Eagle Plains / Bethpage Amend Hall Lake Agreement
03.06.2013 | FSCwire
Cranbrook, British Columbia CANADA, June 03, 2013 /FSC/ - Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTC), has reached agreement with Bethpage Capital Corp. (BET:TSX-V) to amend the terms of an agreement announced September 16th, 2011 whereby Bethpage may earn an undivided 60% interest in Eagle Plains' 100% owned Hall Lake Property located 30km west of Kimberley, British Columbia. Under terms of the original agreement, Bethpage would complete exploration expenditures of $3,000,000, make cash payments of $260,000 and issue 1,000,000 common shares to EPL over a fifty-four month period. While most general terms of the agreement remain unchanged, the overall cash payment has been increased to $600,000 and the schedule of work commitments and cash and share payments has been amended, beginning with the deferral of payments originally due to Eagle Plains in December, 2013.The 30 sq-km, road-accessible property overlies rocks of the Purcell Supergroup, including the Creston and Aldridge Formation sediments. A large Cretaceous-aged granitic intrusive is located along a major structural corridor, with associated intrusive dykes and sills found to have associations with both gold and silver mineralization. Prospecting by Eagle Plains reported grab samples of dyke material ranging from trace values up to 2.45 g/t gold and silver values of up to 42 g/t. Bethpage completed an airborne geophysical survey of the property in 2011, which has yet to see additional systematic follow-up exploration work.
Updates on Additional Option Agreements
Eagle Plains has recently been notified by partners Slater Mining Corp. and Tasca Resources Ltd. that the companies have terminated their respective option agreements with Eagle Plains on the Karin Lake and Acacia projects, located in Saskatchewan and British Columbia.
About Eagle Plains Resources
Based in Cranbrook, B.C., 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 $45M in exploration expenditures, $5M cash and 10M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1.8M cash to EPL and a total of 18M 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 $14M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 15,000m of diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
Technical aspects of this news release have been reviewed and approved by Tim J. Termuende, P.Geo., hereby identified as a "Qualified Person" under N.I. 43-101.
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)
Email: mgl@eagleplains.com or visit our website at http://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.