Eagle Plains | Blende - Silver, Lead, Zinc Inferred Resource

Blende | (Silver, Lead, Zinc) Inferred Resource

Blende Project Sold

On April 17, 2009 it was announced that the Blende Project had been sold to Blind Creek Resources. Blind Creek had completed the requirements to earn a 60% interest in the project by completing a total of $5,000,000 in exploration expenditures, paying $175,000 in cash and issuing 1,000,000 common shares to Eagle Plains. EPL's remaining 40% interest was sold to Blind Creek in return for 4,500,000 voting-class common shares. Until late 2011 EPL retained a 2% NSR (Net Smelter Royalty) on the Blende project.

Net Smelter Royalty Sold

During the Autumn of 2011 the remaining interest Eagle Plains retained in the Blende Project, a 2% NSR, was purchased by Gold Royalties Corporation for $1m.

Geology

The Blende is a carbonate-hosted deposit secured by 100 claims located approximately 65 NE of Keno in central Yukon Territory. Based on exploration work to the end of 1991, an NI 43-101 compliant resource was reported as 19.6 million tonnes grading 55.9 g/t silver and 5.85 % lead-zinc containing an Inferred Resource of 2.48 Billion lbs Lead/Zinc and 35 Million oz Silver, located in the two zones.

On surface, the deposit is outlined by an open-ended 4.8km-long soil anomaly which contains values up to 10 000 ppm Zn. Most geophysical methods including IP, VLF and Max-Min EM work exceptionally well due to the inert nature of the host dolomite.

Diamond-drilling carried out in 1991 by Billiton Metals Canada Ltd. delineated two separate zones (East Zone and West Zone), and established that the deposit is non-acid generating and could be mined by open pit methods, with a stripping ratio of 2.1:1.

The deposit consists of a near-surface steeply dipping tabular body which is conveniently located on a ridge crest. Preliminary metallurgical studies indicated no significant concentrations of deleterious elements.

Updated November 9, 2011