Exploration Underway at Eastmain Mine
11:56 EDT Tuesday, August 25, 2009
TSX Symbol: ER
globeinvestor.com
TORONTO, Aug. 25 /CNW/ - Eastmain Resources Inc. ("Eastmain", TSX:ER) announces that an exploration program is in progress on the Eastmain Mine property located in northern Québec. Through its wholly-owned subsidiary, Eastmain Mines Inc., the Corporation owns 100% interest in this 126 km(2) property, which hosts the Eastmain gold deposit. The current exploration program is focused on confirming high-potential drill targets both within and lateral to the gold deposit in preparation for an extensive winter program.
The average grade of 106 holes, previously drilled by Placer Development Ltd. and others, into A and B Zones of the Eastmain deposit is 18.92 g/t gold or 0.55 ounces per ton gold (Au), 16.06 g/t silver (Ag) and 0.24% copper (Cu) across 3.96 metres. Exceptional drill results within the deposit include 46.71 g/t Au (1.36 ounces per ton), 51.47 g/t Ag and 0.29% Cu over 5.09 metres; 53.28 g/t Au (1.56 ounces per ton), 59.20 g/t Ag and 0.20% Cu over 13.2 metres or 43.3 feet; 125.43 g/t Au (3.66 ounces per ton), 13.80 g/t Ag and 0.12% Cu across 3.66 metres and 36.73 g/t Au (1.07 ounces per ton), 18.88 g/t Ag and 0.21% Cu over 9.05 metres (Table1 - website).
The Eastmain gold deposit is currently reported to contain 255,750 ounces of gold and 4.1 million pounds of copper, including measured resources of 91,500 tons grading 0.268 ounces/ton gold and indicated resources of 786,600 tons at 0.294 ounces/ton gold (Campbell Resources Inc., 2004 Annual Report). These resources are historical estimates and should not be relied upon. These estimates may not be NI43-101 compliant. Alain Blais is the qualified person for Campbell. A qualified person for Eastmain has not done sufficient work to classify the historical estimates as current mineral resources as defined by NI43-101.
In it's 2009-2010 budget, the Province of Québec approved funding in the amount of $698 million for two road infrastructure projects in Northern Québec. One of these projects, the extension of Route 167 from Chibougamau to the Otish mountains, is of great significance to the Eastmain Mine property. Designed to connect the communities of the Far North and to provide access to the Albanel-Temiscamie-Otish Park, the Route 167 Extension will also provide several prospective mining projects, including the Eastmain Mine property, with access to available infrastructure and man-power from the towns of Chibougamau and Mistissini. Completion of the Route 167 Extension, also known as the Route de Monts Otish, is subject to a pre-feasibility study currently being carried out by Genivar Inc., and subsequent social and environmental impact assessment studies.
Don Robinson, President and CEO of Eastmain states, "Previous drill results from the Eastmain gold deposit, combined with its strong geological similarities to other large Canadian gold deposits, such as the main gold zone at Detour Lake, attest to the tremendous resource potential of this project. Based on our experiences at Clearwater, installation of a permanent road will also dramatically improve access to the project and reduce transportation costs, allowing us to 'drill more for less'. A wide variety of high-priority drill targets are evident from work completed to date. We look forward to advancing this project with a substantial winter drill program."
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$18 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Éléonore South property. Eastmain has allocated a budget of $4.0 million for gold exploration in Québec for 2009.
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: info@eastmain.com or visit our website at www.eastmain.com |
