Eastmain Resources Inc.

Eastmain Resources Inc.

December 31, 2010 11:18 ET

Eastmain Resources Inc.: Private Placement & Drilling Update

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2010) - Eastmain Resources Inc. (TSX:ER) announced that it has completed a non-­brokered private placement consisting of 65,000 flow-through common shares, at $2.75 per flow-through common share, for aggregate gross proceeds of $178,250. Officers, directors and service providers of the Corporation subscribed for the entire placement. All securities issued pursuant to the placement are subject to a hold period of four months and one day from the date of closing.

The Corporation is well funded with in excess of $24 Million in working capital and an annual exploration budget of $8 to 10 Million. The Company's principal focus is exploration for gold within James Bay, Québec, with an emphasis on advancing its Eau Claire and Eastmain gold deposits toward development.

Assay results are pending for 38 drill holes completed at Clearwater. Drilling will resume in January focused on the 850 West Zone where recent drilling has intersected multiple quartz-tourmaline vein and alteration zones comparable to the Eau Claire gold deposit (see website for drill plan).

In conjunction with the placement Dr. Robinson, President and CEO of the Corporation subscribed for $55,000 of the FT placement which was subsequently donated to support the handicapped. Dr. Robinson also exercised 300,000 options and donated 80,000 shares to the same charity, holding the remainder.

This news release was prepared by Dr. Donald Robinson, P.Geo., Qualified Person as defined by NI 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 in excess of $24 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Éléonore South property, where a gold discovery has been found in a similar geologic setting to Goldcorp's Roberto deposit. Eastmain has an annual budget of $8 to 10 million for gold exploration in Québec.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections. 

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)