Eastmain Resources Inc.

Eastmain Resources Inc.

July 29, 2011 15:06 ET

Eastmain Mine Project Drilling Underway

TORONTO, ONTARIO--(Marketwire - July 29, 2011) - Eastmain Mines Inc., a wholly-owned subsidiary of Eastmain Resources Inc. (TSX:ER), announces that a 15,000-metre drill program is currently underway on its Eastmain Mine property, located in James Bay, Québec. The principal objective of the program is to expand the Eastmain Mine Gold Deposit beyond its historical resources of 255,750 ounces of gold4. The high-grade, gold-rich A, B and C Zones, which comprise the deposit, have been traced from surface to depths of more than 300 metres below surface. 2011 drilling will test the depth extension of the A and B Zones below 350 metres.

2010 drilling confirmed that both the A and B Zones continue laterally and vertically beyond the limits of historical drilling and mine development. Drilling also indicates that footprint of the Eastmain Mine deposit extends for a length of at least 1.8 kilometres and occurs at the break between two volcanic rock formations, where major deformation and mineralizing events deposited significant quantities of gold, silver and copper.

109 historical drill holes within the A and B Zone contain an average grade of 18.9 grams of gold per tonne (0.55 ounces per ton), 15.9 grams per tonne (gpt) silver and 0.24% copper across an average thickness of 3.93 metres. The most significant drill intersection in the deposit to date, contains an average grade of 53.28 gpt gold, 59.2 gpt silver and 0.20% copper across 13.2 metres at a vertical depth of approximately 170 metres within the B Zone (hole 332045).

The 2011 program will also include surface exploration along the favourable mine trend, a mineralized rock horizon that extends for more than 10 kilometres laterally northwest and southeast of the Eastmain Mine Gold Deposit. Previous work by Eastmain and others has confirmed that there is substantial potential for additional discovery along this trend.

Dr. Donald J. Robinson, President and CEO of Eastmain stated, "Drilling will continue into the fall on both of Eastmain's high-grade gold deposits (Eau Claire and Eastmain Mine) located within the James Bay district of Québec, one of the most favourable mining districts in the world. With the largest exploration budget in the history of the Company, programs will largely be drill-oriented and will focus on expanding current resources as well as testing new highly prospective areas."

Dr. Donald J. Robinson P.Geo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits which together contain 632,000 ounces of gold in Measured & Indicated resources1, 255,750 ounces gold in Historical Measured and Indicated resources4 plus 1,020,000 ounces of gold in Inferred resources2. The Corporation has $20.5 Million in its treasury and holds a pipeline of exploration projects within the James Bay District, including the Éléonore South property, which lies immediately south of Goldcorp's multi-million-ounce Éléonore property. Eastmain has allocated $10 million for exploration of its key gold projects in Québec for 2011. Work will include 46,000 metres of drilling.

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.

  1. Measured & Indicated Resources (which may potentially be extracted by both open and underground mining methods) of 3,354,000 tonnes containing 632,000 ounces gold @ 5.86 g/t gold uncapped – Eau Claire NI43-101 NR Apr 26, 2011
  2. Inferred Resources (which may potentially be extracted by both open and underground mining methods) of 5,322,000 tonnes containing 1,020,000 ounces gold @ 6.06 g/t gold uncapped – Eau Claire NI43-101 NR Apr 26, 2011
  3. Near-surface Open Pit Measured & Indicated Resources for Eau Claire (only that portion of the Eau Claire deposit that could potentially be mined by open-pit methods): 2,729,000 tonnes containing 502,000 ounces @ 5.72 g/t gold – Eau Claire NI43-101 NR Apr 26, 2011; NR May 19, 2011
  4. 255,750 ounces gold Measured & Indicated Historical Non-NI43-101 Compliant Resources at Eastmain Mine (Campbell 2004 AR) and should not be relied upon. A qualified person from Eastmain has not done sufficient work to classify the historical estimate as current mineral resources, and therefore the historical estimate should not be treated as current mineral resources.

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)