Eastmain Resources Inc. Completes $5.75M Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2011) -

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Eastmain Resources Inc. ("Eastmain") (TSX:ER) is pleased to announce that it has completed its previously announced private placement of 2,615,441 flow through common shares ("FT Shares") at a price of $2.20 per FT Share, for aggregate gross proceeds of $5.75 million.

Oberon Capital Corporation, Casimir Capital Ltd., Macquarie Capital Markets Canada Ltd., and Stonecap Securities Inc. (the "Agents"), acted as agents in the offering, received a fee equal to 6% of the gross proceeds of the financing as well as non-transferable broker warrants entitling the Agents to subscribe for 0.156 million common shares of Eastmain, at a price of $1.40. The warrants have a term of 18 months from the date of closing of the placement.

The placement was completed at an 80% premium to yesterday's closing price. Proceeds from the placement will be used to accelerate drilling on new discoveries found at the Clearwater Project. Over 26,300 metres of drilling completed at Clearwater in 2011 focused on expanding the Eau Claire Gold Deposit to the west, in the Gap and 850 West Zones, situated lateral to, and well outside the limits of previously defined resources at 450 West. Assay data, pending for over 25 drill holes from Eau Claire, is expected in first quarter 2012. Drilling will re-commence at Eau Claire in February.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. Eastmain has in excess of $17 million in its treasury 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.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.