Mr. Tim Termuende of Eagle Plains reports

EAGLE PLAINS/PACIFIC IMPERIAL ANNOUNCE GEOPHYSICAL PROGRAM AT BROWNELL LAKE COPPER PROJECT, SASKATCHEWAN

Eagle Plains Resources Ltd. has been notified by option partner Pacific Imperial Mines Inc. that a geophysical team has been mobilized to Eagle Plains' Brownell Lake volcanogenic-massive-sulphide-polymetallic project, located 17 kilometres northwest of the community of Deschambault Lake, Sask. Under the terms of the agreement, Pacific Imperial may earn up to a 60-per-cent interest in the 1,863-hectare property by completing $5-million in exploration expenditures, issuing one million voting class common shares and making $500,000 in cash payments over a four-year period.

SJ Geophysics of Delta, B.C., will use a time domain electromagnetic system (TDEM) to survey three separate loops totalling 12 line kilometres. The focus of the survey will be to provide superior definition over the areas of known mineralization, improve the depth resolution below historical drilling depths and resolve the postulated strike extension of the known mineralization east of the historic drilling.

Brownell Lake project summary

The Brownell Lake project is host to regionally sheared, highly strained meta-volcanic rocks which are considered to be prospective for volcanogenic massive sulphide (VMS) mineralization. Historical select drilling results include 3.35 metres of 0.48 per cent copper, 2.28 per cent zinc, 1.46 grams per tonne gold; 2.2 m of 6 per cent zinc; and 20.5 m of 0.49 per cent Cu. Historic work has delineated a 2,600 m length electromagnetic/magnetic anomaly coincident with the VMS horizon, with an additional 1,700 m of prospective magnetic anomaly that remains untested by electromagnetics and diamond drilling. Results are historical in nature and have not been confirmed by Eagle Plains, but are considered to be reliable and will form a basis for continuing work.

In December, 2003, Shane Resources released a geological resource for the Brownell Lake property of 1,251,900 tonnes grading 0.56 per cent Cu and 1.75 per cent Zn (Saskatchewan Mineral Deposit Index 0339), based on 37 historic drill holes. Eagle Plains' management considers the mineral resource estimates to be historical in nature and cautions that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with National Instrument 43-101. These estimates do not comply with current definitions prescribed by National Instrument 43-101 or the Canadian Institute of Mining, and are disclosed only as indications of the presence of mineralization and are considered to be a guide for additional work. The historical models and data sets used to prepare these historical estimates are not available to Eagle Plains, nor are any more recent resource estimates or drill information on the property.

After acquiring the core tenures in 2018, Eagle Plains completed a comprehensive data compilation followed by a 2018 surface work program comprising soil sampling, geological mapping and prospecting, a ground-based magnetic-very low frequency geophysical survey, and whole-rock lithogeochemical sampling of select surface rocks and historical drill core samples. These results along with additional modelling indicate that the Brownell VMS-style mineralization extends farther east than previously interpreted. Additional geological mapping and soil sampling were completed in 2021 along the projected eastern extension of the mineralized horizon.

Technical information concerning the Brownell Lake and Olson properties has been reviewed and approved by C.C. Downie, PGeo, hereby identified as the qualified person under National Instrument 43-101, a director and officer of Eagle Plains.

About Eagle Plains Resources Ltd.

Based in Cranbrook, B.C., Eagle Plains is a well-financed, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout Western Canada. The company was formed in 1992 and is the ninth-oldest listed issuer on the TSX-V (and one of only three that has not seen a rollback or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spinout transactions has transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and recently Taiga Gold being notable examples. The company is committed to steadily enhancing shareholder value by advancing its diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

In late 2022 Eagle Plains announced the formation of a separate division within the company, Eagle Royalties Ltd. (ER), which holds many of Eagle Plains' diverse portfolio of royalty assets. The restructuring will enhance the valuation of Eagle Plains' extensive royalty interests, enabling ER to market and develop its royalty assets while seeking additional royalty acquisition opportunities. Eagle Plains' royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among others. Planning is under way to spin out Eagle Royalties during the second half of 2023 which will enable Eagle Plains to continue to focus on its core business model of acquiring and advancing grassroots critical- and precious-metal exploration properties.

Expenditures from 2011 to 2022 on Eagle Plains-related projects exceed $30-million, the majority of which was financed by third party partners. This exploration work resulted in approximately 45,000 m of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

We seek Safe Harbor.