2012-09-17 20:03:27 -
Cranbrook, B.C., September 17th, 2012: Clemson Resources Corp. (TSX-V:CRZ) has mobilized crews and equipment to commence drilling activity on Eagle Plains' 21,883 ha Kalum gold-silver project located approximately 35 kilometres northwest of Terrace, British Columbia in the Skeena Mining Division. Two holes for a total of 400m (1,300') are planned for the $200,000 2012 program, with funding provided by Clemson, which holds the exclusive option to earn a 60% interest in the property from Eagle Plains.
2012 drilling will target potential gold mineralization along strike from the Bling-Rico Zone, which was discovered and subsequently drilled by Eagle Plains in 2004, returning 35g/t gold over 2.5m from 101.8m to 104.3m.
Numerous high-grade gold showings exist elsewhere on the Kalum property associated with
a Cretaceous-aged intrusion that has cut sedimentary and volcanic rocks of the Jurassic to Cretaceous aged Bowser Lake sediments.
The original Kalum gold discovery was first prospected in 1919. Since then, additional occurrences have been discovered and explored by numerous exploration companies. In 2003, Eagle Plains consolidated all of the known showings into a single property package. Since that time, over $2.5 million has been spent by Eagle Plains and partners exploring the property. This work included systematic mapping and exploration over the entire property area and has resulted in the discovery of a number of new gold-silver showings.
Geological contracting services for the program will be provided by TerraLogic Exploration Ltd., a wholly-owned subsidiary of Eagle Plains, with diamond drilling provided by FB Drilling, both located in Cranbrook, B.C. Drill supervision will be provided by C. Gallagher, Project Geologist, with overall project supervision by C.C. Downie, P.Geo., hereby identified as the "Qualified Person" under N.I. 43-101.
To earn a 60% interest in the property, Clemson has agreed to complete exploration expenditures of $3,000,000, make cash payments of $250,000 and issue 1,100,000 common shares to EPL over a four year period.
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 $50M in exploration expenditures, $6M cash and 14M 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. and numerous others.
Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, 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. Exploration is currently underway for an aggressive 2012 season with many individual exploration programs either completed or in progress, most of which will be funded by third-parties in relation to ongoing option agreements.
The contents of this news release have been reviewed and approved by Tim J. Termuende, P.Geo.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
or visit our website at 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.
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