Cranbrook, BC; 21 July, 2009: Eagle Plains Resources Ltd. (TSX-V:EPL) announces that the Company intends to complete a non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell up to 7,000,000 non-flow-through units at a price of $.20 CDN per unit, each unit consisting of a non-flow-through common share and one-half non-flow-through common share purchase warrant, each whole warrant exercisable at $.30 CDN for a 24 month period. The Company will also offer up to 1,000,000 flow-through units at a price of $.25 CDN per unit, each unit consisting of a flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $.30 CDN for a 24 month period. The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $.50 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30 day period between the notice and the expiration of the common share purchase warrants. A 7% commission or finders fee will be paid to registered dealers or arms-length third parties involved in the financing. 10% broker warrants consisting of non-flow-through shares may be offered to qualified registered dealers. The financing is expected to close in early August, 2009. Maximum gross proceeds of the offering are expected to be $1,650,000 CDN. A portion of the proceeds from the sale of the shares will be used to finance production activity at the Yellowjacket Gold Project near Atlin, B.C., exploration of the company's various projects in British Columbia, Saskatchewan, Yukon and NWT and for general working capital. Funds earmarked for exploration will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2009 taxation year. Yellowjacket Gold Project Summary The Yellowjacket Project is a hard-rock gold production project directly associated with proven placer deposits. The Project is a 40/60 joint-venture between Eagle Plains and Prize Mining Corporation (PRZ:TSX-V). The claims are accessible year-round by all-weather road 9km east of Atlin, B.C. and are located within the Pine Creek valley, an historic and currently-active placer gold-producing area. Basic supplies and material to support mining activity can be readily sourced out of Atlin, and specialty services may be secured in Whitehorse, Yukon, located 180 kilometres north. Hydro-electric power has been recently established to within three kilometres of the property boundary. The Atlin placer camp ranks as the second largest producer of placer gold in the province. Mining has been the economic mainstay for the town of Atlin since the discovery of gold on Pine Creek in 1897. The mineralized zone at Yellowjacket underlies significant historical surface placer disturbance. Downstream topographical features have rendered Pine Creek a ?low-value? fish habitat. Gold mineralization at Yellowjacket consists of coarse gold hosted in quartz stockworks and silicified zones in brittle volcanic and altered ultramafic rocks. Gold mineralization occurs along a prominent fault structure which is interpreted to control the distribution of placer gold reported in the area. A modern, 350 ton per day mill is currently on the property with the majority of the equipment owned by the JV partners. Testing and commissioning of the mill was completed in June (see NR June 29, 2009). A gravity separation circuit has been established, and recoveries of between 73% and 80% have been confirmed. No chemicals or reagents are used in the milling process. As announced on July 13th, the Project has received its Small Mines Permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources ("BC-MEMPR"), which allows for the development and operation of an open pit gold mine and onsite concentrator processing up to 75,000 tons per year of ore. The operation is expected to operate on a seasonal basis while in its early phases, with exploration and development planned to increase current resources and assess the future economic potential of a larger underground operation. About Eagle Plains Resources Eagle Plains Resources plans to commence gold production at the Yellowjacket project in mid-2009 and continues to conduct research, acquire and explore metal projects in western Canada. In addition to holding mining royalties on various projects, the Company controls over 35 gold, base-metal and uranium projects, several with third parties including Waterloo Resources Ltd (TSX-V:WAT.P) and XO Gold Resources Ltd. (a private B.C. company). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,000m (158,500?) of drilling and over $27.0 million in exploration spending on its projects since 1998. Expenditures during 2008 on Eagle Plains? projects were approximately $6,000,000, funded equally between Eagle Plains and third party partners. This work resulted in approximately 6,300m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development. On behalf of the Board of Directors Signed ?Tim J. Termuende? President and CEO   For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673) Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com   Cautionary Note Regarding Forward-Looking Statements The TSX Venture Exchange has not reviewed and does not accept 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.