Eagle Plains Resources Ltd fka EPL

[btrain]

Feb 21, 2012 - News for 'EPL.V/EGPLF' - Eagle Plains/Providence Identify 3 High-Priority Drill Targets
from 2011 Airborne EM Geophysical Surveys


Feb 21, 2012 (Filing Services Canada via COMTEX) -- Eagle Plains/Providence
Identify 3 High-Priority Drill Targets from 2011 Airborne EM Geophysical Surveys

Vancouver, B.C., February 21, 2012: Eagle Plains Resources Ltd. (TSX-V:EPL) and
Providence Resources Corp. (TSX-V: PV) and Providence Resources Corp. (TSX-V:
PV) are pleased to announce receipt of results from airborne geophysical field
surveys carried out over their Iron Range JV project located near Creston
British Columbia. During October-November 2011, Geotech Ltd. carried out VTEM
time-domain EM and ZTEM AFMAG surveys over parts of the Iron Range Project. The
results have subsequently been processed and interpreted by Condor Consulting,
Inc. of Lakewood Colorado.

Highlights:

* 440 line-km of airborne geophysical data has been collected over the Property
area during 2011.

* 3 high-priority VTEM electromagnetic geophysical anomalies have been
delineated in the Row target area, and are coincident with a 5km-long arsenic,
zinc and lead soil geochemical anomaly.

* The ZTEM survey successfully identified the Iron Range Fault as well as a
northeast-trending fault similar in orientation to the gold-bearing faults at
the Talon Zone.

"Geophysical data collected on the Iron Range Project has produced three high
priority EM conductors that coincide with lead, zinc and arsenic geochemical
anomalies on the Row Target Area," stated Providence Resources Corp.'s President
and CEO Vince Sorace. "The combined results from the geophysical surveys have
fine-tuned the Iron Range geological model and increased our confidence in the
Row Target area which will be drill-tested upon receipt of applicable permits,
which are expected by Q2, 2012."

Geophysical Survey Results

VTEM time domain-EM

A total of 7 anomalies were defined from the VTEM survey; see
http://www.eagleplains.com/projects/bc/ironrange/documents/vtem_2011geophysicsmap.pdf
Anomalies 1-3 represent high-priority EM anomalies and are located within and
immediately adjacent to a ~5 kilometer-long lead-zinc-arsenic soil anomaly
situated in prospective middle Aldridge Formation sedimentary rocks. These three
anomalies may be an indication of subsurface Sullivan style lead-zinc-silver
mineralization and will be drill tested in Spring, 2012. Anomalies 4 to 7
represent secondary priority targets and are likely related to the subsurface
geology. Anomaly 4 is a broad, low level conductor associated with a magnetic
contact and is interpreted to represent a near-surface bedrock anomaly or
conductive overburden. Anomaly 5 is a formational anomaly defined by coincident
EM and magnetic anomalies which correspond to the location of a sliver of upper
Aldridge Formation sedimentary rocks. Anomaly 6 is a broad, northeast trending
conductive zone associated with a linear, northeast trending magnetic anomaly.
Drilling done in this area indicates that the anomaly is related to graphite
within the Aldridge Formation sedimentary rocks. Anomaly 7 is interpreted to be
an artifact that is related to a power line that transects this portion of the
VTEM survey.

ZTEM AFMAG Survey

The ZTEM orientation survey was conducted over the Canyon Target (Talon Zone) to
determine whether this geophysical method would be capable of mapping bedrock
geology based upon the known resistivity and magnetic susceptibility contrasts
within the Aldridge sedimentary rocks; see
http://www.eagleplains.com/projects/bc/ironrange/documents/ztem_2011geophysicsmap.pdf
The survey successfully identified the Iron Range Fault as well as a
northeast-trending fault similar in orientation to the gold-bearing faults at
the Talon Zone. In addition, the survey identified the broad conductive zone
also detected by the VTEM survey. This information is useful in better
understanding the subsurface geology of the Iron Range area and how known target
areas relate to major rock units and structures.



2012 Exploration Program

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

* Geophysical gravity survey - it is anticipated that results from this work
will be available in March, 2012.

* Winter drilling (Phase I) of high-priority geophysical and geochemical
anomalies. High priority targets have been identified during the evaluation of
historical geochemistry, 2011 soil geochemical surveys, and 2011 airborne
geophysical data. 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.

Qualified Persons

Geotech Ltd. VTEM data acquisition phase was carried out under the supervision
of Alexander Prikhodko, PhD, P. Geo., Geotech Ltd. Processing and 2D Inversions
phases were carried out under the supervision of. Alexander Prikhodko, PhD, P.
Geo. Geotech Ltd. ZTEM data acquisition phase was carried out under the
supervision of Jean Legault, P. Geo, P. Eng, Chief Operating Officer, Geotech
Ltd. The processing and interpretation phase was under the supervision of Jean
Legault, P. Geo, P. Eng, Chief Geophysicist (Interpretation), Geotech Ltd.

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 it 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% 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.

Geophysical Survey Specifications

Versatile Time Domain Electromagnetic Survey (VTEM)

The Geotech Ltd. airborne VTEM survey was flown in an east to west (N 172? E
azimuth) direction, with a line spacing of 200 meters. Tie lines were flown
perpendicular to the traverse lines (N 82 degrees E azimuth) at a spacing of
1800 meters respectively for a total of 282.3 line kilometers. This survey also
included a cesium magnetometer. The VTEM plus receiver and transmitter coils
were in concentric-coplanar and Z-direction oriented configuration. The receiver
system for the survey also included a coincident-coaxial X-direction coil to
measure the in-line dB/dt and calculate B-Field responses. The EM bird was towed
at a mean distance of 35 meters below the helicopter.

Z-Axis Tipper Electromagnetic Survey (ZTEM)

Geotech Ltd. carried out a 160.0 line-kilometer, helicopter-borne AFMAG Z-axis
Tipper electromagnetic (ZTEM) and aero magnetic (caesium magnetometer)
geophysical survey centered on the Canyon Target Area. The survey was flown in a
southwest to northeast (N 78 degrees E azimuth) direction, with flight line
spacing between 200 and 250 metres (mean height of 277 meters). Tie lines were
not flown. According to survey specifications, a vertical-dipole air-core
receiver coil and two orthogonal, air-core horizontal axis coils are placed
close to the survey site to measure the horizontal EM reference fields. Data
from the three coils are used to obtain the Tzx and Tzy "Tipper" components at
six frequencies in the 30 to 720 Hz band.

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, $6M cash and 15M shares in partner companies.
Completed agreements have yielded over $5M in exploration spending, $900,000
cash to EPL and a total of 12M 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. Planning is currently underway for a
very aggressive 2012 exploration season, with over 10 individual drilling
programs planned, most to be funded by third parties in relation to ongoing
option agreements.

On behalf of the Board of Directors

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