Eagle Plains Increases Saskatchewan Uranium Portfolio to 40,050 Hectares

CRANBROOK, February 12, 2024 - Eagle Plains Resources Ltd. (TSX-V:EPL) ("EPL" or "Eagle Plains") has recently acquired, through the Saskatchewan MARS on-line tenure system, significant additions to its extensive portfolio of Saskatchewan uranium assets.

Recent staking initiated on January 30, 2024 included additions to the existing Lorado, Gulch, Collins Bay Extension (CBE) and Dianne Lake projects, and a new project at Richards Lake.

Eagle Plains currently holds a 100% interest in 18 individual projects comprising a total of 40,050 ha of mineral dispositions in Saskatchewan covering both basement and unconformity hosted uranium targets. Since November 08, 2023 Eagle Plains has acquired an additional 6,643 ha of uranium-focused tenure. The projects range from early-stage grassroots to drill ready and are distributed throughout the prospective Athabasca Basin including the Patterson Lake South (PLS), Beaverlodge, and Dufferin-Centennial camps.

See Athabasca Basin U project map here

About Richards Lake

The 1317 ha Richards Lake Project is located 14km south of Fond-du-Lac. Previous documented work on the project includes an airborne MEGATEM geophysical survey, flown by UEX in 2005, which identified a number of conductive trends. UEX followed this up in 2007 with a ground based TDEM survey which refined the airborne conductors and defined priority drill targets to test for unconformity hosted uranium mineralization (AF73O3-0022). The property has never been drill tested. A detailed compilation and interpretation of available data from historical work programs has begun and will lead to recommendations for future work.

See Richards Lake map here

About Dianne Lake

The 4101 ha Dianne Lake Project is located 15km northwest of Uranium City and is prospective for both unconformity and Beaverlodge style structurally controlled uranium mineralization. Grab samples from a 2022 prospecting traverse included two samples collected near a sandstone/gneiss contact that returned greater than 1% U3O8.

See Dianne Lake Project map here

EPL is seeking to advance its uranium portfolio through collaborative partnerships. Recent partnerships include an option agreement with Xcite Resources Inc. (XRI: TSX.V) which includes 6 projects in the Uranium City area. (see Dec 14 news release)

Qualified Persons

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

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains is a well-funded, prolific project generator that continues to conduct research, acquire and explore mineral projects throughout western Canada, with a focus on critical metals integral to an increasingly electrified, decarbonized economy.

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 roll-back or restructuring of its shares). Eagle Plains has continued to deliver shareholder value over the years and through numerous spin outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and Taiga Gold Corp. being notable examples. Eagle Plains latest spinout; Eagle Royalties Ltd. (CSE:"ER") 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 our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team.

Expenditures from 2010-2023 on Eagle Plains-related projects exceed $38M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 50,000m 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.

On behalf of the Board of Directors

"C.C. (Chuck) Downie" P.Geo
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 https://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.

SOURCE: Eagle Plains Resources Ltd.