Eastmain Mines Inc., a
wholly-owned subsidiary of Eastmain
Resources Inc. (TSX:ER)announces that mobilization of
fuel and drilling equipment is in progress, in preparation for drilling
on its Eastmain Mine property, located in James Bay, Quebec. A $3-million
exploration budget, focused on drilling beneath the Eastmain Gold Deposit
and regionally on the property, has been allocated for 2010. The
objectives of the drill program are to expand measured and indicated
resources and to search for additional gold resources nearby. Approximately
8,000 metres in 25 holes have been proposed to expand the A and B Zones. 20
drill holes, totaling 3,500 metres, are also proposed to test regional
targets outside the limits of the deposit.
The Eastmain Gold
Deposit is a high-grade, volcanic-hosted gold-copper system, that has
been traced for over one kilometre in length and to a vertical depth of
400 metres. Placer Development discovered the deposit with airborne
geophysical survey techniques in 1969. Drilling completed by Placer and
MSV Resources Inc. (a wholly-owned subsidiary of Campbell Resources
Inc.), in the 1980's outlined two mineralized zones, each containing
exceptional drill results, including: 14.32 g/t Au (0.42 oz/ton) over 8.64 metres at 300 metres
vertical depth in the A Zone and 53.3 g/t Au (1..56 oz/ton) over 13.2
metres, 200 metres below surface, within the B Zone. By 1995 the two
companies had constructed a full mining camp, complete with it's own
airstrip, developed the upper portion of the deposit with ramp access and
over one-kilometre of underground workings and extracted over 100,000
tons of ore from the deposit. Historical resource estimates, which may no
longer be NI43-101 compliant, indicate that the Eastmain Gold Deposit
contains 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, 2004 Annual Report).
The property is accessible via a 170-kilometre-long
winter road extending from Temiscamie, Quebec and via air from a
float-plane base located at Temsicamie or from the town of Chibougamau,
approximately 330 kilometres to the southwest. Chibougamau Diamond
Drilling was awarded the drill contract and has been utilizing the winter
road to mobilize the drill equipment and fuel to the mine property. Warm
weather has delayed transportation of materials over this road. Future
access to the project is expected to improve dramatically as the province
of Quebec has committed $130-million in capital funding to build a
permanent road that will service four mines and a new park in the area.
Don
Robinson, President and CEO of Eastmain stated, "This will be the first drill program on the Eastmain Gold
Deposit since the 1990's. There is excellent potential for expanding both
the high grade gold deposit as well as finding additional resources
elsewhere on the property. Government construction of a permanent road,
expected to be completed within the next three years, will significantly
enhance the economics of the Eastmain Gold deposit."
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 $20
Million in working capital and holds an interest in 12 projects within
the James Bay District, including the Eleonore South property. Eastmain
has allocated a budget of $7.5 million for gold exploration in Quebec for
2010.
For further information please contact 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.
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.
"Building for
tomorrow, today!"