EPL - healthy and well positioned for market recovery. EAGLE PLAINS RECEIVES CASH, SHARE PAYMENTS AND ADDITIONAL REVENUES
Eagle Plains Resources Ltd. recently received $25,000 cash and 100,000 shares (current value $20,500) from Bluefire Minerals in relation to an option agreement on Eagle Plains' 100-per-cent-owned K-9 property, located 35 kilometres west of Kimberley, B.C. This payment and others received this year validate EPL's successful implementation of the project generator model. Current third party agreements, if maintained to completion, will have exposed EPL to over $35-million in exploration expenditures, $3.6-million cash and 12 million shares in partner companies. Completed agreements have yielded over $27-million in exploration spending, $1.8-million cash to EPL and a total of 22 million shares of partner companies since the inception of the company.
In addition to revenues generated through existing option agreements, Eagle Plains holds a 100-per-cent interest in TerraLogic Exploration Inc., a geological consulting company also based in Cranbrook, B.C. TerraLogic employs a full-time staff of 10 to 12 employees year-round, with up to 50 casual employees and subcontractors during the summer months. TerraLogic has overseen over $3.5-million in exploration spending during 2014 and continues to generate positive cash flow. TerraLogic itself is debt free, and owns significant real estate, automotive and equipment assets.
Eagle Plains owns a modern, mortgage-free office building in Cranbrook and enjoys rent-free office overhead for its administrative staff, while generating rental income through a five-year lease to an arm's-length professional group.
Including TerraLogic assets, Eagle Plains maintains a very strong balance sheet, currently holding over $6-million in working capital, excluding equipment and property assets.
In spite of the challenging climate facing the junior mining industry, Eagle Plains remains aggressive in its research and acquisition activities. EPL has been an active participant in recent staking activity in British Columbia and Saskatchewan, while continuing the advancement of numerous projects through fieldwork by its experienced exploration crews and third party participants.