Eagle Plains Resources Ltd fka EPL

[btrain]

Feb 2, 2012 News for 'EPL.V/EGPLF' - Eagle Plains/SinoGas Execute Option Agreement on Eagle Lake,
Saskatchewan Uranium Property


Cranbrook, British Columbia CANADA, Feb 02, 2012 (Filing Services Canada via
COMTEX) -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTC Pink)and
SinoGas West Inc. (TSX-V:GZW.P) have entered into a formal option agreement
whereby Eagle Plains has agreed to grant an option to SinoGas to earn a 60%
interest in EPL's 100% owned Eagle Lake uranium project located 28 km southeast
of Cameco's Key Lake mining operation in north-central Saskatchewan, Canada.

Terms of the option agreement

Pursuant to the option agreement (subject to regulatory approval), SinoGas West
Inc. will have the exclusive option to acquire a 60-per-cent interest in the
Eagle Lake property by issuing up to one million common shares of the company,
making aggregate cash payments of $300,000 and incurring aggregate exploration
expenditures of $3-million over the course of five years. $350,000 is currently
budgeted for 2012 exploration work.

Property Highlights

* 80-150m wide mineralized dyke swarm discovered at Red October occurrence, with
mineralized dykes locally up to 10m in width.

* Samples returned up to 1.56% U308 over 1m and grab samples returned up to
2.24% U308.

* 800m+ mineralized boulder train indicates broad mineralized zone

Property History

The claims cover 14,000 ha containing uranium mineralization originally
discovered by Great Plains Development Company of Canada Ltd. during the 1969
Athabasca Basin uranium rush. The 1969 work program was carried out under the
supervision of R.W. (Bob) Termuende, later a founding director of Eagle Plains.

Exploration in the area now covered by the Eagle Lake property by Great Plains
between 1969 and 1971 reportedly identified a float boulder train 1.5 kilometers
in length. Great Plains reported high radon gas values from both water and soil
samples collected near the uraniferous boulder train. Notably, the bedrock
source for these float boulders was not located.

Mulligan Capital (now Blue Sky Uranium) optioned the property in August, 2006
and in 2007, carried out systematic exploration work including an airborne
geophysical survey, soil geochemical sampling, mapping and prospecting. Blue Sky
subsequently relinquished its option in August, 2008. A number of areas of
interest were identified during the course of this work, including the "Red
October" showing. Subsequent work has defined the Red October showing over 270
meters of strike length in trenches, within a geochemical anomaly of over 500
meters strike length associated with an airborne geophysical anomaly of greater
than 1 kilometer. Samples collected from the showing and trenches returned
exceptional uranium assays including a 1.0 m yellow-stained chip sample which
returned 1.56% U3O8 and a grab sample of a yellow-stained black alteration
selvage which returned 2.24% U3O8. The mineralization is associated with
intrusions and meta sediments of the Wollaston Group.

The Eagle Lake property lies within the Wollaston domain and consists of
metasedimentary gneisses and schists, including pelitic schists and gneisses
with graphitic horizons. EPL will focus on exploring for uranium deposits in
north to northwest-trending faults which are interpreted to have formed
structural traps where uranium mineralization may have been deposited and
preserved.

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
$64M in exploration expenditures, $7.4M cash and 28.6M 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