Eagle Plains and Tana Resources Execute Option Agreement for the MPW Copper-Gold Project, British Columbia

Core Viewpoint - Eagle Plains Resources Ltd. and Tana Resources Inc. have entered into an option agreement allowing Tana to acquire up to a 75% interest in the Mount Polly West copper-gold project in British Columbia, which is believed to have significant mineralization potential [1][3]. Company Overview - Eagle Plains is a well-funded project generator based in Cranbrook, B.C., focusing on critical metals essential for a decarbonized economy [12]. - The company has a history of delivering shareholder value, having transferred over CA$100 million through various spin-outs [13]. - Eagle Plains' core business involves acquiring grassroots critical and precious metal exploration properties, with a commitment to enhancing shareholder value through partnerships and a skilled technical team [15]. Project Details - The Mount Polly West project spans 7,407 hectares and is located 54 kilometers north-northeast of Williams Lake, adjacent to Imperial Metals' Mount Polley Property [1]. - Historical exploration has indicated the presence of copper-gold porphyry and epithermal mineralization, with notable historical trenching results showing 1.12% Cu over 35 meters, including 7.12% Cu over 5 meters [6][9]. - The project is situated in a mineral-rich belt, with 10 documented mineral occurrences primarily consisting of copper showings within its boundaries [9]. Option Agreement Terms - Tana can acquire a 60% interest in the project by making cash payments of CA$250,000, issuing 2,750,000 common shares, and funding CA$3,000,000 in exploration expenditures over four years, including CA$75,000 in 2025 [4]. - Tana may acquire an additional 15% interest (totaling 75%) by completing a bankable feasibility-level study by December 31, 2031 [4]. - A 2% smelter return royalty will be granted to Eagle Plains, with the option to repurchase 1% for CA$1,000,000 [5]. Joint Venture Structure - Upon exercising either option, a joint venture will be formed with a 60/40 or 75/25 ownership structure for further exploration and development of the property [7].