Eastmain Resources Inc.: Clearwater Project-Filling the Gap

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2011) - Eastmain Resources Inc. (TSX:ER) is pleased to announce more drilling and trenching results from its wholly-owned Clearwater Project, located in James Bay Québec. Assay data from holes 308, 309 and 314 confirm high-grade gold within the Gap Zone. Assays received from holes 301 and 310 demonstrate that gold resources within Veins 10 and 12 continue to expand. Abundant visible gold (VG) was also recently observed in both drilling and trenching of Veins 10, 12 and 16, all located within the 850 West Zone (see website for maps and photos).

VG has now been observed in 25 of 57 holes completed to date during the 2011 campaign. As in the current Eau Claire gold resource, which is centred on the 450 West Zone, over 20 veins and alteration zones have been detected within the 850 West Zone. The surface footprint of the gold-tellurium mineralized system at Clearwater has been expanded by over 600 metres in length over the past six months (see 850 West Long Section).

Assay data continues to confirm wide and high-grade gold intervals in multiple veins located within both the 850 West Zone and Gap Zone, well outside the limits of the previous gold resource for the Eau Claire deposit.

Gap Zone

To date three drill holes collared within the Gap Zone, the area between the 450 and 850 West Zones, have intersected significant gold-bearing structures. Drill hole 308 intersected a 16.5-metre-wide interval of T Veins, which assayed 5.8 g/t Au at a depth of 262.0 metres, and includes 25.1 g/t Au and 54.2 g/t Te over 3.5 metres. Drill hole 309 intersected the Stephanie Vein (V_SL) at a down-hole depth of 266.0 metres. This intersection contains 15.5 g/t gold (Au) across a 3.5-metre interval, including 35.7 g/t Au and 45.5 g/t tellurium (Te) over 1.5 metres. Hole 314, located in the middle of the Gap Zone, also intersected a two metre-wide interval of Stephanie Vein, which assayed 19.2 g/t Au and 88.8 g/t Te, including up to 53.1 g/t Au and 134.5 g/t Te (Table 1). Assays are pending from numerous drill holes straddling the gap between the 450 West and 850 West Zones.

850 West Zone

Recent channel sampling from the Rebecca Zone ("Soccer Field") has identified a 10-metre-wide interval containing stacked quartz-tourmaline veins and altered rock. Two quartz-tourmaline veins in this interval, interpreted as Vein 10, contain 71 grains and 57 grains of VG respectively. In addition, over 50 grains of VG with accessory tellurides have been observed in hole 335, across a 6.5-metre-wide interval of Vein 16, at a depth of 95.3 metres down hole.

Drill hole 301 intersected a 10-metre-wide interval of V12 grading 2.14 g/t Au and a 9.0-metre width of V10 containing 1.24 g/t Au, which includes 4.66 g/t Au over 4.0 metres. Hole 310 intersected a 13-metre-wide gold-bearing interval at 3.38 g/t Au from within Vein 12, which includes a high-grade section containing 35.7 g/t Au and 45.5 g/t Te (Table 1).

The 2011 program objectives are to expand the near-surface gold resources and to search for additional extensions to the Eau Claire deposit. Drilling will continue in the 850 West and Gap Zones at a 25-by-25-metre drill spacing. The 850 West Zone is open laterally and at depth. 54 drill holes, totaling 22,500 metres of a proposed 25,000-metre program, have been completed to date.

According to Dr. Robinson, President and CEO of Eastmain, "Drilling has confirmed that there are high-grade, gold-bearing veins in the Gap Zone, suggesting that at least locally, both the 450 West and 850 West Zones are connected, and may be reflective of a much larger gold-tellurium system at Clearwater. Although the geometry of the two zones differs, the metal signature and mineralogy of veins within the zones are the same. We are very encouraged by the amount of visible gold observed in both trenching and drilling of near surface veins. Results to date from the 2011 program appear to support the expansion of high grade resources amenable to potential open pit extraction. There is also evidence of significant exploration potential further west from the 850 West Zone, which will be a priority target in the next phase of drilling."

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. Chemical analysis was completed by ALS CHEMEX Laboratories using a 50-gram split and gravimetric techniques. Internal standards, provided by an independent company, and blank samples were inserted for quality control purposes. Assay samples are taken from HQ core, sawed in half along the core axis with one-half sent to ALS and the other half retained for future reference. Unless otherwise indicated, sample length approximates true thickness. *Indicates that vein angles are oblique to the core axis and therefore may be an apparent thickness, rather than a true thickness.

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 $17.6 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 40,000 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.