Providence Completes Earn-In on Iron Range Option, Enters Joint Venture With Eagle Plains

Providence Resources Corp. (TSX VENTURE:PV) ("Providence" or the "Company") and
Eagle Plains Resources Ltd. (TSX VENTURE:EPL) ("Eagle Plains") are pleased to
announce that Providence has exercised its option with Eagle Plains and earned a
60% undivided right, title and interest in and to the Iron Range Project located
near Creston, British Columbia. Providence earned its interest by making
aggregate cash payments of $500,000, issuing a total of 1,000,000 common shares
and completing exploration expenditures of $3,000,000.


In accordance with the terms of the option agreement, Providence and Eagle
Plains are deemed to have formed a joint venture for exploration and development
of the Iron Range Project. The parties have recently executed a formal joint
venture agreement and are in advanced planning and permitting for a drilling
program which is expected to commence on the property by late March.


Tim Termuende, P.Geo., President and CEO of Eagle Plains, stated recently, "We
welcome the opportunity to work as joint-venture partners with Providence in the
future exploration of the Iron Range project. We are encouraged by results to
date and acknowledge and appreciate the aggressive, systematic approach taken by
Providence to date. Together, we hope to unlock the potential of the property."


Iron Range Project Summary

The Iron Range deposits were originally staked in 1897, and were covered by
Crown grants held by Cominco Ltd. and the Canadian Pacific Railway. Eagle Plains
Resources ("Eagle Plains") staked the current claims immediately after the Crown
grants reverted in 2000, and it has been exploring the property since then.
Exploration work to date includes geological mapping, geochemical surveys,
diamond drilling and a 690-line-kilometre airborne geophysical survey.


The Iron Range project is owned 100% by Eagle Plains and holds no underlying
royalties or encumbrances. An additional 35,800 hectares of claims were added to
the original land package, resulting in a total of 56,200 hectares - an area
approximately 11 km by 50 km. The land package now covers over 30 km of the Iron
Range structure, most of it unexplored. The claims also overlie rocks of the
Aldridge formation, including the same stratigraphic time horizon that hosts the
world-class Sullivan deposit located 70 km to the northeast. Over its 100-year
lifetime, Sullivan produced approximately 150 million tonnes of ore including
three billion ounces of silver, eight million tonnes of zinc and eight million
tonnes of lead, collectively worth over $30-billion at current metal prices. The
parties caution that past results or discoveries on proximate land are not
necessarily indicative of the results that may be achieved on the Iron Range
property.


Vince Sorace, President, Providence Resources

Cautionary Note Regarding Forward-Looking Statements

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.