Eagle Plains Resources Ltd. (TSX-V: EPL) and Blind Creek Resources
Ltd. (a private B.C. company) jointly announce that they have
completed fieldwork and received final assay results from a 7-hole,
3,435 ft (1,047.3 m) diamond drilling program on the Blende
property, located in central Yukon approximately 65km NE of Keno
Hill.
Highlights:
-- drill hole BE08126 returned 10.55% Pb+Zn , 225.0 g/t Ag over 9.9m from
31.2m to 41.1m (including 26.0% Pb+Zn, 361.9 g/t Ag over 3.4m from 37.7m to
41.1m) and 14.71% Pb+Zn, 215.7 g/t Ag over 8.1m from 94.7m to 102.8m
-- drill hole BE08128 returned 17.97% Pb+Zn , 162.7 g/t Ag over 4.8m
from 29.4m to 34.2m (including 20.3% Pb+Zn, 201.6 g/t Ag over 2.8m from
31.4m to 34.2m)
-- drill hole BE08131 returned 5.98% Pb+Zn , 58.2 g/t Ag over 28.9m from
34.2m to 63.1m (including 12.1% Pb+Zn, 187.0 g/t Ag over 3.0m from 35.7m to
38.7m; also including 12.72% Pb +Zn, 103 g/t Ag over 2.6m from 41.2m to
43.8m)
2008 work follows an 11,191' (3,411m), 15-hole program completed
in 2007 and a 23-hole 13,884' (4,233m) program completed in 2006.
Since acquiring the property in 2000, Eagle Plains and its partners
have completed geological and geophysical surveys and an extensive
re-examination, sampling and interpretation of existing drill-core
stored on the property since the mid-1980s.
Overview
Diamond drilling in 2008 was focused on exploration of the Far
West Zone. The primary goal of the program was to delineate new
economically viable targets outside of the current resource. A map
showing 2008 drill hole locations and a detailed technical report
completed prior to 2008 work may be found at:
http://www.eagleplains.com/projects/yukon/blende/.
Blind Creek may earn a 60% interest in the 73-unit (3700 acre)
property, which is owned 100% by EPL (subject to a 1% NSR). To earn
its 60% interest, Blind Creek has agreed to complete a total of
$5,000,000 in exploration expenditures, pay EPL $250,000 cash and
issue 1,000,000 common shares by December 31st, 2010. Blind Creek
has now completed its expenditure requirements in order to satisfy
earn-in requirements. Negotiations are underway between the two
parties whereby Blind Creek may increase its ownership in the
project to 100%.
Table 1 2008 Drill Results
Hole Number Zone From To Length Pb + Zn Ag Cu
(m) (m) (m) (%) (g/t) (%)
BE08126 WEST 31.2 41.1 9.9 10.55 225.0 -
Including WEST 37.7 41.1 3.4 26.00 361.9 -
BE08126 WEST 90.5 122.9 32.4 4.36 59.7 -
Including WEST 94.7 102.8 8.1 14.71 215.7 -
Also Including WEST 96.0 99.0 3.0 16.63 259.0 -
BE08126 WEST 198.0 229.0 31.0 3.75 16.6 -
Including WEST 212.0 228.3 16.3 5.22 26.2 -
Also Including WEST 218.0 223.7 5.7 6.32 32.9 -
BE08126 WEST 263.8 288.5 24.7 1.68 5.7 -
Including WEST 263.8 270.0 6.2 4.87 14.9 -
BE08127 WEST 7.3 16.8 9.5 1.32 2.8 -
BE08127 WEST 33.0 79.4 46.4 1.98 14.7 -
Including WEST 44.6 51.0 6.4 3.06 36.1 -
BE08127 WEST 126.2 156.0 29.8 1.40 10.9 -
Including WEST 127.7 132.0 4.3 4.51 24.9 -
BE08127 WEST 191.5 226.0 34.5 1.83 19.4 -
Including WEST 210.5 214.0 3.5 6.25 61.9 -
BE08128 FAR WEST 27.9 49.5 21.6 5.45 52.8 0.4
Including FAR WEST 29.4 34.2 4.8 17.97 162.7 1.3
Also Including FAR WEST 31.4 34.2 2.8 20.34 201.6 1.1
BE08128 FAR WEST 66.6 78.5 11.9 1.89 31.4 0.1
BE08128 FAR WEST 81.5 96.2 14.7 2.43 12.4 -
Including FAR WEST 87.5 93.3 5.8 4.70 21.1 -
Also Including FAR WEST 90.5 93.3 2.8 7.58 36.4 0.1
BE08129 FAR WEST Abandoned - No significant intercepts
BE08130 FAR WEST Abandoned - No significant intercepts
BE08131 FAR WEST 8.2 69.2 61.0 3.78 40.5 -
Including FAR WEST 34.2 63.1 28.9 5.98 58.2 -
Also Including FAR WEST 35.7 38.7 3.0 12.06 187.0 -
Also Including FAR WEST 41.2 43.8 2.6 12.72 103.0 -
BE08132 FAR WEST 4.5 62.5 58.0 2.88 29.7 -
Including FAR WEST 22.5 28.0 5.5 5.78 61.2 -
BE08132 FAR WEST 77.5 89.5 12.0 1.97 11.3 -
BE08132 FAR WEST 91.0 103.0 12.0 1.30 6.9 0.1
Blende Property Summary
The Blende is a carbonate-hosted deposit on the south edge of
the Mackenzie Platform, hosted by Middle Proterozoic Gillespie
Group dolomite. A N.I. 43-101 compliant report was completed on the
property in 2004 by B. Price, P.Geo. In his technical report, Price
used calculations prepared in 1991 by Billiton Metals Canada Ltd.,
which identified an inferred resource estimate for the property
comprising a total of 19,600,000 tonnes (21,500,000 tons) grading
56.0 g/T silver, 3.04% Zn and 2.80% Pb at a cut-off based on an
in-situ gross metal value ("GMV") of $25 (based on 1990 metal
prices and exchange rates)*. Within this resource is 15,300,000
tonnes grading 67.5 g/T silver, 3.04% Zn and 3.23% Pb (note: this
inferred resource does not consider metallurgical recoveries).
