November 2010

Eagle Plains continues to deploy personnel for one ongoing exploration program at the Iron Range Project. Here a drill program has been expanded due to favorable results from the initial drilling which has been designed to test for a SEDEX target. The decision to accelerate further exploration follows the intersection in Hole 2 of a significant interval located at or near the Sullivan time horizon containing pervasive tourmaline and albite-altered sediments interlayered with discrete conformable bands of pyrite, pyrrhotite (iron) and chalcopyrite (copper) sulphides. Though relatively narrow (up to 8mm in width), these bands and the associated alteration assemblage are interpreted by Eagle Plains geologists to be indicative of a vent system nearby which may contain more significant mineralized material. The completion of Hole 3 added additional information to aid in the search for a possible vent source. Hole 4 is currently underway, with permitting ongoing for additional drilling. It is expected that this phase of the drill program will continue for another 2 to 3 weeks.

In late October, crews returned to Cranbrook from the Yellowjacket project after completing a significant drilling and exploration program. During this program a new high-grade gold discovery was sampled where recent placer mining activity by third-party lessees has exposed mineralized bedrock. Highlights of this include:

Further results from the drilling and channel sampling program are pending. Once received they will be analyzed and repored.

This exploration efforts in 2010 advanced 14 projects. These projects are located throughout western Canada with 3 in Saskatchewan targeting rare earths and uranium, 8 in British Columbia and 3 in the Yukon targeting gold, copper, rare earths and base metals. Drilling programs were conducted on 4 of these projects of which one is ongoing at the Iron Range in Southeast BC. Drilling to date this year has achieved 4600m and counting.

The 2010 exploration programs have been designed to focus on developing new prospects to attract joint-venture interest, to test previously identified drill targets, to generate drill targets and to follow-up on discoveries made during 2009 and previous years. To view a Schedule of the 2010 Exploration Projects click the link.

In late 2009 and throughout 2010, the joint-venture model has been working beyond our expectations with 7 option partners currently earning in, two projects sold and one pending that are subject to 50% back in options. There continues interest in our remaining projects. The 2010 exploration program is designed to expand on this success by continuing to generate projects that will attract option interest by other companies. Another important aspect to this strategy is the opportunity available to these arms-length companies to utilize our in-house geological technical team, TerraLogic Exploration Services, for these exploration programs.

Integration of XRF technology and proprietary in-house applications for this technology has aided us in more effectively evaluating our projects. As a result, this has enhanced our ability to attract interest by third parties seeking to option projects and utilize our technical team to assist with the exploration efforts.

Summary of 2010 Exploration Plans:

British Columbia

Yellowjacket Gold Project

On August 19, 2010 Eagle Plains announced that it had acquired a 100% interest in the Yellowjacket Gold Project. This project contains a permitted mine and possesses infrastructure for the production of gold from hard rock and placer gravel sources.

Crews have completed a 64 hole, 2200m drill program to delineate the gold distribution at the next proposed open pit. This pit is located along strike and adjacent to the previous pit that had been excavated during the summer months of 2009.

Looking ahead, Eagle Plains intends to employ or partner with a company who has expertise with these types of deposits to conduct the mining operations. Eagle Plains will carry out the exploration programs on the project to expand the current resource at the Yellowjacket zone and to test the other two zones, the Rock of Ages and the Gold Run. These other zones have seen little (Rock of Ages) or no drilling (Gold Run) to date. During the 2010 exploration program high grade gold was discovered during channel sampling at the Rock of Ages zone, see Eagle Plains news release Oct 6, 2010.

Acacia (Pb, Zn, Ag)

A ground based exploration program was been completed earlier this spring that involved geochemical surveying and geologic mapping. An 8km soil geochemistry program was conducted to test the regional thrust fault that is along strike from the historic showings in the area of the past producing Homestake mine. This survey was conducted over a portion of the 2008 geophysical survey that indicated the presence of an anomaly believed to represent a buried intrusive body. Interpretation will commence once the assay datum is compiled. The Acacia project is located in Southern BC.

Black Diamond (Ag, Au, Pb, Zn)

Another ground based exploration program was completed earlier this spring at the Black Diamond project. This program also involved geochemical surveying and geologic mapping with soil sampling across the Black Diamond structure to test the southern extent of the structural zone. This project is located in the East Kootenay region of Southern BC.

