Eastmain Resources Inc.: Clearwater Project Update

TORONTO, ONTARIO--(Marketwire - July 16, 2012) - Eastmain Resources Inc. (TSX:ER) announces that 26 drill holes totaling 9,030 metres have been completed to date during the current phase of drilling at its wholly-owned Clearwater Project, located in James Bay Québec. Two drills are now operating on the Eau Claire gold deposit with the principal objective of expanding measured and indicated open pit-able resources in the 450 and 850 West Zones respectively.

Assay data received from 11 drill holes completed in 2012, confirms a new gold-bearing structure (T10 Vein) located north and west of the 450 West Zone. Drilling demonstrates both lateral and vertical continuity of this new gold-bearing vein structure, which is open to the northwest and at depth.

Vein T10 has been traced for a lateral strike-length of 150 metres, ranges in thickness from 0.5 to 22.0 metres, and has been delineated from vertical depths of 100 to 200 metres. Significant T10 Vein intercepts include 2.23 g/t Au over 16.5 metres, (including 47.8 g/t Au and 109.5 g/t Te over 0.5 metres) in hole ER12-357; 5.90 g/t Au over 6.0 metres, including a half-metre interval of 35.9 g/t Au and 43.5 g/t Te, in hole ER12-358; and 12.25 g/t Au over 5.0 metres, including 29.24 g/t Au and 53.8 g/t Te over 2.0 metres in hole ER12-369 (Table 1). Vein T10 is outside of the limits of the previous resource estimate.

The second drill is currently testing lateral and vertical continuity of high-grade gold-bearing veins found at the RC Soccer Field in the 850 West Zone. Here, previously reported trenching results (Feb. 9, 2012 news release), include channel sample interval RC-3, which assayed 16.4 g/t Au over 13.5 metres, and corresponds to the surface projection of Vein V10. Drill hole ER12-374, collared 25 metres east of the Soccer Field has intersected multiple veins and alteration zones from surface to a down hole depth of 130 metres. 16 grains of visible gold and 17 telluride grains have also been observed in four clusters within a narrow quartz-tourmaline vein at a depth of 22.0 metres in hole 374. Assays for several drill holes are pending.

Both the 450 and 850 West Zones are open laterally and to depth. Exploration to date has defined a prominent structural control to the gold mineralization at Eau Claire, with a pronounced southwest vector evident for both zones. 2012 drilling clearly shows there is potential to expand the size of the prospective open pit resource to the northwest.

The current 40,000-metre drill program will continue to focus on expanding lateral and vertical extensions of both zones. Surface trenching and prospecting is also progressing west and north of the Eau Claire deposit. A revised resource estimate currently in progress will comprise drilling to hole ER11-350, which includes all holes into the 850 West discovery area completed in 2011.

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 resources⁴plus 1,020,000 ounces of gold in Inferred resources². The Corporation has $15 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.

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.