Eastmain Closes $4.6M Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) -

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Eastmain Resources Inc. ("Eastmain") (TSX:ER) is pleased to announce that it has completed a non-brokered private placement of 5,709,133 flow through common shares ("FT Shares") at an average price of $0.81 per FT Share, for aggregate gross proceeds of approximately $4.60 million. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. The placement is subject to final approval of the TSX.

A finder's fee of $246,420 was paid in connection with the private placement. Management and insiders subscribed for 156,000 FT Shares.

Proceeds will be used to finance the exploration of Eastmain's Quebec project portfolio.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in two high-grade gold deposits, Eau Claire and the Eastmain Mine. Eastmain holds an interest in 12 projects within the James Bay District of Québec, including the Éléonore South property, which is located in close proximity to Goldcorp's Roberto gold deposit.

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.