🕐27.09.12 - 15:00 Uhr
EASTMAIN PURCHASES ROYALTY ON EASTMAIN MINE
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Eastmain Resources Inc.
TSX: ER
NEWS RELEASE
TSX Symbol: ER
September 27, 2012
EASTMAIN MINE PROPERTY
Eastmain Purchases Royalty Interest
Eastmain Resources Inc.
(TSX:ER) announced that it has exercised its right of first
refusal to purchase the Net Smelter Return Royalty ("NSR") on the Eastmain Mine
property over and above an initial production of 250,000 ounces of gold (the "Initial
Production Royalty") from CBay Minerals Inc.
("CBay").
Franco Nevada Corporation
and Virginia Mines Inc.
have jointly acquired the Initial Production Royalty (2%
NSR) from CBay.
Eastmain acquired the Eastmain Mine project in 2007 subject to a 2% Net Smelter
Return Royalty ("NSR") which included a right of first refusal to acquire the NSR
for any production over and above 250,000 ounces of gold (the "Remaining Royalty
Interest").
Eastmain exercised its right of first refusal to purchase the Remaining
Royalty Interest for $450,000.
According to Dr.
Robinson " We are very pleased to purchase the Remaining Royalty
Interest from CBay, essentially making all of the upside discovery potential of
the Eastmain Gold Deposit royalty- free.
The combined purchase of the Initial Production
Royalty by Franco Nevada and Virginia attests to the importance of this gold deposit.
Quebecs Plan Nord program which includes the construction of a permanent road to
the mine property further enhances the value of this asset."
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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 $10 Million in its treasury and
holds a pipeline of exploration projects within the James Bay District, including
the Eleonore South property, which lies immediately south of Goldcorps multi-million-ounce
Eleonore property.
Eastmain is completing a $7-million exploration program, including
40,000 metres of drilling, on its Eau Claire gold 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.
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Quick Links
Our Website
Information Projects About Us
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: [mailto:]or visit our website at www.eastmain.com
Corporate Presentation
"Building for tomorrow, today!"
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Eastmain Resources Inc.
| 50 Richmond St.
East | Suite 101 | Toronto | Ontario | M5C 1N7 | Canada
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