Eagle Plains Stakes Multiple Lithium Prospects in Western Canada

CRANBROOK, March 2, 2023 - Management of Eagle Plains Resources Ltd. (TSX-V:EPL) ("EPL" or "Eagle Plains") is pleased to announce that it has successfully acquired by staking 2 properties in British Columbia and 4 in Saskatchewan comprising a total of 19,503 ha which are considered prospective for the presence of LCT type pegmatites and lithium mineralization. These projects are owned 100% by Eagle Plains and may be subject to underlying royalties in favour of Eagle Royalties Ltd., a 100% owned subsidiary of Eagle Plains. Staking activities followed extensive research conducted by Eagle Plains' personnel utilizing both public and proprietary data sources.

The individual projects were targeted for lithium bearing minerals such as spodumene, based on the presence of favourable stream and lake sediment geochemistry, geological mapping, and significant mineral occurrences within the subject areas. Updates to the Eagle Plains website are underway to reflect the recent acquisitions.

Three existing Eagle Plains properties (26,551 ha) also located in British Columbia and Saskatchewan are considered prospective for lithium mineralization, however previous exploration on these projects has not specifically targeted the commodity.

Planning is currently underway to systematically explore and evaluate each of these prospects during the 2023 field season.

Eagle Plains also holds a number of REE and other critical metals projects that are available for option. Please visit our website at https://www.eagleplains.com for additional details.

Qualified Person

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

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. 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 recently Taiga Gold being notable examples. 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.

In late 2022 Eagle Plains announced the formation of a separate division within the Company; Eagle Royalties Ltd. ("ER") which holds many of Eagle Plains' diverse portfolio of royalty assets. The restructuring will enhance the valuation of Eagle Plains' extensive royalty interests, enabling ER to market and develop its royalty assets while seeking additional royalty acquisition opportunities. Eagle Plains' royalties cover a broad spectrum of commodities on projects controlled by Cameco Corp., Iso Energy Corp., Denison Mines Corp., Skeena Resources Ltd. and Hecla Mining Co./Banyan Gold Corp., among others. Planning is underway to spin-out Eagle Royalties during H22023 which will enable Eagle Plains to continue to focus on its core business model of acquiring and advancing grassroots critical- and precious-metal exploration properties.

Expenditures from 2011-2022 on Eagle Plains-related projects exceed $30M, the majority of which was funded by third-party partners. This exploration work resulted in approximately 45,000m 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 of Eagle Plains

"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 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.