Eastmain Resources Inc. (ER:TSX) announced that it has closed a financing consisting of up to 1,813,526 flow-through units on a private placement basis, subject to regulatory approval, at $0.56 per unit for aggregate gross proceeds of up to approximately $1,015,000. Each unit will consist of one flow-through common share and one half of one flow-through common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of $0.65 per share for a period of 12 months following the closing of the offering. MineralFields Group has subscribed for $950,000 of the offering. In connection with the issue of units to MineralFields Group, Limited Market Dealer Inc. will receive a commission of 7% and broker warrants each of which entitles the holder to acquire one common share at $0.65 for a period of 12 months following the closing of the offering.

Management proposes to subscribe for approximately $65,000 of the offering. It is expected that the filing of the material change report relating to the financing will occur less than 21 days before the closing date of the offering, however, Eastmain believes this is reasonable and necessary as this information was not previously available to Eastmain.

Eastmain's primary focus is gold exploration within the James Bay region of northern Québec. With over 1,850 claims covering 850 km2, Eastmain holds one of the largest land positions in the James Bay region of Québec - the newest emergent mining district in Canada. The Company also has significant land holdings covering key geology around the Eléonore discovery and the Eastmain gold mine.

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.