Eagle Plains Closes $1.3M Financing

Cranbrook, B.C., 19 December, 2005: Eagle Plains Resources Ltd. (EPL:TSX-V) has closed a non-brokered public offering as announced on November 10, 2005 and amended November 17th, 2005. The financing was comprised of 1,276,427 non flow-through units for gross proceeds of CDN$893,499 and 417,237 flow-through shares for gross proceeds of CDN$417,237. A total of 1,693,664 shares and 1,276,427 warrants were issued, for total proceeds of the financing of CDN$1,310,736.

The flow-through shares were priced at $1.00 per share. The units were priced at $.70, and consist of one non-flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1 for a two-year period. The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $1.00 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants.

The gross proceeds from the sale of the flow-through shares will be used for exploration of the company's various assets in British Columbia, Yukon and the Northwest Territories. These will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2005 taxation year. The net proceeds of from the sale of the units will be used to finance exploration and for general corporate purposes.

A total of $7,700 in finders fees were paid to certain individuals in relation to the offering.

Insider participation:

Tim J. Termuende (15,000 FT shares), Robert W. Termuende (10,000 FT shares), Glen Diduck (10,082 FT shares), Charles C. Downie (44,655 FT shares)

Pro-group participation: T. MacNeill (50,000 units), P. Krag-Hansen (50,000 units), B. Kvellestad (10,000 FT shares), J. Newell (30,000 FT shares, 70,000 units)

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 30 gold and base-metal projects, many of which with third parties including NovaGold Inc. (AMEX,TSX:NG), Amarc Resources Ltd. (a Hunter Dickinson Group Company;TSX-V:AHR), Northern Continental Resources Inc. (TSX-V:NCR), and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $16.5 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 30,000m (100,000’) of drilling and over $9,000,000 in exploration spending on its projects since 1998. During the 2005 season alone, EPL has seen over 11,300m (37,000’) of diamond drilling on its properties.

On behalf of the Board of Directors

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.