Eagle Plains and Rockridge Execute Option Agreement on the Knife Lake VMS Project in Saskatchewan

CRANBROOK, BC / ACCESSWIRE / November 1st, 2018 / Eagle Plains Resources Ltd. ("EPL":TSX-V, or "Eagle Plains") and Rockridge Resources Ltd.("ROCK" TSX-V, or "Rockridge") have entered into an agreement (subject toregulatory approval) whereby Rockridge may earn a 100% interest in EaglePlains' 100%-owned Knife Lake Project, located approximately 50 kilometersnorthwest of the community of Sandy Bay, Saskatchewan. The 85,196 ha Knife Lakeclaims cover both the historical Knife Lake VMS deposit and an extensive,under-explored regional VMS target area. The Knife Lake area saw extensiveexploration from the late 1960's to the 1990's with the last documented workprogram completed in 2001.

Link to Knife Lake regionalmap: https://www.eagleplains.com/sites/default/files/2018.11.01_Knife_Lake_Region.pdf

To earn a 100% interest, Rockridge has agreed to make a cash payment toEagle Plains of $150,000 upon regulatory approval, issue up to 5,250,000 common shares of Rockridge and complete $3,250,000 in exploration expenditures over four years. EaglePlains will retain a 2% net smelter royalty ("NSR") on certain claims whichcomprise the project area. The proposedtransaction is subject to the completion of a National Instrument 43-101technical report on the Property, currently being prepared by an independentconsultant.

Knife Lake Geology and History

The Knife Lake deposit lies within the Scimitar Complex, which isbelieved to be the disconnected, northwest extension of the northern Flin Flondomain and the Amisk Volcanic package, which hosts massive sulphidemineralization in the Flin Flon–Snow Lake mining district, the most prolificgreenstone belt in Canada. Since the initial discovery of mineralization in1915, the Flin Flon camp has produced over 170 million tons of sulphide orefrom 31 VMS deposits worth in excess of C25 billion dollars. (2002 NRC, CurrentResearch). Exceptionally high Au contents of many of these deposits, includingFlin Flon (62.4 Mt @ 2.6 g Au/t) and Lalor (8.8 Mt @ 4.6 g Au/t in the Auzone), make them particularly attractive exploration targets. This information is provided only ashistorical reference. Management cautions that past results or discoveries onproximate land are not necessarily indicative of the results that may beachieved on the subject properties.

Knife Lake is interpreted to be a remobilized VMS deposit. Thestratabound mineralized zone is approximately 15 m thick and contains copper,silver, zinc and cobalt mineralization which dips 30° to 45° eastward over astrike-length of 4,500 m, with an average horizontal width of approximately 300m.The deposit is hosted by felsic tointermediate volcanic and volcaniclastic rocks which have been metamorphosed toupper amphibolite facies. The deposit is typical of VMS mineralogy which hasbeen significantly modified and partially remobilized during the emplacement ofgranitic rocks. The mineralization straddles the boundary between two rockunits and occurs on both limbs of an overturned local fold.

Drilling has outlined a series of stratabound ore lenses which arecontrolled by complex geological structures. In the copper mineralized zone,significant thickening of the mineralization occurs near the central portion ofthe deposit. Sulphides and rare native copper are visible in outcrop. Massivesulphides consist of 25 to 60% pyrrhotite and 0.2 to 10% chalcopyrite mineralization.Pyrite is present as irregular disseminations and masses. Locally, up to 8%sphalerite (zinc mineralization) is present.

The first documented work in the Knife Lake showing area occurredbetween 1969-1973, consisting of ground and airborne geophysical surveys andextensive soil geochemical sampling. The discovery drill-hole, collared inSeptember, 1969, returned 2.37% Cu over 4.48m from 19.96-24.44m, including 3.5%Cu over 2.5m from 20.27-22.77m. A total of 96 diamond drill holes (8,232m) werecompleted between 1969-1971 and in 1973 Straus Exploration announced a maidenresource on the Knife Lake Deposit.

Hudson's Bay Exploration and Development Company Ltd. later carried outa regional Airborne EM geophysical survey in the Knife Lake – Scimitar Lakearea, followed up by geological mapping, prospecting, ground geophysics anddiamond drilling. The property was subsequently optioned by CopperquestIncorporated in 1989, which carried out further geophysical and geochemicalsurveys and optioned the property to Leader Mining International in 1996.Between 1996 and 2001, Leader flew various airborne geophysical surveys in thearea, including EM, magnetic, and gravity surveys. This was followed up withstripping and trenching of the outcropping deposit area. Ground TEM, magnetic,ground IP/Resistivity and VLF-EM surveys were completed over and adjacent tothe main deposit area.

