The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
EPL: TSX-V
President and CEO: Tim J. Termuende
Chief Financial Officer and Director:
Glen J. Diduck
Vice President, Exploration and Director: Charles C. Downie
Eagle Plains Resources Ltd. is a 20-year-old junior mining and exploration company that currently controls more than 30 gold, silver, uranium, copper, molybdenum, lead, zinc, gypsum and rare earth mineral projects, mainly located in western and northwestern Canada, including British Columbia, Yukon Territory and Northwest Territories.
Eagle Plains says its primary objective is to enhance shareholder value through the acquisition and development of early-stage exploration projects.
During the three months that ended June 30, Eagle Plains said it executed three option agreements and completed five field programs on a series of Yukon, BC and Saskatchewan projects.
In response to the current downturn in the economy, the junior said it would scale down its own exploration activities for the year and actively seek joint venture participation with third parties.
As a result, Eagle Plains has entered into 10 option/sale agreements with third parties and budgeted for 2010 exploration programs totaling about C$2.4 million in annual spending.
The company planned work at a number of exploration projects for the third quarter, including drill programs on the Kalum, Iron Range and Yellowjacket projects in British Columbia and field programs on the Sprogge and other regional projects in Yukon - along with some other potential projects.
In August, Eagle Plains completed the purchase of Prize Mining Corp's remaining interest in the Yellowjacket Joint-Venture and now holds a 100 percent interest in the project, subject to a 1.5 percent net smelter return royalty.
The Yellowjacket Zone on the Atlin Gold Property is located 9 kilometers, or 5 miles, east of Atlin, B.C. in the northwestern corner of the province.
Eagle Plains and Prize had completed commissioning and permit compliance for small-scale gold production of up to 75,000 tons and a 2009 mining plan included extraction of a minimum of 32,000 metric ton of gold ore from an existing open pit and onsite concentrator processing of ore at a throughput rate of 350 tons per day.
In February, the partners reported an independent NI 43-101-compliant inferred resource estimate for Yellowjacket of 184,000 metric tons (at a cut-off grade of 0.5 grams per metric ton) averaging 4.4 g/t gold, or 25,000 ounces of gold.
The property is known to host significant gold mineralization, but gold is erratically distributed throughout the Yellowjacket structural zone such that accurate exploration and economic assessment of the property is hampered by a pronounced "nugget effect," the company said.
Eagle Plains planned a 2,000-meter, drill program on the property, beginning in early September.
Cash and short-term deposits: C$2.54 million (at June 30, 2010)
Working capital: C$2.6 million (at June 30, 2010)
Market capitalization: C$14.9 million (Sept. 17, 2010)
Suite 200, 16 - 11th Ave. South Cranbrook, BC Canada V1C 2P1
Tel: 250-426-0749 Fax: 250-426-6899
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