Wildhorse (Au, Cu)

In July, a 9 hole - 630m drill program was completed at the Wildhorse (Au) project which tested gold and copper targets. Assays are pending. The Wildhorse Creek was historically the 3rd largest placer producer in British Columbia. The Wildhorse claims coincide with the furthest upstream placer gold occurences. This $200,000 program has been funded by option partner Excelsior Mining Corp.

Iron Range (Au, Ag, Pb, Zn)

The Iron Range Fault system represents a major structural feature that is markedly different from other structures in the region in terms of deformation and alteration. Structural, mineralization and alteration relationships indicate that the property has potential for both Sullivan type sedimentary-exhalative deposits (SEDEX) and Olympic Dam type Cu–Au-U-REE (IOCG) deposits. The nearby Sullivan deposit was a world class silver-lead-zinc deposit which saw continuous production for over 100 years, closing in December, 2001 while the Olympic Dam deposit in Australia is known as the world’s largest multi-mineral ore deposit. The mineralized zone on the Iron Range Property is exposed over approximately 4 kilometers strike length and is up to 150 meters wide.

Results from previous exploration work including, drilling, geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey have been used to identify a SEDEX target that is the focus of the 2010 exploration program. A $200,000, 3 hole (600-800m) drill program has been expanded to up to $650,000 and the land package more than doubled from 20,400 ha to 56,200 ha due to favorable results while testing this SEDEX target. This program is being funded by option partner Providence Capital Corp.

Elsiar(Au, Cu, Mo)

This program consisted of geologic mapping and geochemical sampling to follow up anomalous results from an earlier program. The earlier program produced consistent highly anomalous Cu and anomalous Au results from the western portion of the property. Prior to this program the area had been relatively untested. An exploration program was completed in mid September with analytical results pending.

Kalum (Au) - The 2010 drilling activity was a continuation of fieldwork completed on behalf of Windstorm during 2009 and previous programs. Exploration drilling followed-up the discovery of a grab sample that returned 973 g/t (30.40 oz/t) Au and 502 g/t (15.68 oz/t) Ag as well as testing other areas where drill targets had been established from previous exploration programs. This $200,000 diamond drilling program acheived 420m and was funded by option partner Windstorm Resources Inc.

Ice River Complex (REE's, Industrial Minerals, Pb, Zn) - A short field program has been conducted on behalf of Waterloo Resources to follow-up encouraging soil sampling and prospecting carried out in 2009.

Yukon Territory

Dragon Lake (AU

A $200,000 exploration program has been completed at the Dragon Lake Project. This program was conducted to evaluate the results of a previous soil geochemical program. Handheld XRFsampling technolgy has been utilized to augment this program where three - 10m trenches were sampled to test the underlying rock formations / lithologies. Assay results have been reported in an Eagle Plains news release of October 27, 2010.

Sprogge (Au)

A $200,000 geological program has been completed on this project located in south-east Yukon. Work included an airborne geophysical survey, geologic mapping and soil geochemical work. The claims have been held by EPL since the late 1990s and have seen sporadic exploration since their acquisition by EPL. Trenching carried out in 1997 returned gold values of 2.38 g/t over 22.5m and 4.24 g/t Au over 4.5m. Both of these targets remain untested by drilling. Work in 2010 was funded by EPL, with a portion of the expenditures to be offset by YMIP grants. Results for the program are pending.

Yukon Grassroots Exploration Programs

Eagle Plains has carried out additional reconnaissance-style grassroots exploration work on various targets throughout the Yukon during 2010. The intent was to acquire new projects with the focus on gold. A new academic understanding of certian geological modelling has come to light and has been applied to these grassroots programs. This work funded by EPL, with a portion of the expenditures to be offset by YMIP grants.

Saskatchewan

Kulyk Lake (aka Baska Eldorado) (U, REE)
On May 26th, crews were mobilized to Saskatchewan to conduct consecutive programs at Kulyk Lake (Baska Eldorado) and Eagle Lake.

At the Kulyk Lake property, mapping and sampling of the Eldorado grid during 2009 led to the resampling of 2 sets of historical trenches located 600m apart, namely the Eldorado (U) and Kulyk (REE) trenches. Samples collected from these trenches in 2009 returned significant values of Uranium and REE's, notably from the Kulyk trench exceptional tREO assays of 55.9%, 30.6% and a 0.7 m chip sample of 18.9%. Soil geochemical results and geological / geophysical mapping from this program indicate the potential for continuous mineralization along strike between the two trenches.

