Eagle Plains Raises $1.2 Million Through Warrant Exercise

Cranbrook, B.C. 23 May, 2006: Eagle Plains Resources Ltd. (EPL: TSX-V) has received a total of $1,269,285 through the accelerated exercise of $1.00 share purchase warrants originally set to expire on December 19th, 2007. The warrants were subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange was greater than or equal to $1.00 for any 10 consecutive trading days; an event that was triggered on April 11th, 2006.

The funds will be used for general working capital and to advance the Company’s various exploration projects in western Canada.

Eagle Plains Resources continues to conduct research, acquisition and exploration projects in western Canada. The Company controls over 35 gold, base metal and uranium projects, many of which are joint-ventured with third parties including NovaGold Inc. (AMEX,TSX:NG), Alexco Resource Corp. (TSX-V:AXR), and Blind Creek Resources. These agreements expose Eagle Plains to over $8,000,000 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 EPL and its partners completed over 11,900m (39,000’) of diamond drilling on its properties.

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.