Eastmain Resources Inc. (TSX - ER) is pleased to announce that it has agreed to increase the size of the previously announced private placement to $14,000,000. Pursuant to a revised letter agreement, the underwriters led by Macquarie Capital Markets Canada Ltd. and including Genuity Capital Markets and Laurentian Bank Securities (together the “Underwriters”) have agreed to purchase on a private placement basis 10,000,000 units (the “Units”), at a price of $1.40 per Unit (the “Issue Price”) for gross proceeds to Eastmain of $14,000,000. The Underwriters have the option to purchase up to an additional 1,500,000 Units at the Issue Price up to 48 hours prior to closing of the offering. Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $2.00 for a period of 24 months following the closing of the offering.

The offering is scheduled to close on or about July 3rd, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

The net proceeds of the offering will be used for continued development of the Company’s Clearwater gold project that hosts the Eau Claire Deposit, the Éléonore South JV, the Eastmain Mine, and other advanced exploration properties in Quebec and Ontario, and for general corporate purposes.



With its focus on the district of James Bay, Québec, Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. Eastmain also holds interest in 12 projects within the district, including the Éléonore South property, where a new sedimentary-gold discovery has been found in a similar geologic setting to Goldcorp’s Roberto deposit. The Company has a budget of $3.5 million for gold exploration in Québec..