The 2010 exploration program completed 4 trenches over 70m between the retested Eldorado and Kulyk trenches to test for the continuity of the highly anomalous uranium and REE mineralization. Eagle Plains Resources retains a 50% back-in option on this property, exploration has been funded by 99 Capital Corp and performed by TerraLogic Exploration Services, a wholly owned subsidiary of Eagle Plains Resources.

These two programs have been completed and are pending analytics.

Eagle Lake (U, REE)
At Eagle Lake, in 2008 a radioactive boulder train was discovered as a result of prospecting an airborne geophysical anomaly. This led to the discovery of the Red October showing in 2009. The Red October consists of approximately 400m of intermittent mineralized outcrop otherwise covered by overburden. Samples collected from the showing returned exceptional uranium assays: 1) a 1 m yellow-stained chip sample returned 1.56% U3O8 and 2) a grab sample of a yellow-stained black alteration selvage returned 2.24% U3O8.

The 2010 program completed 11 trenches over 160m to test the continuity and on strike projection of the Red October uranium mineralization. This program was funded by Sandstorm Metals and Energy Ltd. and conducted by TerraLogic Exploration Services, a wholly owned subsidiary of Eagle Plains Resources. Results are pending analytics.

Karin Lake (U, REE)

This project is located 40km SE of the world-class uranium mine at Key Lake, Sask.

Previous exploration work on this project including diamond drilling, airborne geophysics and soil geochemistry has outlined uranium and rare earth prospects. The 2010 work has been completed and included lake sediment sampling, scintillometer surveying and prospecting to outline uranium and rare earth targets along the Karin Lake batholith margin. Results are pending This $200,000 program has been funded by option partner Slater Mining Corp.

Summary of 2009 Mining and Exploration Programs:

British Columbia

Yellowjacket Gold Project - In late September operations at the Yellowjacket Mine ceased for the winter months as per the planned shut-down. The mine had achieved limited production in August after receiving a Small Mines Permit and complying with the environmental regulations. In addition, an Impact and Benefit Agreement was signed with the Local First Nations Band, representing a landmark achievement. Accomplishing these three significant milestones in the first few months of acquiring the project speaks well of the ability of management and the team to conduct future exploration and operations at the project.

Data from the existing ~100 drill holes were used to build an NI43-101 resource at the Yellowjacket zone during the winter months. The modeling used to calculate the historic resource was revised to reflect more accurately the type of deposit we understand the Yellowjacket to be. Future exploration will concentrate on drilling in accordance with this new understanding and we are optimistic about growing this resource.

Iron Range Project - During the summer, a surface trenching program had been conducted to follow-up the high-grade gold intercept (7.0m grading 51.5 g/t or 1.5oz/ton). This has resulted in trenching, sampling and mapping the surface expression of the altered zone believed to be the host of the gold bearing material intercepted in the 2008 drill program.

Results of the trenching program returned no significant gold mineralization in the samples recovered from the surface but identified that the zone expressed itself on the surface as approximately 5m wide. Further structural analysis and interpretation has been conducted during the late fall resulting in a ~700m diamond drill program which commenced on Dec 3, 2009.

As a result of this exploration work, a new understanding of the deposit model has been developed. In simple terms, the large size of the controlling structure (fault) and an ancient age of approximately 1.5 billion years along with the presence of a large iron oxide deposit signifies the extent of alteration. This indicates the presence of a large heat source providing mineraliziing fluids over an very long period of time. Below is an exciting interpretation by the geologist in charge of the project:

"The Iron range structure hosts a significant iron oxide deposit, the majority within EPL tenure. Modeled as a prospective IOCG target, the 2008 and 2009 drill programs encountered significant to bonanza-style gold grades in the historic northern claim area. The recent additional tenure acquisition extending the northern and southern boundaries is felt to enhance the prospect of discovery owing to the increased proximity to felsic, granitoid intrusives.

Felsic intrusives in proximity to or in contact with major iron oxide fault zones are known to generate significant copper-gold silver deposits. One example is the Candelaria deposit of Chile."
Further work has been proposed to follow-up this new model. Other work may include exploration of SEDEX potential in the southern portion of the property identified in previous exploration programs.

