Eagle Plains Reports Significant Results from 2006 Drilling Program on Sphinx Molybdenum Project

Cranbrook, B.C., 07 February, 2007: Eagle Plains Resources Ltd. (EPL:TSX-V) has compiled and interpreted assay results from a 5,500’ (1,700m), four-hole diamond drilling program on it’s 100% controlled Sphinx property, located 60 km west of Kimberley, B.C.  Drilling was completed on the property in late Fall, 2006.

Highlights

• Hole SX06-15 intersected .042% Mo (.070 %MoS2) over its entire length of 470m, ending in mineralization
• Hole SX06-15 includes high grade intercept of 79.0 m grading .068% Mo (.114%MoS2)
• recent drilling significantly expands extent of known mineralization

Sphinx Project Summary

The Sphinx property area consists of approximately 2500 ha, with 1600 ha acquired by staking by EPL and 900 ha subject to an option to earn a 100% interest (less 1% NSR) from arms-length individuals. The claims are ideally located with respect to local infrastructure. The property is road-accessible, has been logged extensively and is situated along a high-voltage hydro-electric line. Rail facilities are located 60km east of the property. 

B. Price, P.Geo. submitted a technical report in May, 2006 which outlined an Inferred Resource of 62,005,615 tonnes grading .035% Mo, using a cut-off grade of .01% Mo. This current inferred resource represents 47,884,630 lbs of contained molybdenum metal. The estimate is based on 14 holes drilled in 2005 by Eagle Plains and incorporates data from 10 holes drilled in 1980 and 1997 by past operators. Drill holes from the 2006 program have not yet been incorporated into the inferred resource calculation. The inferred resource is open in two directions and to depth, and is considered to have significant potential for expansion. The project is being advanced as a bulk-tonnage target.

2006 Drill Program Results

Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Alexco Resource Corp. (TSX-V:AXR), Solomon Resources Inc (TSX-V:SRB), Mulligan Capital Corp (TSX-V:MCC.P), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $11.0 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 38,000m (125,000’) of drilling and over $16,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000’) 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.