------------------------

IR11028 383 392 11 0.16 0.01 0.03 0.99 127.58 337.96

-------------------------------------------------------------------------

IR11029 100 116 16 0.38 0.06 0.12 13.73 632.37 1150.46

Incl. 110 112 2 2.34 0.22 0.37 61.20 2175.28 3650.50

-------------------------------------------------------------------------

IR11029 140 150 10 0.51 0.13 0.18 9.40 1309.00 1785.00

Incl. 140 144 4 0.77 0.05 0.13 6.73 505.29 1322.68

-------------------------------------------------------------------------



Table 1. Talon Zone Drill intercepts for drill holes IR11-027 to IR11-029. Note
that there is insufficient drilling to determine the true thickness of the
mineralized zones

Quality Control

Geological exploration contracting services on the Iron Range property during
2011 are being provided by TerraLogic Exploration of Cranbrook, B.C. (a
wholly-owned subsidiary of Eagle Plains). Diamond drilling is being carried out
by F.B. Drilling of Cranbrook, B.C. All fieldwork is under the supervision of
geologist J.K. Ryley while C.C. Downie, P.Geo. is hereby identified as the
overall project supervisor. Technical aspects of this news release have been
reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a
qualified person under National Instrument 43-101.

Iron Range Project Summary

The Iron Range deposits were originally staked in 1897, and were covered by
Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains
Resources ("Eagle Plains") staked the current claims immediately after the Crown
grants reverted in 2000, and has been exploring the property since then.
Exploration work to date includes geological mapping, geochemical surveys,
diamond drilling and a 690-line-kilometre airborne geophysical survey.

The Iron Range project is owned 100 per cent by Eagle Plains and holds no
underlying royalties or encumbrances. An additional 35,800 hectares of claims
were added to the original land package, resulting in a total of 56,200 hectares
-- an area approximately 11 km by 50 km. The land package now covers over 30 km
of the Iron Range structure, most of it unexplored. The claims also overlie
rocks of the Aldridge formation, including the same stratigraphic time horizon
that hosts the world-class Sullivan deposit located 70 km to the northeast. Over
its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore
including three billion ounces of silver, eight million tonnes of zinc and eight
million tonnes of lead, collectively worth over $30-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 Iron
Range property.

Providence Option Agreement

The Iron Range project is owned 100% by Eagle Plains and holds no underlying
royalties or encumbrances. Providence holds the option to earn a 60% interest in
the Property by spending $3,000,000 on exploration, making $500,000 in cash
payments and issuing 1,000,000 shares to EPL over 4 years.

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