TORONTO, Dec. 24, 2008 (GLOBE NEWSWIRE) -- Eastmain Resources Inc. (TSX:ER) announces that it has completed a non-brokered private placement of 127,500 flow-through common shares at $1.00 per flow-through common share for aggregate gross proceeds of $127,500. Officers, directors, technical advisors and service providers of the Corporation subscribed for the total placement. The Corporation is well funded with in excess of $20 Million in working capital and an annual exploration budget of $4 Million. The principal focus of the Corporation is gold exploration within Quebec with an emphasis on advancing the Eau Claire gold deposit towards development.
Proceeds of the placement will be used for the exploration of Eastmain's MegaTEM Joint Venture Project located in Ontario. Three drill holes were recently completed to test the St. Laurent nickel-copper-PGE target. The project is well located, only three kilometres from road access and trucking distance to existing smelters. The drill core will be sampled and submitted for assay in the New Year.
This news release was prepared by Dr. Donald Robinson, P.Geo., the qualified person supervising the project in accordance with 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 $20 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Eleonore 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 $4 million for gold exploration in Quebec.
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.