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FSC / Press Release

Eagle Plains Closes $3.6M Financing

Cranbrook, British Columbia CANADA, December 21, 2007 /FSC/ - Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), has closed a non-brokered public offering as announced on November 21st, 2007. The financing was offered to arms length and non-arms length investors and was comprised of 5,048,300 flow-through units and 193,000 non flow-through units for gross proceeds of CDN $3,649,610.

The flow-through units consist of a flow through common share priced at $.70 per share with an 18 month non-flow through common share purchase warrant priced at $1.00. The non-flow through units consist of a non-flow through common share priced at $.60 and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1.00 for an 18 month period.

The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $1.20 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants.

The proceeds from the sale of the flow-through shares will be used for exploration of the company's various assets in British Columbia, Saskatchewan, Yukon and NWT. A portion of these funds will qualify as Canadian Exploration Expenses ("CEE") as defined in the Income Tax Act and will be renounced for the 2007 taxation year. The net proceeds from the sale of the non-flow through units will be used for general corporate purposes.

A total of $198,873 in finders fees were paid in relation to the offering.

Insider participation:
T. J. Termuende (49,000 FT units), C. C. Downie (4,900 FT units), D. Johnston (30,000 FT units), D. B Fach (22,000 FT units)

Pro-group participation: C. Wong (40,000 FT units),  D Strelpstra (40,000 FT units)

Grant of Employee Incentive Options

Eagle Plains announces the granting of 125,000 incentive options for new employees of the company. These options will enable the purchase of common shares of the company at a price of $.70 over a five year period.

About Eagle Plains Resources

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 Teck Cominco Ltd (TSE:TCK), Alexco Resource Corp. (TSX:AXR;AMEX:AXU), Wellstar Energy Corp. (TSX-V:WST), Blue Sky Uranium Corp. (TSX-V:BSK), Blind Creek Resources, Mountain Capital Inc. (TSX-V: MCI.P) and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $20 million in exploration expenditures over a five year period. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration, 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 2007 season, EPL and its partners completed over 9,000m (30,000') of diamond drilling on its properties.

This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.

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

Cautionary Note Regarding Forward-Looking Statements

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.

Timothy J. Termuende
President
(250) 426-0749

Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898  Fx: (403) 717-3896    www.usetdas.com

Filing Services Canada	\|

FSC / Press Release Eagle Plains Closes $3.6M Financing Cranbrook, British Columbia CANADA, December 21, 2007 /FSC/ - Eagle Plains Resources Ltd. (EPL - TSX Venture, EGPLF - OTCBB_Pink_Sheets), has closed a non-brokered public offering as announced on November 21st, 2007. The financing was offered to arms length and non-arms length investors and was comprised of 5,048,300 flow-through units and 193,000 non flow-through units for gross proceeds of CDN $3,649,610. The flow-through units consist of a flow through common share priced at $.70 per share with an 18 month non-flow through common share purchase warrant priced at $1.00. The non-flow through units consist of a non-flow through common share priced at $.60 and a non-flow-through common share purchase warrant, each whole warrant exercisable at $1.00 for an 18 month period. The common share purchase warrants are subject to an accelerated expiry if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $1.20 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants. The proceeds from the sale of the flow-through shares will be used for exploration of the company's various assets in British Columbia, Saskatchewan, Yukon and NWT. A portion of these funds will qualify as Canadian Exploration Expenses ("CEE") as defined in the Income Tax Act and will be renounced for the 2007 taxation year. The net proceeds from the sale of the non-flow through units will be used for general corporate purposes. A total of $198,873 in finders fees were paid in relation to the offering. Insider participation: T. J. Termuende (49,000 FT units), C. C. Downie (4,900 FT units), D. Johnston (30,000 FT units), D. B Fach (22,000 FT units) Pro-group participation: C. Wong (40,000 FT units), D Strelpstra (40,000 FT units) Grant of Employee Incentive Options Eagle Plains announces the granting of 125,000 incentive options for new employees of the company. These options will enable the purchase of common shares of the company at a price of $.70 over a five year period. About Eagle Plains Resources 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 Teck Cominco Ltd (TSE:TCK), Alexco Resource Corp. (TSX:AXR;AMEX:AXU), Wellstar Energy Corp. (TSX-V:WST), Blue Sky Uranium Corp. (TSX-V:BSK), Blind Creek Resources, Mountain Capital Inc. (TSX-V: MCI.P) and Golden Cariboo Resources Inc. (TSX-V:GCC). These agreements expose Eagle Plains to over $20 million in exploration expenditures over a five year period. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration, 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 2007 season, EPL and its partners completed over 9,000m (30,000') of diamond drilling on its properties. This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101. 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 Cautionary Note Regarding Forward-Looking Statements 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. Timothy J. Termuende President (250) 426-0749 Source: Eagle Plains Resources Ltd. (TSX-V: EPL) http://www.eagleplains.ca Maximum News Dissemination by Filing Services Canada Inc. Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com