Mr. Tim Termuende reports

EAGLE PLAINS/ANNACOTTY RESOURCES ANNOUNCE 2023 FIELD PROGRAM AT THE DONNA GOLD PROPERTY, SOUTH-CENTRAL, BC

Eagle Plains Resources Ltd. has been notified by option partner Annacotty Resources Corp., a private company based in British Columbia, that field crews are being mobilized to Eagle Plains' 100-per-cent-owned Donna property. Eagle Plains currently holds a 100-per-cent interest (less an underlying NSR (net smelter return)) in the 11,494-hectare property located approximately 70 kilometres east of Vernon, B.C. Under terms of the amended option agreement, Annacotty can earn a 60-per-cent interest by completing exploration expenditures of $4.08-million, making cash payments of $520,000 and issuing 1.3 million common shares to Eagle Plains over a five-year period.

Two thousand twenty-three fieldwork will be caried out by TerraLogic Exploration Services of Cranbrook, B.C., and is planned to include:

• Prospecting, soil sampling and geological mapping on the Big Link zone, along trend from the historic St. Paul, following up on coincident soil and airborne geophysical targets generated from previous work;
• Prospecting and mapping at the Yeo Link zone, where coincident airborne magnetic signature and historic silt sampling results suggest a buried, mineralized diorite intrusion.

The Donna property is road-accessible and located within rocks of the prolific Quesnellia terrane, host to many major B.C. porphyry deposits, such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. Despite the rich endowment of mineralization in these rocks, the Donna area has seen relatively little exploration activity by industry or government. Placer gold claims overlie many of the creeks draining the Donna property. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Donna property.

The core claims of the Donna property were acquired in 2016 by Eagle Plains, with additional tenures subsequently added through staking. Certain claims comprising the property are subject to an underlying 2-per-cent royalty held by an arm's-length third party. The project area is located in the Monashee Mountains within the source headwaters of the historic Kettle River and Yeoward Creek placer gold camps. The claims lie within one of the largest clusters of anomalous values in gold and typical associated pathfinder elements identified in the British Columbia regional geochemical surveys stream-sediment program carried out in the joint federal-provincial programs from 1985 to 1990.

The Donna property is underlain by a sequence of marine sediments comprising carbonaceous black argillite, limestone and volcanic rocks of Permian to lower-Triassic age. Locally these rocks were intruded by stocks and plugs of mafic-intermediate composition. The project area is considered to hold good potential to host intrusive-related gold mineralization.

Since acquiring the property, Eagle Plains has carried out annual systematic exploration, including airborne radiometric and magnetic surveys, prospecting, geological mapping, soil and silt geochemical sampling, and 1,152 metres (3,779 feet) of diamond drilling in 12 holes. The property boasts a robust GIS database consisting of rock, soil, silt, till, trench and drill hole results, within and adjacent to the property area. In July, 2020, Eagle Plains completed the purchase of historical Crown grants covering workings documented at the St. Paul and Morgan mines (B.C. Minfile No. 082LSE010), which include shafts, tunnels, winzes, and an unknown number of open cuts and trenches, as well as a tramline and stamp mill that operated in the early 1900s.

Charles C. Downie, PGeo, a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and a director of Eagle Plains, has prepared, reviewed, and approved the scientific and technical disclosure in the news release.

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 Venture Exchange (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 spinouts have transferred over $100-million in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains' latest spinout, Eagle Royalties Ltd., was listed on May 24, 2023, and holds a diverse portfolio of royalty assets throughout Western Canada.

Eagle Plains' core business is acquiring grassroots critical- and precious-metal exploration properties. 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.

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 metres of diamond drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

Throughout the exploration process, the company has a mission 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.