Cranbrook,
B.C., 28 May, 2007: Crews
and equipment have been mobilized to the
Coyote Creek gypsum
project located in the Coyote
Creek/Lussier River area 50km NE of Cranbrook, BC. As
announced October
19th, 2006,
CGC Inc. has agreed to purchase a 100% interest in the property, and is in the process of completing their due
diligence work. The transaction is expected to close on
October
2nd, 2007.
The
property consists of 1300 hectares acquired by Eagle Plains in
2001 by staking, and holds no underlying royalties or
encumbrances. The property is road-accessible with
hydro-electric power and rail transportation located 24 km by
existing road from property boundaries. The claims cover
numerous gypsum occurrences hosted within the Burnais
Formation.
In
late fall, 2006, CGC carried out a 3,642 ft (1,110m), 24 hole
program on the property, confirming the presence of
high-quality gypsum material over significant widths. The 2007
drill program will be a continuation of this work. The current
drill program is expected to take 10 days to 2 weeks to
complete, and will consist of approximately 2,500 feet (762m)
in 15-20 holes. The program will be funded by CGC and operated
by Eagle Plains. Aggressive Diamond Drilling Ltd. of
Kelowna,
B.C. is the drilling contractor. Project Supervision will be
the responsibility of Jim Ryley, P.Geo.- Exploration Manager
of Eagle Plains.
This
news release has been reviewed and approved by Tim J.
Termuende, P.Geo., hereby designated as a “Qualified Person”
under National Instrument 43-101.
Eagle Plains
Resources continues to conduct research, acquire and explore
metal projects in western Canada. The Company
controls over 35 gold, base-metal and uranium projects, many
with third parties including Alexco Resource
Corp. (TSX-V:AXR), Wellstar
Energy Corp. (TSX-V:WST),
Blue Sky Uranium Corp. (TSX-V:BSK),
Blind Creek Resources and Golden
Cariboo Resources Inc. (TSX-V:GCC).
These agreements expose Eagle Plains to over $18.0 million in
exploration expenditures over the next five years. In recent
years, Eagle Plains has completed option agreements with
Billiton Metals, Rio Algom Exploration, NovaGold
Resources, Kennecott Exploration, Viceroy Resource
Corp. and numerous other junior exploration
companies, resulting in over 38,000m (125,000’) of drilling
and over $16,000,000 in exploration spending on its projects
since 1998. During the 2006 season, EPL and its partners
completed over 7,000m (23,000’) of diamond drilling on its
properties.
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
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.
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