Eagle Plains/Waterloo Commence Fieldwork at Ice River Rare Earth Project

Cranbrook, B.C., 22 August, 2012: Eagle Plains Resources (TSX-V:EPL) and Waterloo Resources Ltd (TSX-V:WAT) have commenced fieldwork on the Ice River Property, located 30km SE of Golden, British Columbia. The property is host to precious metals and rare earth element (“REE”) mineralization in syenite and carbonatite dyke systems that are numerous and widespread over a 4+ kilometer-long corridor within the Ice River Intrusive Complex.

The 2012 work program is funded by Waterloo and will consist of prospecting, soil sampling and trenching, following-up on work conducted on the property from 2005-2010. Surface sampling completed during 2007 returned encouraging values including up to 3.0% TREOs (Total Rare Earth Oxides), and 5600 g/t (Niobium / “Columbium” oxide). One 2.5 meter chip sample (JBIVR048) returned 2.4% TREOs. Follow-up work completed in 2009 expanded the known extent of mineralized zones exposed in the alpine. The best 2009 REE sample (grab) returned 1.44% TREO, which includes 0.59% Ce2O3, 0.54% Nd2O3, and 0.20% Gd2O3. Another eight grab samples returned greater than 0.50% TREO. A total of 15 samples returned greater than 1,000 g/t Nb2O5, with the best grab sample returning 4653 g/t Nb2O5.

Rare Earth Elements (REEs) and other elements with high-tech applications, including Nb and Zr, have long been suspected as potential commodities on the property; but it was not until results from the 2005-2009 mapping and geochemical surveys that this suite of elements became fully appreciated. Other potentially economic commodities identified include nepheline syenite and sodalite; a semi-precious gem. 

Previous work at the Ice River property has focused on the economic potential of strataform/replacement massive sulphides of the Waterloo prospect (note that the “Waterloo prospect or occurrence” is not in any way connected to Waterloo Resources Ltd.) (see August 23, 2007 news release). At the Waterloo occurrence, sulfide horizons are exposed in two historical adits excavated in the early 1900’s, with historical samples returning assays up to 3.69% Pb, 16.10% Zn, 1.59% Cu, 27.30% Fe, 99.4 g/T Ag and 1.7 g/T Au (GSC Memoir 55, page 229). 

Waterloo may earn a 60% interest in the property by making exploration expenditures of $3,085,000 and completing payments of 750,000 shares (on a post sub-divided basis – see also the Waterloo news release dated September 11, 2008) and $510,000 cash over a five year period. A 1% NSR is reserved for Eagle Plains. Waterloo may increase its interest in the property to 75% by delivering a bankable feasibility study by 2016. 

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 $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others. 

Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Exploration is currently underway for an aggressive 2012 season with many individual exploration programs either completed or in progress, most of which will be funded by third-parties in relation to ongoing option agreements. 

The contents of this news release have been reviewed and approved by Tim J. Termuende, P.Geo.

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.