Sphinx - Announced June 2nd, 2009, Eagle Plains agreed to sell its 100% interest in the Sphinx property to Touchdown Capital for 2,000,000 common shares and a $200,000 exploration program during 2009. Eagle Plains retains a 50% buy back option.

In 2009, an updated 43-101 report on the Property resulting in an Indicated Resource of 41,450,000 tonnes grading 0.041%Mo (with a 0.03% Mo cut-off) and an Inferred Resource of 37,180,000 tonnes grading 0.04% Mo (with a 0.03% Mo cut-off), based on 7,603 samples from 38 diamond drill holes totaling 10,685.8m.

Fieldwork on the Property commenced in late fall of 2009 and consisted of an 18 line-km induced polarization (“I.P.”) geophysical survey which resulted in drill targeting designed to test beneath known mineralization related to intrusive rocks. A 500m diamond drilling program commenced in early November. Results have been reported in a news release.

Ice River Complex - Exploration work at the Ice river was conducted in August, 2009. The month long program consisted of Induced polarization (IP) and MAG geophysical surveys, mapping, prospecting and sampling. Exploration efforts focussed on defining the extent of REE (Rare Earth Element) occurrences as well as know lead/zinc mineralization.

Coyote Creek Project - Relogging and sampling of existing drill core has been conducted in order to target a bulk sample and continue to assess the viability of gypsum mining on the property. Partner Heemskirk Canada Ltd. has agreed to advance to phase 2 work.

Yukon

Dragon Lake - Ground based exploration involving soil sampling and assessment work was conducted at the Dragon Lake property to assist in developing future drill targets..

New Projects - Grass roots exploration in the Yukon focussed primarily on acquisition of new gold prospects.

Saskatchewan

Eagle Lake - In 2008 prospecting was conducted in an area outlined as prospective by airborne geophysics. As a result a minealized boulder train was discovered (named the "Red October") and a 5.4 line kilomenter grid was cut where soil geochemistry and a ground based magnetic geophysical survey was conducted. A follow-up program was conducted in the fall of 2009 where the boulder train was followed up-ice (glaciation), results of this ground based mapping and prospecting program are pending.

Baska/Eldorado - Previous work on this project focussed on re-evaluating the historic Baska and Eldorado uranium showings. Guided by 2007 airborne geophysics, in 2009 we established 2 grids to conduct soil chemestry, ground based magnetic geophysics and scintillometer surveys. A mapping and prospecting program followed in the fall of 2009, results include:

Geological Surveying Explained

Geochemical - There are basically two types of geochemical surveys, lithogeochemical and biogeochemical. Lithogeochemical, the most common, is the sampling of rocks, soils and silts. Biogeochemical is the sampling of plant material. Samples for both types of surveys are collected, there location recorded for future reference, then sent to labs for analysis.

A geochemical survey area is normally focussed around a mineral showing or an anomalous value that was collected in a broader scope survey commonly known as a regional geochemical survey.

These regional geochemical surveys cover large areas of land where samples of creek sediments are collected and analyzed for anomalous mineral values. Stream sediment samples are utilized because water tends to mobilize these minerals where they ultimately collect in the sediments.

Once an anomalous mineral value has been identified either in an outcrop (showing) or in a sediment sample, a more focussed survey can be conducted in the area to determine the extent of this anomalous value. Upon completion, considering all the information, drill targets are identified and prioritized.

This is exactly the procedure followed by Eagle Plains at the Mackenzie Valley zinc project where the regional geochemical survey data was obtained by EPL as a result of a survey conducted by Rio Tinto in the 1970's. Analysis and mapping of this data provided information to conduct more focussed surveys around areas returning anomalous values.

Geophysical - There are two ways to conduct geophysical surveys, ground based and airborne.

Employing sophisticated electronic equipment, these surveys are conducted using magnetic, electromagnetic and radiometric resonance to measure the variations in the earths' magnetic field. Different kinds of rocks and mineralization will return different values as they change the way the magnetic field resonates through them. Changes in this conductivity are then mapped to provide a three dimensional view of these of values. In general, areas of interest to geologists are where two distinctly different types of resonance values border each other. This is indicative of an event where an alteration may have occurred in the rocks and alteration is what we look for.

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