15:30 | 17.09.2010
Eagle Plains Commences Drilling Program at Yellowjacket Gold Project

Eagle Plains Resources Ltd (TSX-V:EPL) has mobilized crews and
equipment to commence a 2000-2500m drilling program on its 100% owned Yellowjacket
Gold Project located near Atlin, BC. The program will consist of
approximately 50 reverse-circulation (“RC”) drill holes targeting gold
mineralization within the Yellowjacket Zone, within an area targeted for
future excavation and development. Additional mapping and sampling is
also being carried out in the Rock of Ages Zone, where two historic
shafts have recently been exposed during ongoing placer mining activity.
A budget of $450,000 has been set for the program which is expected to
take 3-4 weeks to complete.

The Yellowjacket Project is located 9 km east of Atlin, BC and is
accessed by all-season road. Hydro-electric power is located within 5km
of property boundaries. The project received a B.C. Mines Act permit in
July, 2009 for an open pit gold mine and onsite 400 tpd mill and
concentrator, processing up to 75,000 tons per year. The Permit
contemplates a 7–9 year mine life from a series of open pits entirely
within an area of disturbed placer workings. The gold is recovered using
a simple gravity concentrating recovery plant without the use of
chemicals or additives. Eagle Plains owns both mineral (hard-rock) and
placer rights within the Project area. In October 2009, Eagle Plains and
Prize announced the formal ratification of an Impact and Benefits
Agreement with the Taku River Tlingit First Nation.

The property is known to host significant gold mineralization. Gold is
erratically distributed throughout the Yellowjacket structure such that
accurate exploration and economic assessment of the property is
challenged by a pronounced “nugget effect”.

C.C. (Chuck) Downie, P.Geo, VP Exploration, Eagle Plains Resources and
Project Manager for the Yellowjacket Venture, states: “Going forward
we need to focus on better definition of the Yellowjacket Zone in
terms of near surface grade and tonnage through detailed chip sampling
and shallow drilling. Expansion of the east pit indicates that the
mineralized zone extends into areas that have not been tested by any
diamond drilling and a better understanding of the distribution of the
nugget gold should result in more efficient grade control. Our goal is
to mine and process the near surface ore grade material, while
continuing to explore and expand the overall gold resource. We will also
be looking for potential partners to provide technical expertise and
financing as the project moves forward.”

Tim Termuende, President and CEO of Eagle Plains, recently stated: “The
Yellowjacket project gives EPL strong leverage on rising gold prices. By
using funds generated from the already permitted, low-cost gold
production near surface, we can avoid dilution to shareholders and
continue systematic exploration of this significant gold system with the
aim of identifying a million-plus ounce gold resource.”

A detailed history of the project and photo-gallery may be found at
Project History
In 1983, local area prospectors staked the area of the Yellowjacket
Property and then optioned portions of the property to Canova Resources
and Tri-Pacific Resources. During 1984 and 1985 these companies
conducted programs consisting of ground geophysics, rotary- and diamond
drilling. In 1986 Homestake Mineral Development Company optioned the
property from Canova and initiated programs of mapping, reverse
circulation drilling and diamond drilling.

In 1988, Homestake completed a ground geophysical program which
consisted of 5.5 kilometres of magnetic and VLF-EM surveys. By 1988,
Homestake Mining Company outlined the Yellowjacket Zone; a mineralized
area containing significant gold intercepts over 2 kilometres by
drilling 58 diamond drill holes to depths up to 183m.

As a result of this work, Homestake estimated an historical resource
estimate of 453,500 tonnes grading 10.26 g/t gold (BC Dept Mines Open
File 2000-2 page 41). (These are historical figures and do not
currently comply with NI 43-101, though they are considered by
management to be relevant and form a basis for future exploration of the

Muskox Minerals (later renamed Prize Mining Corp.) optioned the property
in late 2003 and began exploration in December of that same year to
further outline the extent, nature, grade and geometry of gold
mineralization at the Yellowjacket Zone. 41 holes were drilled in
2003-2004, thirteen of which encountered coarse gold that yielded assay
intercepts similar to those obtained by Homestake. Muskox reported
significant gold intersections (among others) of up to:*

80.3 g/t over 38.94 meters including 513.5 g/t over 5.56 metres in
drill hole YJ03-01

80.5 g/t over 30.83 meters including 2397 g/t over 0.91 meters in
drill hole TW05-02, a twin hole to YJ03-10

40.10 g/t over 6.10 metres in drill hole YJ04-07

142.40 g/t over 1.0 metres in drill hole YJ04-20

156.95 g/t over 0.5 metres in drill hole YJ04-22

(*press releases, November 15, 2004 and February 03, 2005):

In 2004, Canamera Geoscience Corp. under contract to Muskox conducted an
airborne geophysical survey over the Property. A total of 820 line
kilometres of airborne survey were flown by helicopter, using 50 metre
spaced flight lines.