Between 1996 and 1998, Leader completed 315 drill holes, outlining abroad zone of mineralization occurring at less than 100 meters depth (AF63M-0006, Report 10). Late in 1998, Leader published the geological reserves ofthe deposit, reporting a drill-indicated resource of 20.3 million tonnesgrading 0.6% Cu, 0.1 g/t Au, 3.0 g/t Ag, 0.06% Co and 0.11% Zn. It wassuggested that 11.0 million tonnes grading 0.95% Cu could be mined using anopen pit (SMDI 0406).*

A 357kV powerline has recently been completed to within 16km of theKnife Lake Deposit area, greatly enhancing the project's infrastructure.

Tim Termuende, President and CEO of Eagle Plains commented recently onthe transaction: "we are pleased to beworking with Rockridge on the Knife Lake Project. Rockridge brings to the tablea solid management team with strong financial and marketing abilities, whileEagle Plains will maintainsignificantupside exposure to the project through its sizeable shareholdings in Rockridgeand the retention of an NSR.Byfarming-out Knife Lake, Eagle Plains stays true to its proven model as aproject generator and will continue its' focus of researching, identifying andacquiring new exploration opportunities in western Canada without the attendantdilution that invariably accompanies specific project development."

Future Plans

The Knife Lake Project has a drill permit in placeand Rockridge is planning for an initial diamond drill program in early 2019.

Charles C. Downie, P.Geo., a "qualified person" for the purposes ofNational Instrument 43-101 - Standards of Disclosure for Mineral Projects, hasprepared, reviewed, and approved the scientific and technical disclosure in thenews release.

Other Saskatchewan VMSProjects

As announced on September 12, 2018 Eagle Plains has recently acquiredthe historic Schotts Lake Cu-Zn VMS deposit located 40km northwest of FlinFlon, Manitoba. The Schotts Lake property hosts metamorphic and intrusive rockswhich are dominantly volcanic in origin and associated with an island arc environment.The rocks are folded into an easterly-dipping synform.

Mineralization consists of semi-massive to massive pyrrhotite and pyrite withassociated chalcopyrite (copper) and sphalerite (zinc) mineralization. TheSchott's Lake deposit is interpreted to be a typical exhalative massivesulphide zone. The mineralized zone has an average thickness of 20.4m, isoverturned and lies on the eastern limb of a major north-easterly plungingfold. The deepest mineralized intercept is at a vertical depth of 266 meterswith mineralization open to depth.

A number of different historical resources have been estimated for theSchott's Lake Deposit (SMDI 0320). They range from 925,000 tons averaging 0.64%Cu, 1.16% Zn (Hudson Bay Exploration and Development 1954) to 4.5 milliontonnes of 0.41% Cu, 1.26% Zn (Aur Resources 1998). The most recent resourceestimate was by Aur in 2003 who estimated a Geological Resource of 1,985,850tonnes grading 0.61% Cu and 1.35% Zn.*

*Eagle Plains' management considers these estimates to be historicalin nature and cautions that a Qualified Person has not done sufficient work toclassify the historical estimates as current mineral resources or mineralreserves in accordance with National Instrument 43-101.These estimatesdo not comply with current definitions prescribed by National Instrument 43-101or the Canadian Institute of Mining, and are disclosed only as indications ofthe presence of mineralization and are considered to be a guide for additionalwork.The historical models and data sets used to prepare thesehistorical estimates are not available to Eagle Plains, nor are any more recentresource estimates or drill information on the Property.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains continues toconduct research, acquire and explore mineral projects throughout westernCanada. The Company is committed to steadily enhancing shareholder value byadvancing our diverse portfolio of projects toward discovery throughcollaborative partnerships and development of a highly experienced technicalteam. Managements' current focus is to preserve its treasury while advancingits most promising exploration projects. In addition, Eagle Plains continues toseek out and secure high-quality, unencumbered projects through research,staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of newprojects exceeding 130,000 ha targeting mainly gold, uranium and base-metals inSaskatchewan, a highly-prospective mining jurisdiction which was recentlyrecognized by the Fraser Institute as the second best place in the world interms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintainprosperous communities by exploring for and discovering resource opportunitieswhile building lasting relationships through honest and respectful businesspractices.

Expenditures from 2011-2017 on Eagle Plains-relatedprojects were approximately $16.5M, which was funded by Eagle Plains and forthe most part, by third-party partners. This exploration work resulted in approximately 15,000 m ofdiamond-drilling and extensive ground-based exploration work facilitating theadvancement of numerous projects at various stages of development.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on EPL, please contactMike 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 TSXVenture Exchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements including but not limited to comments regarding thetiming and content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc. Forward-lookingstatements address future events and conditions and therefore, involve inherentrisks and uncertainties. Actual results may differ materially from thosecurrently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd.