Eagle Plains and Sun Summit Explore Theory Copper-Gold Project Agreement

Eagle Plains Resources Ltd. (TSXV:EPL) announced a non-binding letter of intent with Sun Summit Minerals Corp. (TSXV:SMN). The parties aim to finalize a definitive option agreement for Sun Summit's acquisition of Eagle Plains' Theory copper-gold project.

The 9676ha Theory Project, located in British Columbia's Toodoggone Mining District, is prospective for epithermal gold and copper-gold deposits. Sun Summit plans to incorporate this project with its JD Project, aiming for regional exploration synergies.

The letter of intent allows Sun Summit to earn a 75% interest by spending CDN $3 million on exploration, paying CDN $250,000, and issuing 750,000 shares. To acquire the remaining 25%, Sun Summit must pay an additional CDN $1 million.

Upon finalizing the option agreement, Eagle Plains will retain a 2.0% NSR, which can be reduced to 1.0% for CDN $1 million.