Eagle Plains Shareholders Meet to Consider Yellowjacket Spinout

Cranbrook, BC, December 15th, 2011: Eagle Plains Resources Ltd. (TSX-V:EPL) will hold its Annual and Special Meeting today (December 15th) to consider, and if approved, proceed with the Plan of Arrangement involving the spinout of Eagle Plains’ Yellowjacket Project, located in north-western British Columbia, as originally announced September 29th, 2011. The spin-out company will be called Yellowjacket Resources Ltd. and will be listed on the TSX Venture Exchange. If approved, the application to the Alberta Supreme Court for the final order is expected to take place on Dec. 19th, 2011, and the transaction is expected to close on Dec. 19th, 2011. A summary of the key dates for the transaction is outlined herein, subject to final approval from the TSX Venture Exchange:

• December 15th, 2011: shareholder approval scheduled at AGM and Special Meeting 
• Dec. 19th, 2011: the last day to acquire Eagle Plains shares on the TSX-V and receive Yellowjacket shares upon closing of the transaction (considering three day settlement);  
• Dec. 19th, 2011: the transaction closes; court approval is scheduled, and final materials are filed with TSX-V; 
• Eagle Plains shareholders of record on Dec. 22nd, 2011, as at 12:01 a.m., will be entitled to receive Yellowjacket shares;  
• On or about Dec. 22nd, 2011: the trading of Yellowjacket shares is expected to commence on the TSX-V under the trading symbol YJK. 

Pursuant to the transaction, Eagle Plains shareholders of record reflected on Dec. 22nd, 2011, as at 12:01 a.m., on the register of shareholders maintained by Eagle Plains' registrar and transfer agent will receive one Yellowjacket share in exchange for every three Eagle Plains shares held on said date.

About Eagle Plains Resources 

Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. Since 1992, EPL has been acquiring and developing early stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery. 

Current third party agreements if maintained to completion, expose EPL to over $50M in exploration expenditures, $5.7M cash and 13M shares in partner companies. Completed agreements have yielded over $17M in exploration spending, $1M cash to EPL and a total of 16M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp., Aben Resources Ltd. and others. 

Expenditures during 2011 on Eagle Plains-related projects are expected to be approximately $8,000,000, to be funded by Eagle Plains and third party partners. This exploration work is expected to result in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 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.