Eagle Plains Increases Uranium Project Portfolio

CRANBROOK, October 12, 2023 - Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") is pleased to provide an update on its expanding portfolio of Saskatchewan uranium projects.

Eagle Plains currently holds a 100% interest in 13 individual projects comprising a total of 34,563 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets, an increase of 7,000 ha (25%) over the past three months. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps. Recent acquisitions include the Collins Bay Extension (CBE) - 2174 ha, Dufferin North - 3124 ha, and most recently the Gulch - 1685 ha, a past producing project. A detailed compilation and interpretation of available data from historical work programs has begun and will lead to recommendations for future work.

The recent acquisitions by Eagle Plains are in addition to projects outlined in a news release issued September 22^nd, 2023

See Eagle Plains Athabasca Basin U projects map here

Gulch

The recently acquired Gulch project is prospective for both basement and unconformity hosted uranium deposits. The 1685 ha property overlies four Saskatchewan Mineral Deposit Index ("SMDI") occurrences on the Crackingstone Peninsula, located twenty kilometers southwest of Uranium City.

Uranium mineralization at the historic Gulch Uranium Mine (SMDI 1221) is associated with the regional Black Bay structure. Underground development and diamond drilling work between 1953 - 1957 outlined 11 mineralized shoots. At the Lucy (SMDI 1223), trenching in 1954 returned values from below detection to up to 0.37% U₃O₈ over 3m. Grab samples of altered sediments containing hematite and pitchblende (a uranium containing mineral) from the Duvex Oils and Mines Radioactive Zones (SMDI 1224) returned values from trace up to 2.23% U₃O₈.

The last documented work on the Gulch property was by CanExplor in 2015 (Mineral Assessment Work 74N09-0178) as part of a larger regional program to determine the controls on mineralization in the Gulch Mine area. Work included prospecting, chip and channel sampling, and 51 short (22.01m total) "packsack" drillholes. Conclusions from the program were that anomalous U mineralization was associated with mapped surface lineaments, similar to the structural zones known to host mineralization on the past-producing Gulch uranium mine. Further work was recommended for the property, including deeper drilling.

Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

The above results were taken directly from the SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work on the subject properties. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

EPL is seeking to advance its uranium portfolio through collaborative partnerships, with all of its Saskatchewan Uranium projects currently available for option.

Qualified Persons

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has reviewed and approved the scientific and technical disclosure in this news release.

Update on Dictator Property Option

Eagle Plains reports that it has received formal notice from option partner Riverstick Resources Corp. (a private B.C. company), that Riverstick has terminated its option on the 2578 ha Dictator property located 70km east of Vernon, BC. Recent work at Dictator has outlined two prominent magnetic features within an area where high-grade gold mineralized float boulders were located during the summer of 2020. In April 2022, Eagle Plains received a Multi Year Area Based (MYAB) Permit from the BC Ministry of Energy, Mines and Low Carbon Innovation that will guide future exploration on the Property. In addition to being permitted, the project has excellent infrastructure and meets the minimum expenditure requirement for listing on Canadian exchanges. More information on the Dictator project can be found on the Eagle Plains Website: https://www.eagleplains.com/projects/dictator.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

The Company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $115,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout, Eagle Royalties Ltd. (CSE:ER) was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2011-2022 on Eagle Plains-related projects exceed $30M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 45,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

On behalf of the Board of Directors

"C.C. (Chuck) Downie" P.Geo
V.P. Exploration and Director

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 https://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.

SOURCE: Eagle Plains Resources Ltd.