Eagle Plains/Ecomax Enter Into Option Agreement on Acacia Project, Central British Columbia
June 21 2011 - 9:00AM
Business Wire
Eagle Plains Resources Ltd. (EPL:TSX-V)(Pink Sheets:
EGPLF) and Ecomax Energy Services Ltd. (“Ecomax” EES.H:
TSX-V) have entered into an agreement whereby Ecomax may earn a
60% interest in the 4,600 ha Acacia Property, located 45 km
north of Kamloops in central British Columbia. Under terms of the
Agreement, Ecomax has the option to earn its interest in the
property by completing $3M in exploration expenditures, making
$240,000 in cash payments and issuing 1.0M common shares to Eagle
Plains over 4 years.
The Acacia property is considered to have good potential for
hosting Volcanogenic Massive Sulphide (VMS) deposits. These
deposits typically contain both base and precious metals, and occur
in clusters and/or stacked lenses. The property covers a
stratigraphic assemblage which hosts a number of nearby
past-producing base and precious-metal deposits including the
Samatosum, Rea Gold, and Homestake mines. The property currently
has at least three known target areas. The parties caution that
past results or discoveries on proximate land are not necessarily
indicative of the results that may be achieved on the Acacia
property.
- Previous operators reported diamond
drilling results including 10.6 g/t Au, 335.3 g/t Ag , 3.13 % Zn,
2.74% Pb, and 0.55% Cu over 2.37m on the Twin Mountain
occurrence
- Eight massive sulphide lenses and a
1500m x 250m soil anomaly at the Acacia Zone remain untested by
drilling.
A detailed geological review and compilation may be viewed
here.
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 Aben Resources Ltd. (TSX-V:ABN), Providence Capital
Corp. (TSX-V:PV), Waterloo Resources Ltd. (TSX-V:WAT.P), Blackrock
Resources Ltd. (a private B.C. company); Heemskirk Canada Ltd.,
Drexel Resources Ltd. (TSX-V), Rosedale Resources Ltd (a private
B.C. company), Slater Mining Corp (TSX-V:SLM), Touchdown Capital
Inc. (TSX-V: TDW), Bluefire Minerals Corp (a private BC company),
Active Growth Capital (TSX-V:ACK) and Giyani Gold 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 2011 are expected to be approximately
$8,000,000 to be funded by Eagle Plains and third party partners.
This exploration work will result in approximately 9400m diamond
drilling and extensive ground-based exploration work facilitating
the advancement of more than 15 projects at various stages of
development.
Signed,
“Tim J. Termuende”President and CEO
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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