Table 1-Inferred Resource Summary**
Inferred Resources Contained Silver Contained Zinc Contained Lead
19,600,000 tonnes 38,700,000 oz 1,300,000,000 lbs 1,200,000,000 lbs
*These resource estimates were prepared by Billiton Canada
Explorations Inc., a large integrated international exploration
company prior to the introduction of National Instrument 43-101.
Nevertheless, in (Price's) opinion, the estimates are relevant and
reliable.
**These figures represent in-situ resources and do not account
for mining or metallurgical recoveries.
Although initially explored as an open pit target, Eagle Plains
and Blind Creek management believe that there is excellent
potential to outline additional resources and possibly develop the
deposit as an underground operation, which would allow mining of a
smaller tonnage with higher grade. By adjusting the cutoff grade of
the blocks calculated previously, the current inferred resource
could be reduced in tonnage, but increased in grade. The deposit is
open along strike to the east and west as well as down-dip of the
existing zones.
Numerous high-grade intersections have been reported by past
operators, including hole 88-02 which assayed 282 g/t (8.22 oz/t)
silver, 12.2% lead, and 4.4% zinc over 19.8m from a depth of 70.7
to 90.5m. Hole 88-03 returned 8.5m grading 550.1 g/t (16.04 oz/t)
silver, 15.3% lead and 4.6 % zinc from 118.0 to 126.5m, and hole
90-15 intersected 9.5m grading 351.2 g/t (10.24 oz/t) silver,
14.11% lead, and 6.59% zinc from 60.1 to 69.6m. Step-out drilling
in 1994 confirmed the continuation of ore-grade mineralization
westward, with the addition of significant copper values. Hole
94-81 contained 14.9 m of mineralization which assayed 228.4 g/t
(6.66 oz/t) silver, 9.71% lead, 5.48% zinc, and 0.78% copper from
9.2m to 24.1m, while hole 94-84 intersected 8.5m which returned
136.1 g/t (3.97 oz/t) silver, 6.74% lead, 3.65% zinc and 2.43%
copper from 45.5-54.0m.
The 2008 program was carried out under the supervision of C.C.
Downie, P.Geo., hereby identified as the "Qualified Person" under
N.I. 43-101. Drilling services were carried out by Apex Diamond
Drilling Ltd. of Smithers, B.C.
About Eagle Plains
Eagle Plains' management would like to take this opportunity to
remind shareholders of the sound financial position of the company.
The company currently has $5.5 million in cash and securities and
is debt-free. Management has implemented a number of measures to
protect its treasury and reduce overhead expenditures. The Company
is in a strong position to take advantage of opportunities
presented by the current economic downturn, and will be
well-positioned when market conditions improve. As part of its
plans to diversify its activities during the current industry
downturn, Eagle Plains provides competitively priced contract
geological consulting services to both partners and third party
clients, offering a full range of GIS, data management, data
collection, and geological services as well as diamond drilling
support.
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 Teck Limited (TSX: TCK.B), Alexco Resource Corp.
(TSX-V: AXR), Sandstorm Resources Ltd. (TSX-V: SSL.P), Waterloo
Resources Ltd (TSX-V: WAT.P), Mountain Capital Inc (TSX-V: MCI.P)
and XO Gold Resources Ltd. These agreements expose Eagle Plains to
over $15.0 million in exploration expenditures over a five year
period. In recent years, Eagle Plains has completed option
agreements with Billiton Metals, Rio Algom Exploration, NovaGold
Resources, Kennecott Exploration and numerous other junior
exploration companies, resulting in over 52,000m (158,500') of
drilling and over $27.0 million in exploration spending on its
projects since 1998. 2008 expenditures on Eagle Plains' projects
were approximately $6,000,000, funded by both Eagle Plains and
third party partners. In 2009, management anticipates approximately
$1.2 million in exploration expenditures funded by partners.
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.
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.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information, please contact Mike Labach 1 866 HUNT
ORE (486 8673) Email: Email Contact http://www.eagleplains.com
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