Eagle Plains Resources Ltd. (TSXV:EPL) announced that it has agreed to grant North Arrow Minerals Inc. (TSXV:NAR) an option to earn a 70-percent undivided interest in the diamond rights on its Saskatchewan-based Orchid property.

As quoted in the press release:

Under the terms of the Agreement, North Arrow can earn its interest by reimbursing EPL for staking costs and funding exploration and evaluation of the Property to a discovery within a three year period. It is anticipated that initial evaluation of the Orchid will commence in fall 2014 with a till sampling program. Eagle Plains will maintain a 100% interest in any non-diamondiferous materials on the property, and will continue to hold 100% interest in the titles themselves.

Click here to read the full Eagle Plains Resources Ltd. (TSXV:EPL) press release.