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Additional Information
Market: TSX
Sector: Gold Mining
EPIC: ER
Latest Price: 0.83  (-2.35% Descending)
52-week High: 1.50
52-week Low: 0.83
Market Cap: 81.11M
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Eastmain Resources
www.eastmain.com

Eastmain Resources Inc. is a Canadian exploration company. The Company is actively exploring for gold and base metal deposits within Eastern Canada. Eastmain owns 100% of the Eau Claire gold deposit and has significant land holdings covering key geology adjacent to the Eléonore discovery and the Eastmain gold mine.

Full Eastmain Resources profile here
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Eastmain Completes $5 million Flow Through Financing

3rd Mar 2010, 3:26 pm by Sam Kiri
Eastmain Completes $5 million Flow Through Financing

As markets make a gradual come back on the back of improving economic parameters the success of mining companies in raising funds for their exploration endeavours usher in more confidence in their investment case. In what could be a similar situation, Toronto listed Eastmain Resources Inc, (TSX: ER) has completed a private placement of 2,000,000 flow-through common shares at a price of $2.50 per flow-through share, for aggregate gross proceeds of $5,000,000.

With an aggressive busy drilling campaign at its wholly-owned Eau Claire Gold Deposit and Eleonore South project still underway, Eastmain has made considerable progress with its projects. The Eau Claire gold deposit in fact forms a part of Eastmain’s Clearwater Property, which is host to one of three known gold deposits in the James Bay region of Québec. Surface trenching and diamond drilling have outlined an indicated and inferred gold resource in excess of 4 million tonnes, containing approximately one million ounces of gold. The Eau Claire gold deposit consists of multiple, parallel veins of quartz and tourmaline that have been traced for 1.5 kilometres in length and to a depth of 750 metres.

Located within the Eastmain/Opinaca district of Québec, the Eleonore South is a gold project 5 km southeast of the Roberto Gold deposit and 42 km northwest of the Clearwater gold deposit. Eastmain has formed a 3-Way Joint Venture on the Eleonore South Property in order to consolidate the land position and accelerate exploration with Les Mines Opinaca Ltee. ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX: G, NYSE:GG), and Azimut Exploration Inc. Eastmain is the project operator and will manage the joint venture. The project ownership is currently Eastmain 33.34%, Opinaca 33.33% and Azimut 33.33%.

The placement was completed at a 78% premium to market share price at the time of closing and will increase Eastmain's treasury by one-third. Proceeds of the Offering will be used to fund exploration of the Company's Quebec gold projects. With the new financing, Eastmain now has $21 million in the treasury.
 
About Eastmain Resources Inc.
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. Eastmain has in excess of $21 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's 2010 budget is $7.5 million for gold exploration in Quebec.

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