Eagle Plains Resources Ltd. (TSXV:EPL,OTC Pink:EGPLF) and Navy Resources Corp. announced the execution of an option agreement regarding the British Columbia-based Vulcan property.

As quoted in the press release:

Under terms of the agreement, Navy will complete exploration expenditures of $3,000,000, make cash payments of $250,000 and issue 1,000,000 common shares to Eagle Plains over a fifty-four month period.

Click here for the Eagle Plains Resources Ltd. (TSXV:EPL) press release.