TSX Symbol: ER
TORONTO
,
Dec. 29
/CNW/ - Eastmain Resources Inc. (ER:TSX) announced that it has completed a non-brokered private placement consisting of 237,620 flow-through common shares, at
$1.75
per flow-through common share, for aggregate gross proceeds of
$415,835
. Officers, directors, technical advisors and service providers of the Corporation subscribed for
$165,760
of the placement. A finder's fee of
$15,000
will be paid by Eastmain. 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
$15 Million
in working capital and an annual exploration budget of
$5 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 16 drill holes completed within the Eau Claire gold deposit and a winter drill program is scheduled for the Eastmain Mine property.
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
$15 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
$5 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.
For further information: Eastmain Resources Inc.: Dr. Donald J. Robinson, President or Catherine Butella, Exploration Manager at (519) 940-4870, fax (519) 940-4871, by e-mail: [email protected] or visit our website at www.eastmain.com
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