Eagle Plains Completes Financing

Cranbrook, B.C.: Eagle Plains Resources Ltd. (EPL:TSX-V) announces that it has completed a private placement to directors and officers, as announced January 14, 2003. A total of CDN$174,000 was raised through the issuance of 1,160,000 units consisting of a flow-through common share and a warrant to acquire an additional common share, exercisable at $.20 for two years. The subject securities are restricted from trading for a one-year period. No finders fees or commissions were paid.

Funds generated by the financing will be used by the company to advance exploration on a number of its gold properties in British Columbia and Yukon.

• No. of shares:  1,160,000
• Price:                15 cents per share
• Warrants:         1,160,000 @ .20 (two year exercise period)
• Placees:            T im J. Termuende-director and officer (400,000)
                            L.W. MacEachern-director (750,000)
                            Glen Diduck-director and officer (60,000)

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.