TORONTO, April 27, 2006 (PRIMEZONE) -- Eastmain Resources Inc. ("Eastmain") (TSX:ER) is pleased to announce that Goldcorp Inc. ("Goldcorp"), Eastmain and Azimut Exploration Inc. ("Azimut") have signed a letter of intent to form a three-way joint venture on ground comprising a selected portion of Goldcorp's southern Eleonore claim block and the adjacent Azimut C Block. The joint venture is designed to simplify ownership and accelerate the exploration of a highly prospective target zone bordering two significant properties, located in the Opinaca region of James Bay, Quebec. Eastmain will act as operator on the new Eleonore South Property and has the option to earn a 1/3 interest in the project by funding $4 million in exploration over four years. Azimut and Goldcorp will each own a 1/3 interest in the property. Eastmain will have the option to increase its interest to 40% by completing a bankable feasibility study.
The new Eleonore South property will consist of 282 mining claims (146 km2), including 166 claims from the Azimut C Block, 82 claims from Goldcorp's Eleonore property and 34 Goldcorp claims located west of the Azimut C and Eleonore projects. Previous soil geochemical surveys completed on both Azimut C and the southern part of the Eleonore property indicate that a large gold-arsenic-bearing soil anomaly extends for more than ten kilometers across the north-central portion of the new Eleonore South Property (News Release, December 14, 2005). Previous geological and airborne magnetic surveys also indicate that the Property is underlain by the same sedimentary rock formation that hosts Goldcorp's Roberto Gold Deposit.
The first phase of exploration on the Eleonore South Property will comprise a minimum $1,000,000 program. This program will include extending Eastmain's current soil geochemical surveys to the north over parts of the new block and in-fill sampling across the presently defined anomaly. Work in 2006 will also include a comprehensive program of prospecting, geological mapping, trenching and sampling, followed by diamond drilling of priority target areas.
This press release has been prepared by Dr. Donald J. Robinson, P. Geo., and Eastmain's Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Properties.
Eastmain is one of the most active mining exploration companies in Northern Quebec. The Company's primary focus is gold exploration within an emerging mining district in the Eastmain/Opinaca region of James Bay. With approximately 61 million shares issued and outstanding, Eastmain has working capital of C$8.0 million and is debt free.
See website for Eleonore South Property Location Map.
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.