Upon completion of the agreement, the existing Iron Range Joint-Venture ("IRJV") between Providence Resources Corp. and Eagle Plains will be dissolved, and Eagle Plains will then hold a 100% interest in the property, subject to a 1% NSR held in favour of Providence. To complete the purchase, Eagle Plains has agreed to issue to Providence 500,000 voting-class common shares of EPL and return to Providence 900,000 PV shares which were transferred to Eagle Plains as option payments prior to formation of the IRJV.

The Iron Range property is a covers an extensive area approximately 10km x 50km which overlies the regional Iron Range fault system. Prior to the initial involvement of Eagle Plains in 2001, the property had seen little systematic exploration for other than iron resources known to exist on the property since the late 1800s. The claims are transected by numerous logging roads, high-voltage hydro-electric power lines, Highway #3, the Canadian Pacific rail-line, and the Southern B.C. high-pressure gas transmission line.

Since originally acquiring the property in 2001, Eagle Plains and its partners have completed 17,226m in diamond drilling in 70 holes, collected 2482 line-km of airborne and surface geophysical data and analysed 10,053 soil geochemical samples, 495 rock samples and 5749 drill core samples.

Management of Eagle Plains considers the Iron Range project to hold excellent potential for the presence of both gold and Sullivan-style lead-zinc-silver mineralization. Drilling in 2010 resulted in the discovery of the Talon Zone, where drill-hole IR10-010 intersected 2 intervals of strong and continuous mineralization including 14.0m grading 5.1g/t gold, 1.86% lead, 2.1% Zinc, 75.3g/t silver (from 192.0-206 meters) and 7.1m grading 8.13g/t gold, 2.84% lead, 3.07% zinc, 86.6g/t silver (from 196.9-204.0 meters). Previous drilling 10km north of the Talon Zone in 2008 by EPL intersected gold mineralization in drill-hole IR08006, which assayed 7.0m grading 51.52g/t (1.50 oz/ton) gold (see EPL news release dated April 20th, 2009).

Update on other Eagle Plains projects

Eagle Plains has recently received notice from Lowell Copper Ltd. (formerly Waterloo Resources Ltd.) and Greenpower Motor Company Ltd. (formerly Blackrock Resources Ltd.), that the companies each respectively confirm termination of option agreements relating to the Ice River and Elsiar projects, both located in British Columbia (see EPL news releases Sept. 11th, 2008 and Sept. 14th, 2010).