Cranbrook, British Columbia (FSCwire) - Eagle Plains Resources Ltd. (TSX-V:EPL) has recently received $25,000 cash and 100,000 shares (current value $20,500) from Bluefire Minerals (TSX-V:BFM) in relation to an option agreement on Eagle Plains’ 100% owned K-9 property, located 35 km west of Kimberley, B.C. This payment, and others received this year validate EPL’s successful implementation of the “project generator” model. Current third-party agreements, if maintained to completion, will have exposed EPL to over $35M in exploration expenditures, $3.6M cash and 12M shares in partner companies. Completed agreements have yielded over $27M in exploration spending, $1.8M cash to EPL and a total of 22M shares of partner companies since the inception of the company.
In addition to revenues generated through existing option agreements, Eagle Plains holds a 100% interest in TerraLogic Exploration Inc., a geological consulting company also based in Cranbrook, B.C. TerraLogic employs a full-time staff of 10-12 employees year-round with up to 50 casual employees and sub-contractors during the summer months. TerraLogic has overseen over $3,500,000 in exploration spending during 2014, and continues to generate positive cash flow. TerraLogic itself is debt-free and owns significant real-estate, automotive and equipment assets.
Eagle Plains owns a modern, mortgage-free office building in Cranbrook, and enjoys rent-free office overhead for its administrative staff, while generating rental income through a 5-year lease to an arms-length professional group.
Including TerraLogic assets, Eagle Plains maintains a very strong balance sheet, currently holding over $6M in working capital, excluding equipment and property assets.
In spite of the challenging climate facing the junior mining industry, Eagle Plains remains aggressive in its research and acquisition activities. EPL has been an active participant in recent staking activity in British Columbia and Saskatchewan, while continuing the advancement of numerous projects through fieldwork by its experienced exploration crews and third-party participants.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout Western Canada. Since 1992, EPL has been acquiring and developing early-stage projects utilizing an in-house team of geologists, technicians and specialists. Considered a prolific project generator with over 50 properties, EPL invites joint-venture participation to expedite development, reduce risk and enhance exposure to discovery.
Expenditures from 2011-2013 on Eagle Plains-related projects were approximately $15M, which was funded by Eagle Plains and for the most part, by third-party partners. This exploration work resulted in approximately 15,000m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of more than 23 projects at various stages of development.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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public://news_release_pdf/eagleplains10292014_0.pdf
Source:
Eagle Plains Resources Ltd. (TSX Venture:EPL) www.eagleplains.ca
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