Mr. Tim Termuende reports

EAGLE PLAINS SAMPLES NEW HIGH-GRADE GOLD DISCOVERY AT YELLOWJACKET GOLD PROJECT, ATLIN, B.C.

Eagle Plains Resources Ltd.'s bedrock sampling on the Yellowjacket gold project located near Atlin, B.C., has returned significant high-grade gold mineralization recently exposed by placer mining activity in an area 700 metres west of current exploration work. Partial results from sampling have been returned, with additional results pending.

Highlights:

• Recent placer mining activity by third party lessees has exposed mineralized bedrock material owned 100 per cent by EPL, which assayed 51.36 grams per tonne over 5.2 metres, located approximately 700 metres west of the Yellowjacket zone, where drilling activity is currently under way.
• The mineralized zone is open to the north and at depth, with further analytical results pending.
• A historic shaft has also been recently exposed and appears to be related to the mineralized zone. This feature is interpreted to be the Rock of Ages shaft, as reported in historical documents.
• Drilling continues on the Yellowjacket zone, with 30 holes completed to date; results are pending.

Placer mining activity is still under way on placer claims originally leased from Prize Mining and now leased from owner Eagle Plains (as announced in Stockwatch on Sept. 28, 2010). Recent excavation on the claims has exposed a historic timbered shaft sunk into altered bedrock material. Historical reports suggest that this shaft was located within the Rock of Ages zone. The 1903 report from the Minister of Mines describes the Rock of Ages workings in the following way: "A shaft has been sunk 60 feet. From the bottom of this, a crosscut was run seven feet and struck the hangingwall of the ledge. A drift was run downstream 60 feet at this level, and one upstream on the 30-foot level. The ledge wherever tapped is about 14 feet in width, mostly low-grade ore, although many extremely rich patches are encountered." Eagle Plains geologists have mapped and sampled the local area and have now received partial results, including an interval which returned 51.36 grams per tonne over 5.2 metres. Additional mapping to the north and west of the mineralized zone suggests similar geological characteristics, with sample results pending.

Drilling continues at the Yellowjacket zone located 700 metres to the east. A total of 45 to 50 reverse circulation holes are planned for the area, with 30 holes completed to date. A total of 1,900 metres (6,200 feet) of drilling are planned for this program. Analytical results are pending.

The Yellowjacket project is located nine kilometres east of Atlin, B.C., and is accessed by all-season road. Hydroelectric power is located within five kilometres of property boundaries. The project received a British Columbia Mines Act permit in July, 2009, for an open pit gold mine and on-site 400-ton-per-day mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a seven- to nine-year mine life from a series of open pits entirely within an area of disturbed placer workings. Since the recent completion of the buyout from Prize, Eagle Plains owns a 100-per-cent interest in both mineral (hard rock) and placer rights within the project area. In October, 2009, Eagle Plains and Prize announced the formal ratification of an impact and benefits agreement with the Taku River Tlingit First Nation.

Technical aspects of this news release have been reviewed and approved by T.J. Termuende, PGeo, hereby designated as a qualified person under National Instrument 43-101.