In 2005, Muskox/Prize performed a 50km magnetic survey which delineated
three distinct zones: Yellowjacket, Rock of Ages and Gold Run. Six holes
were drilled in the Yellowjacket Zone and 1.5 kilometres to the
southwest, three holes were drilled in the Rock of Ages Zone, for a
total of 895 metres.

In 2006, Muskox/Prize commenced an exploration bulk sampling program,
which included diversion of Pine Creek, overburden/placer tailings
excavation, construction of a 400 ton-per-day milling facility, bedrock
mapping and channel sampling, bedrock excavation and processing. In
2007, Prize reported production of 6.43 kilograms (206.9 ounces) of gold
produced from sluicing the placer-bedrock interface material excavated
during bulk sample excavation. In 2008, Prize processed 4200 tonnes of
material. Of this material, 2880 tonnes were considered to be taken from
the main mineralized Zone and returned gold bars totaling 18.63
kilograms (599 ounces). About 800 kilograms of low grade gold
concentrates from 2008 remain and are estimated to contain approximately
1.5 kilograms (50 ounces) of gold. These gold volumes back-calculate,
using a formula that allows for smelting and processing plant
recoveries, to a head grade of approximately 9 g/t gold.

In 2009, Eagle Plains and Prize contracted Barry Price, P.Geo. and Linda
Dandy, P.Geo. to complete a 43-101 compliant technical report which
summarize development of the property to date. The report identifies
that “Based on the results of the exploration and development
conducted to date on the Property, the authors conclude that the
Yellowjacket Gold Zone represents a legitimate development target with
the potential to host an economically feasible mineral deposit. Such
potential is not quantifiable and can only be verified by additional
exploration and development work.” The entire technical report may
be found on the Eagle Plains website at
Details of the Yellowjacket Purchase
Under the terms of the original JVA, Eagle Plains earned an initial 40%
interest in the Project from Prize by making a $2,000,000 cash payment.
Since commencing activities, Eagle Plains has advanced the JV an
additional amount of approximately $2,600,000. Prize Mining subsequently
agreed to accept dilution of its interest in the project in accordance
with a formula established in the YJV agreement. Prior to the purchase
of the remaining Prize interest and dissolution of the YJV, Eagle Plains
held a 59.62% interest. The total consideration for the purchase of
Prize’s remaining 40.38% interest was $400,000 plus 2,000,000 Eagle
Plains common shares. These shares are subject to escrow restrictions
over a two year period (see NR August 18th, 2010).
About Eagle Plains Resources
Eagle Plains continues to conduct research, acquire and explore metal
projects throughout western Canada. In addition to holding mining
royalties on various projects, Eagle Plains controls over 35 gold,
base-metal and uranium projects, several with third parties including Excelsior
Mining Corp (TSX:MIN.P), Sandstorm Resources Ltd. (TSX-V:SSL), Sandstorm
Metals and Energy Ltd. (TSX-V:SND), Providence Capital Corp., Waterloo
Resources Ltd. (TSX-V:WAT.P), Prize Mining Corp. (TSX-V:PRZ), Windstorm
Resources Inc., 0802906 BC (a private BC Corporation); Heemskirk Canada
Ltd., Touchdown Capital Inc. (TSX-V: TDW) and 99 Capital Corp.
(TSX-V:WDG). 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 53,600m (163,370’) of drilling and over
$28.3 million in exploration spending on its projects since 1998.

Expenditures during 2008 and 2009 on Eagle Plains’ projects were
approximately $7,300,000, funded by Eagle Plains and third party
partners. This work resulted in approximately 6,900m of drilling and
extensive ground-based exploration work and facilitated the advancement
of numerous projects at various stages of development.

Technical aspects of this news release have been reviewed and approved
by C.C. Downie, P.Geo., hereby designated as a qualified person under
National Instrument 43-101.

On behalf of the Board of Directors

“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking StatementsThe 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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