Eagle Plains Grants Incentive Options to Directors, Employees, Contractors

Cranbrook, BC, 11 May, 2012: Eagle Plains Resources Ltd. (EPL:TSX-V) has granted incentive stock options to a newly appointed director and certain employees and contractors of the Company for the purchase of a total of 310,000 shares at the exercise price of $.40 per share, expiring May 11th, 2017. Formal ratification of the Company's option plan will be subject to shareholder approval at the next Annual General Meeting.

About Eagle Plains Resources

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 35 properties, EPL invites joint venture participation to expedite development, reduce risk and enhance exposure to discovery.

Current third party agreements if maintained to completion expose EPL to over $55M in exploration expenditures, $6M cash and 15M shares in partner companies. Completed agreements have yielded over $5M in exploration spending, $900,000 cash to EPL and a total of 12M shares of partner companies including Alexco Resource Corp., NovaGold Resources Inc., Giyani Gold Corp. and numerous others.

Expenditures during 2011 on Eagle Plains-related projects were approximately $9.1M, which was funded by Eagle Plains and third-party partners. This exploration work resulted in approximately 9400m diamond drilling and extensive ground-based exploration work facilitating the advancement of more than 15 projects at various stages of development. Planning is currently underway for an aggressive 2012 exploration season with many individual exploration programs planned, most of which will be funded by third parties in relation to ongoing option agreements.

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: [email protected] 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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Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
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Source: Filing Services Canada (May 11, 2012 - 4:00 PM EDT)

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