Eagle Plains Completes Sale Agreements for Four Saskatchewan Uranium Regions-Athabasca Basin Area

Rhea-AI Summary

Eagle Plains Resources Ltd. (TSXV:EPL) has finalized four agreements to sell a 100% interest in various uranium claims in the Athabasca Basin, Saskatchewan. The claims, deemed non-core by management, will generate approximately CDN$460,000 in value through common shares from buyers such as Uranium Energy Corp., ALX Resources Corp., Pegasus Resources Inc., and IsoEnergy Inc. These transactions allow Eagle Plains to retain significant royalty interests while minimizing exploration risks. The company continues to hold strategic uranium assets in the region.

Positive

• Generated approximately CDN$460,000 in common shares from the sale of non-core uranium claims.
• Retained significant royalty interests in most transactions, mitigating exploration risks.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / November 4, 2021 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has completed four separate agreements with unrelated third-parties for the sale by Eagle Plains of a 100% interest (subject to retained NSR interests where applicable) in four separate groups of claims located in the Athabasca Basin region of Saskatchewan as specified below. In each case, the claims were not considered by EPL management to be core holdings. Eagle Plains continues to hold a number of significant uranium holdings in the region.

See Eagle Plains Resource's Saskatchewan uranium holdings here

Transaction Highlights:

• Cable Bay area: Uranium Energy Corp.- 9 dispositions, 4,067 ha.
  Consideration: 64,149 UEC common shares.
• Lazy Edward Bay area: ALX Resources Corp.- 9 dispositions, 2,410 ha.
  Consideration: 600,000 ALX common shares, 2% NSR* to Eagle Plains.
• Pine Channel South area: Pegasus Resources Inc.-1 disposition, 211 ha.
  Consideration: 500,000 PEGA common shares, 2% NSR* to Eagle Plains.
• Bell Lake/Kernaghan Lake area: IsoEnergy Inc.- 2 dispositions, 904 ha
  Consideration: CDN$25,000 cash, 2% NSR* to Eagle Plains.
  *subject to 1% buy-down upon CDN$1,000,000 payment to EPL

Tim Termuende, P.Geo., President and CEO of Eagle Plains commented recently on the transactions: "we are pleased to have concluded the recent sales of specific uranium dispositions in various areas of the Athabasca Basin in Saskatchewan. As many of the claims were not individually significant to Eagle Plains, in most cases, they were strategically located and formed important "pieces of the puzzle" to purchasers who have existing contiguous claim packages. By completing the transactions while retaining significant royalty interests in most cases and by receiving shares in partner companies currently valued at approximately CDN$460,000, Eagle Plains has essentially mitigated all risk inherent with exploration of the projects, but maintains considerable upside exposure"

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. 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. Eagle Plains also holds significant royalty interests in western Canadian projects covering a broad spectrum of commodities. Management's focus is to advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. 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.

Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 37,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous 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.

SOURCE: Eagle Plains Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/671132/Eagle-Plains-Completes-Sale-Agreements-for-Four-Saskatchewan-Uranium-Regions-Athabasca-Basin-Area

FAQ

What agreements has Eagle Plains Resources completed regarding uranium claims?

Eagle Plains has completed four agreements for the sale of a 100% interest in uranium claims in the Athabasca Basin region.

What is the total value generated from the uranium claims sales by Eagle Plains?

The sales generated approximately CDN$460,000 in common shares from the buyers.

Which companies purchased the uranium claims from Eagle Plains?

The claims were sold to Uranium Energy Corp., ALX Resources Corp., Pegasus Resources Inc., and IsoEnergy Inc.

What is the impact of these sales on Eagle Plains Resources stock?

The sales allow Eagle Plains to retain significant royalty interests while mitigating exploration risks, potentially benefiting shareholders.

How many hectares of claims were involved in Eagle Plains' transactions?

The transactions included several claims totaling approximately 6,592 hectares across various areas.