Eastmain Resources Inc.

Eastmain Resources Inc.

August 24, 2012 11:48 ET

Eastmain Resources Inc.: Clearwater Project

Visible gold in 18 vein intersections

38.4 g/t Au over 2.0 m; including 150 g/t Au/0.5m

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2012) - Eastmain Resources Inc. (TSX:ER) announces that visible gold (VG) has been identified in 18 vein intersections from five recently completed drill holes, on its wholly‐owned Clearwater Project, located in James Bay Québec. Visible gold detected in intersections from holes 386, and 388 to 391 is principally found within two veins (V19 and T10) located on the north margin of the Eau Claire gold deposit (see website for 3D Model). Assays are pending. Results from earlier drilling this year of high‐grade gold intercepts containing VG, include 66.5 g/t Au over 0.5 metre (hole 374‐Vein 14) and 38.4 g/t Au over 2.0 metres, including a half‐metre interval of 150 g/t Au within Vein 12 in hole 375. Both intercepts occur within the 850 West Zone.

Drill holes 386, 389 and 390, collared 25 metres apart, to test the lateral and depth extensions of the 450 West Zone, have intersected multiple vein intervals with visible gold. Hole 386 hit three veins containing multiple grains of visible gold, including 20 grains of VG in Vein T4 and 14 grains in Vein T10. Hole 389 also intersected 3 veins containing VG - Veins T, T8 and 4.0‐metre‐wide section of T10 containing 88 grains of visible gold and 63 telluride grains. Hole 390 hit two veins (T10 and T16) containing VG, highlighted by a 3.1‐metre‐wide T10 intersection containing 75 grains of visible gold and 131 telluride grains.

Drill holes 388 and 391, collared 25 metres apart along the north margin of the 850 West Zone both intersected visible gold within Vein V19. Hole 388 intersected a 3.1‐metre‐wide quartz‐tourmaline vein containing 18 grains of visible gold and 17 telluride grains from an interval of Vein V19. Hole 391 also hit a 4.6‐metre‐wide vein and alteration zone (V19) containing 74 grains of VG and 40 telluride grains.

To date 48 drill holes have been completed in 2012 for a total of 17,435 metres focused on expanding the measured and indicated open pit‐able resources in the 450 and 850 West Zones respectively. Both the 450 and 850 West Zones are open laterally and to depth. The current 40,000‐metre drill program will continue to focus on expanding lateral and vertical extensions of both zones. A revised resource estimate currently being finalized will include all drill data up to hole ER11‐350.

CEO Don Robinson states, "Although assays are pending for these VG intersections, they are significant in that detection of visible gold indicates a continuation of the high‐grade, Eau Claire gold mineralizing system, well outside the limits of the reported resource. These intersections also show a marked continuity to super‐enriched gold zones within Eau Claire".

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. The Corporation has $14 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 2012. Work will include 40,000 metres of drilling at Clearwater.

Notes: 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 a commercial laboratory and the other half retained for future reference. Sample length approximates true thickness.

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)