TORONTO--(BUSINESS WIRE)--Eastmain Resources Inc. (“Eastmain” or the “Company” - TSX:ER, OTCQB:EANRF), a gold exploration and development company based in Eeyou Istchee James Bay, Quebec, is pleased to announce it has optioned its Lac Lessard PGM (Platinum Group Metals) Property (the “Project”) to a private company. Lac Lessard is located 15 kilometres northeast of the Eastmain mine property, recently optioned to Benz Mining Inc., and located 325 km NE of the town of Chibougamau. The Lac Lessard property hosts an intrusive complex which is prospective for PGMs.
Blair Schultz, Eastmain Interim President and CEO commented, “We are thrilled to monetize another one of Eastmain’s non-core assets. The option allows our team to focus our exploration efforts on our highly prospective James Bay properties. We are casting a wide exploration net on our Reservoir, Radisson and Clearwater Properties this summer/fall and will utilize funds from this option towards these programs.”
OPTION AGREEMENT HIGHLIGHTS
- An initial option payment for the Project (the “Option”) of $85,000 has been received.
In order to earn 100% interest in the project, the Company exercising the option must:
- incur at least CAD$100,000 of Project Expenditure within 12 months of the Agreement Date; and
- pay to the Seller CAD$100,000 within 12 months of the Agreement Date.
- Eastmain will retain a 2% Net Smelter Return (“NSR”) from any ore extracted and sold from the permits; Half the royalty may be purchased for $500,000, thereby reducing the royalty to a 1% NSR
About Eastmain Resources Inc. (TSX:ER) www.eastmain.com
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery, made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Newmont Corporation's Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, Eastmain is 100% owner of several highly-prospective properties in the Eeyou Istchee region, including Radisson, Reservoir and Lidge.
Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to the potential success of the Company’s future exploration and development strategies and potential success of the Eastmain Mine Project. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they effect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions, used in the preparations of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.