Eastmain Resources Inc.

Eastmain Resources Inc.

July 09, 2015 10:32 ET

Eastmain Awards Contract for Preliminary Economic Assessment for Eau Claire Deposit, Clearwater Project, Quebec

TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Eastmain Resources Inc. (TSX:ER) is pleased to announce that it has awarded the contract to complete an independent Preliminary Economic Assessment ("PEA") of its wholly-owned, high-grade Eau Claire gold deposit (Clearwater Project), located in the James Bay Mining District of Quebec, to G Mining Services Inc. ("GMS"). Work on the PEA is scheduled to begin immediately, with completion targeted for the second quarter of 2016.

Extremely encouraged by results to date at Eau Claire, Eastmain has determined that completion of essential studies associated with a PEA will provide further clarity to the potential viability of the deposit, while the Company continues exploration work to upgrade and extend Eau Claire's high-grade gold mineral resources.

Don Robinson, President and CEO stated, "The PEA is a very important milestone in the potential advancement of the high-grade Eau Claire gold deposit to production. It is the key initial step in achieving our ultimate goal of creating a long-life, low-cost, stand-alone mining operation at Clearwater, our flagship project".

GMS, an internationally recognized engineering firm with its head office located in Montreal, Quebec, will act as lead consultant, providing professional engineering and financial services, and shall be responsible for the overall coordination and completion of the PEA. The scope of services for the PEA will include open-pit and underground mine engineering and design, metallurgical and processing studies, environmental and social impact studies, a review of infrastructure requirements and preliminary economic modeling and analysis. GMS has concluded its technical review and validation of the Eau Claire block model resource estimate, as provided by SRK Consulting (Canada) Inc. ("SRK") and is now beginning its initial scoping studies for the Clearwater project.

Mr. Serge Bureau, MSc, P.Eng, Technical Advisor, Mining Development will oversee the completion of the PEA on Eastmain's behalf. Mr. Bureau has extensive experience in project evaluation and feasibility studies, project construction and mine operations management, and has overseen a number of international projects through from discovery to sustained production.

The recently completed mineral resource update for the Clearwater Project indicates potential for both Open Pit and Underground mining operations at the Eau Claire gold deposit (April 27, 2015 news release). A combined Measured and Indicated Open Pit resource grade of 4.05 grams gold per tonne compares very favourably to other undeveloped open pit gold projects in North America, ranking as the second highest-grade of those containing more than 500,000 ounces gold with grades of over 1.5 grams per tonne. Clearwater also benefits from infrastructure advantages, with permanent road access and hydroelectric power facilities located nearby.

There is substantial potential for deposit expansion and upgrading of resource categories within and lateral to the Eau Claire deposit, as presently defined. Wide-spread, high-grade, gold-bearing drill intercepts, now designated as inferred resources, occur in close proximity to the optimized limits of the current open pit. Additional delineation drilling at Clearwater will target these inferred resources, which extend for at least one kilometre laterally to the east of the Eau Claire pit. Work on the expansion of Open Pit gold resources at Eau Claire will continue concurrently with the PEA.

Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, Qualified Person under National Instrument 43-101 has reviewed and approved the technical data presented in this press release.

About Eastmain Resources Inc. (TSX:ER) Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.

For text alerts of Eastmain news and events text EastmainER to 76000.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Contact Information

  • Eastmain Resources Inc.
    Dr. Donald J. Robinson
    (519) 940-4870
    (519) 940-4871 (FAX)

    Eastmain Resources Inc.
    Catherine Butella
    Exploration Manager
    (519) 940-4870
    (519) 940-4871 (FAX)