Eagle Plains/Waterloo Complete 2009 Fieldwork on Ice River Rare-Earth-Element (REE) Project, Southeastern B.C.

Cranbrook, BC; 17 November, 2009: Eagle Plains Resources (TSX-V:EPL) and Waterloo Resources Ltd. (TSX-V:WAT) have completed a $225,000 exploration program 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.

2009 Project Highlights:

• REE samples returned up to 1.44% total Rare Earth Element Oxides (TREO), with eight samples returning greater than 0.50% TREO 
• A total of 15 rock samples returned greater than 1,000 g/t Nb2O5, with the best grab sample returning 4,653 g/t Nb2O5. 
• 600m x 600m soil geochemical anomaly delineated  

2009 Project Outline:

The 2009 work program was funded by Waterloo, and consisted of line-cutting and ground geophysical work, followed by detailed geological mapping and soil geochemical sampling. Bootleg Exploration Ltd., a wholly owned subsidiary of Eagle Plains, was engaged to carry out the field work, which commenced in August. Two target areas were the focus of exploration activity this year:

1) Waterloo Occurrence: A 5.4 line-km, grid-based I.P. and magnetic geophysical survey over the Waterloo showing area to further characterize and delineate potential extensions of Pb-Zn-Ag-Cu-Au +-Nb, REE mineralization eastwards of the known workings. 

2) Continued exploration for REEs and Nb, Zr, (Ta, Hf), and (Fe,Ti,P) associated with syenite, carbonatite and ultramafic intrusions of the Ice River Complex. The work program included:

• extension of previous systematic soil, and stream-silt geochemical surveys that have successfully highlighted numerous targets of interest; 
• follow-up of new targets of interest with prospecting/mapping and systematic chip sampling aided by hand-held XRF;  
• ongoing petrographic, and isotopic studies in conjunction with the University of New Brunswick, 

2009 Results

A total of 129 rock, 419 soil, and 4 stream sediment samples were collected from the Property and analyzed at ACME labs in Vancouver BC. 

Results of the geophysical survey in the Waterloo showing area indicate a pronounced anomalous signature of high chargeability, low resistivity and extreme high and low magnetic signatures. Soil geochemical results for Pb, Zn and Cu broadly correlate spatially with increasing chargeability at surface.

Continued exploration of the property for REE mineralization is considered successful. Prospecting has expanded the known extent of mineralized zones exposed in the alpine. The best 2009 REE sample (grab) returned 1.44% total Rare Earth Element Oxides (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.

Two sets of channel samples were completed on a syenite dyke swarm. Thirteen channel samples were cut across one 10.5 m wide dyke and resulted in an average of 394 g/t Nb2O5 and 0.042 % TREO. The best 1m channel interval for Nb2O5 returned 933 g/t. The best REE channel sample returned 0.134% TREO over .75m. Seven channel samples were cut across a second 6m dyke located nearby. Average results for the dyke were 202 g/t Nb2O5 , and 0.046% TREO. The Heavy Rare Earth Elements (HREE), Eu-Yb, account for an average of 8% of TREO values. 

Results for soil geochemical sampling designed to test extensions of the dyke swarms under overburden have proven to be very encouraging. A cluster of approximately 40 soil samples along three contours are anomalous to very anomalous in REE’s (La, Ce, Y) and Ba, with additional spotty anomalies in Nb and Mo. Fourteen of forty soil samples were over the upper detection limit (>2000 ppm) for the Rare Earth Element - Cerium. The anomaly is consistent over a 600 x 600 meter area and represents a prime target for further evaluation.

Property History

The Ice River property was acquired by Eagle Plains by staking in 2003. Limited work was completed in 2005 to assess the property for REEs. Drilling of the Waterloo occurrence was conducted in 2007, at which time, increased exploration focus was given to the REE potential. Sampling of mineralized dykes returned up to 3.0% TREO and 5,600 g/t Nb2O3 (Niobium / “Columbium” oxide). One 2.5 meter chip sample returned 2.4% TREO. 

Other potentially economic commodities identified on the Ice River property include nepheline syenite and sodalite, a semi-precious gem. 

Eagle Plains/Waterloo Option Agreement:

Waterloo may earn a 60% interest in the property by making exploration expenditures of $3,000,000 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. 

This news release has been reviewed and approved by Tim J. Termuende, P.Geo, hereby designated as a qualified person under National Instrument 43-101.

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.