Eastmain Resources Inc. (TSX - ER) is pleased to announce that it has signed a Letter of Intent with GOLDCORP INC. (G:TSX, GG:NYSE) pursuant to which Goldcorp will acquire from Eastmain, by way of private placement, two million common shares at a price of $0.70 per share and two million flow-through common shares at a price of $1.00 per share, for total gross proceeds of $3.40 million. In addition, Goldcorp will acquire one million common share purchase warrants and one million flow through common share purchase warrants. Each common share purchase warrant will entitle the holder to purchase one common share in the capital of Eastmain, at the exercise price of $0.80 per share for a period of one year following closing; each flow-through common share purchase warrant will entitle the holder to purchase one flow-through common share in the capital of Eastmain, at the exercise price of $1.25 per flow-through share for a period of one year following closing. Upon completion of the offering, Goldcorp will own approximately 9.9% of the outstanding common shares of Eastmain.

Completion of the offering is subject to receipt of all necessary regulatory approvals, the entering into of a subscription agreement and the entering into of a letter agreement providing for a three-way joint venture between Goldcorp Inc., Eastmain Resources Inc. and Azimut Exploration Inc. for certain properties located in James Bay, Québec. A minimum of $2 million of the proceeds derived from the offering will be expended on the Éléonore South Property as defined in the three-way joint venture. Subject to the completion of the offering, Eastmain and Goldcorp have agreed to extend their strategic alliance for another 5 years.

"The alliance with Goldcorp offers an excellent opportunity for Eastmain to acquire and explore a key property located in the core of Canada's newest Mining District" stated Donald Robinson, President of Eastmain. "Goldcorp is one of the world's premier mining companies and has an aggressive growth strategy. This alliance will allow both companies to pursue additional project opportunities and will assist Eastmain in reaching its goal of becoming a successful mine finder".

"Eastmain has long been a believer in the James Bay region of Québec, and Goldcorp is pleased with this continuation of our strategic alliance" said Randy V.J. Smallwood, Goldcorpšs Director of Project Development. "This alliance with Eastmain, along with our new joint venture on the Éléonore South claim block, is the next step in Goldcorpšs continuing strategy to become the partner of choice and the dominant producer in the Opinaca gold district of James Bay, Canadašs newest and most exciting gold exploration district."

Eastmain is one of the most active mining exploration companies in Northern Québec. 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.