Mr. Tim Termuende reports

EAGLE PLAINS/LAKELAND COMPLETE ACQUISITION, ROYALTY AGREEMENT IN PATTERSON LAKE, SASKATCHEWAN AREA

Eagle Plains Resources Ltd. and Lakeland Resources Inc. have completed an agreement, whereby Lakeland will acquire a 100-per-cent interest in certain mineral claims in the South Patterson Lake area, located along the Patterson Lake Corridor within the southwest part of the Athabasca basin, Saskatchewan, Canada. The additional claims comprise approximately 5,000 hectares and are contiguous with Lakeland's Carter Lake property.

By property purchase agreement dated May 27, Lakeland will acquire 28 mineral claims from Eagle Plains by paying $40,000 cash and issuing 800,000 common shares upon regulatory approval. These claims and certain adjacent Lakeland claims are subject to a 2-per-cent net smelter return royalty payable to EPL. Lakeland may, at any time, purchase 1 per cent of the NSR for $1-million.

Property geology and mineralization

The claims acquired from Eagle Plains by Lakeland cover part of the Patterson Lake Corridor, which is host to at least four significant uranium discoveries since late 2012:

• Patterson Lake South (Alpha Minerals-Fission Energy);
• Patterson Lake South -- R600W (Fission Uranium);
• Arrow (NexGen);
• Bow (NexGen);
• Spitfire (Purepoint, Cameco, Areva).

The most advanced discovery to date, the Patterson Lake South (PLS) deposit, is host to a reported resource estimate of 79.6 million pounds indicated triuranium octoxide and 25.9 million pounds inferred U3O8. The Arrow discovery of NexGen Energy Ltd., 7.3 kilometres to the northeast, includes hole AR-14-30, which returned 10.3 per cent U3O8 over 46 metres. A further 5.3 km to the northeast, the Spitfire discovery by Cameco Corp., Areva Resources and Purepoint Uranium includes drill hole HK15-27 returning 2.23 per cent U3O8 over 2.8 metres. The new Lakeland Carter Lake property is located a further 17 km to the northeast along the Patterson Lake conductive corridor. Depths to the sub-Athabasca unconformity at Carter Lake are estimated at 500 metres or more, which is similar to some of the depths of uranium mineralization encountered at the Arrow discovery, where mineralization has been encountered between 300 and 800 metres below surface. Lakeland's Carter Lake property also encompasses parts of the relatively unexplored Carter conductive corridor. This area has had only five known historic drill holes, despite the positive exploration potential. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Carter Lake property.

Update on Kokanee Creek property

Eagle Plains has recently received notice from Providence Resources Corp. that it has terminated its option on the Kokanee Creek property located near Nelson, B.C., and owned 100 per cent by Eagle Plains.

Technical aspects of this news release have been reviewed and approved by Neil McCallum, PGeo, of Dahrouge Geological Consulting Ltd., a qualified person under National Instrument 43-101.