Eagle Plains Accepts Shares For Debt
Cranbrook BC, 3 January, 2012: Eagle Plains Resources Ltd. (TSX-V: EPL) (“EPL”) 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: [email protected] 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.