Eagle Plains Re-prices Existing Options, Issues Additional Options to Directors, Employees, Consultants


Cranbrook, British Columbia CANADA, January 06, 2012 /FSC/ - Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTC Pink),has re-priced 1,805,000 options from an exercise price of $1.00 and currently expiring on December 10, 2015, setting a new exercise price of $.40. The vesting provisions and expiry dates of the re-priced options will remain unchanged.

In addition, the Company has granted incentive stock options to directors, employees and key consultants of the company for the purchase of a total of 1,400,000 shares at an exercise price of $.40 per share, expiring January 6th, 2017. These options, in part, replace those which have recently expired.

The re-pricing and issuance of additional options are subject to regulatory approval and will be voted upon at the company's next annual general meeting.

About Eagle Plains Resources

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 $55M in exploration expenditures, $6.5M cash and 20M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1M cash to EPL and a total of 16M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd. and others.

Expenditures during 2011 on Eagle Plains-related projects were approximately $9,100,000 which was funded by Eagle Plains and third party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development.

Signed,

"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.

To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/eagleplains01062012.htm






Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
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