SOURCE: Eagle Plains Resources Ltd.

January 24, 2007 09:30 ET

Eagle Plains Acquires Controlling Interest in Drilling Company

CRANBROOK, BC -- (MARKET WIRE) -- January 24, 2007 -- Eagle Plains Resources Ltd. (TSX-V: EPL) is pleased to announce the acquisition of a controlling interest in Apex Diamond Drilling Ltd. of Smithers, British Columbia. The move is considered by EPL management to be very strategic, considering the shortage of qualified drilling crews and available equipment during the current mining industry upswing. As qualified in the shareholder's agreement between Apex and EPL, Eagle Plains will have a first right of refusal on Apex's crews and equipment throughout western Canada.

Tim Termuende, President and CEO of Eagle Plains, stated that, "The current supply of available rigs and crews has rapidly become the 'Achilles heel' of the exploration industry. The overwhelming demand by exploration companies on existing diamond drilling equipment and crews has created a pinch-point that has seriously limited the abilities of many exploration companies to effectively and efficiently carry out their work. The acquisition of a controlling interest in Apex will effectively allow Eagle Plains to position drills where we want, when we want. With a treasury of roughly $9M and a portfolio of over 35 projects, Eagle Plains promises to be extremely active during 2007, and expects to advance many of our key projects."

Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Alexco Resource Corp. (TSX: AXR), Solomon Resources Inc. (TSX-V: SRB), Mulligan Capital Corp. (TSX-V: MCC.P), Blind Creek Resources and Golden Cariboo Resources Inc. (TSX-V: GCC). These agreements expose Eagle Plains to over $13.5 million in exploration expenditures over the next five years. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, Kennecott Exploration, Viceroy Resource Corp. and numerous other junior exploration companies, resulting in over 38,000m (125,000') of drilling and over $16,000,000 in exploration spending on its projects since 1998. During the 2006 season, EPL and its partners completed over 7,000m (23,000') of diamond drilling on its properties.

On behalf of the Board of Directors

Signed

"Tim J. Termuende"
President and CEO
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673) Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

The TSX Venture Exchange has not reviewed and does not accept 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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