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Article Excerpt
M2 PRESSWIRE-31 July 2008-Eagle Plains Resources Ltd.: Eagle Plains/Blind Creek Commence Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory(C)1994-2008 M2 COMMUNICATIONS LTD
RDATE:31072008
Cranbrook, British Columbia CANADA -- Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), and option partner Blind Creek Resources Ltd. (a private B.C. company) jointly announce that they have mobilized crews and equipment to commence a diamond drilling program on the Blende property, located in central Yukon approximately 65km NE of Keno. A total of 1,200m of drilling is planned for the project during 2008. The budget for the 2008 program has been set at $700,000 and includes metallurgical testing of mineralized material.
Blind Creek may earn a 60% interest in the 73-unit (3700 acre) property, which is owned 100% by EPL (subject to a 1% NSR). To earn its 60% interest, Blind Creek has agreed to complete a total of $5,000,000 in exploration expenditures, pay EPL $250,000 cash and issue 1,000,000 common shares by December 31st, 2010.
The Blende is a carbonate-hosted deposit on the south edge of the Mackenzie Platform, hosted by Middle Proterozoic Gillespie Group dolomite. A N.I. 43-101 compliant report was completed on the property in 2004 by B. Price, P.Geo. In his technical report, Price used calculations prepared in 1991...
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