Eagle Plains Increases Financing

Cranbrook, BC; 13 August, 2009: Eagle Plains Resources Ltd. (TSX-V:EPL) announces that it has increased the amount of its current financing as announced on July 21st, 2009 from $1,650,000 to $1,850,000. 

Eagle Plains intends to complete a brokered and non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell up to 8,000,000 non-flow-through units at a price of $.20 CDN per unit, each unit consisting of a non-flow-through common share and one-half non-flow-through common share purchase warrant, each whole warrant exercisable at $.30 CDN for a 24 month period. 

The Company will also offer up to 1,000,000 flow-through units at a price of $.25 CDN per unit, each unit consisting of a flow-through common share and a non-flow-through common share purchase warrant, each whole warrant exercisable at $.30 CDN for a 24 month 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 $.50 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. 

A 7% commission or finders fee will be paid to registered dealers or arms-length third parties involved in the financing. 10% broker warrants consisting of non-flow-through shares may be offered to qualified registered dealers. The financing is expected to close in August, 2009.

Maximum gross proceeds of the offering are expected to be $1,850,000 CDN. A portion of the proceeds from the sale of the shares will be used to finance production activity at the Yellowjacket Gold Project near Atlin, B.C., exploration of the company's various projects in British Columbia, Saskatchewan, Yukon and NWT and for general working capital. Funds earmarked for exploration will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2009 taxation year. 

About Eagle Plains Resources

Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. In addition to holding mining royalties on various projects, the Company controls over 35 gold, base-metal and uranium projects, several with third parties including Waterloo Resources Ltd (TSX-V:WAT.P) and XO Gold Resources Ltd. (a private B.C. company). In recent years, Eagle Plains has completed option agreements with Teck Limited (TSX:TCK.B), Alexco Resource Corp. (TSX-V:AXR), Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 53,000m (158,500’) of drilling and over $27.0 million in exploration spending on its projects since 1998.

Expenditures during 2008 on Eagle Plains’ projects were approximately $6,000,000, funded equally between Eagle Plains and third party partners. This work resulted in approximately 6,300m of drilling and extensive ground-based exploration work and facilitated the advancement of numerous projects at various stages of development. 

On behalf of the Board of Directors

“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.