Eastmain Resources Inc. (ER:TSX) announced today that it is seeking to complete a nonbrokered private placement of up to 8,000,000 units at $0.50 per unit for aggregate gross proceeds of up to $4,000,000. Each unit will consist of one common share and one-half of a 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 24 months following the closing of the offering. Completion of the private placement remains subject to the receipt of all required regulatory approvals.

Proceeds of this offering will be used for the exploration of Eastmain's mineral properties, for the acquisition of new mineral properties and for working capital. Upon completion of the proposed financing (assuming that it is fully subscribed), Eastmain will have approximately $6.0 million in its treasury in uncommitted funds.

Company President and C.E.O, Donald J. Robinson states; "Goldcorp's recent recognition of the Eastmain/Opinaca greenstone belt as Canada's newest mining district endorses our increased exploration spending in the region. The current financing is essential to advancing our key projects and acquiring significant real estate in this emergent mining camp. We have an aggressive exploration campaign planned for the 2006 season. Commitments for the Azimut C and D blocks alone will be in the order of $700,000."

Eastmain's primary focus is gold exploration within the Eastmain/Opinaca region of northern Québec. The Company is preparing a comprehensive exploration program for 2006, commencing with a winter diamond drill program to expand the gold resource at its Eau Claire gold deposit. Follow-up geochemical surveys, geological mapping, trenching and diamond drilling are also planned for several of our Eastmain/Opinaca belt projects including Clearwater, the Azimut C and D claim blocks, Dyna, Reservoir and Road King. Preliminary ground work as follow-up to this year's airborne surveys is scheduled for the Ruby Hill projects, and the Company will complete field studies at its Radisson property. With over 1,850 claims covering 850 km2, Eastmain holds one of the largest land positions in the newest emergent mining district in Canada. The Company has 83,868 acres covering key geology around the Eléonore property and 23,857 acres adjacent to the Eastmain gold mine.