Eagle Plains Announces Close of Justin, Hit NSR Royalties Sale
Cranbrook, British Columbia CANADA, October 25, 2012 /FSC/ - The Board of Directors of Eagle Plains Resources Ltd (TSX-V:EPL) (the "Company" or "Eagle Plains"), announces that it has closed, effective October 23,2012, the sale of the 2% net smelter return royalty on the Justin gold project and the 2% net smelter return royalty on the Hit gold project (the "Transaction"), as previously announced on September 26, 2012, with Gold Royalties Corporation. The total consideration for this purchase is $500,000, payable through the issuance of 625,000 common shares of Gold Royalties Corporation at a deemed price of $0.80 per share.
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 and 2012 on Eagle Plains-related projects were approximately $13M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 16,000m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.
The contents of this news release have been reviewed and approved by C.C. (Chuck) Downie, P.Geo.
On behalf of the Board of Directors
Vice President Exploration and Director
For further information on EPL, please contact Mike Labach at:
1 866 HUNT ORE (486 8673)
or visit our website at:
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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Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
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