Eastmain Resources Chairman Confirms Support for Management
TORONTO, ONTARIO--(Marketwired - Mar 30, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) announced today that it has been informed by Laurence Curtis, the Chairman of the Board of Directors, that Mr. Curtis did not provide his consent to being named as a potential member of a reconstituted board of directors, as outlined in a news release from a dissident shareholder, dated March 28, 2016.
"I am committed to supporting management and its strategic vision for enhancing shareholder value," said Mr. Curtis. "My fellow directors and I believe we have the right team at the right time to advance the Eau Claire project and create significant value for all stakeholders."
The Eastmain team has been strengthened through recent high-profile additions to its Board of Directors. Michael L. Hoffman recently joined the Board, adding more than 30 years of experience in managing emerging producers and large, complex capital projects from initial concept to construction. Mr. Claude Lemasson joined the Board in 2015, bringing nearly 30 years of experience in both mining construction and operations in Canada, the United States and South America, where he has been responsible for the design, construction, implementation, management and supervision of multiple aspects of both open-pit and underground gold mining operations.
"I am deeply disappointed the dissident shareholder has undertaken this hostile action with no concern that it will lead to a damaging and costly proxy fight," added Mr. Curtis. "This has already become an unwelcome distraction and I have serious concerns regarding the dissident and its motives."
Shareholders do not need to take action at this time and should await further communication from Eastmain Resources. The Board of Directors and Management remain committed to open dialogue with all shareholders.
About Eastmain Resources Inc. (TSX:ER)
Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, the Company's core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The company expects to publish a preliminary economic assessment for Eau Claire later in 2016. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district. In October 2015, Eastmain was presented with the "Discovery of the Year 2015" award by the Association L'Exploration Minière du Quebec ("AEMQ") for its contributions to the development of Quebec's mining exploration industry.
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 any potential director nominations, actions taken in respect of director nominations received by Eastmain, actual results of current and future exploration activities at the Company's properties, and the potential success of the Company's future exploration and development strategies. 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 results of matters to be considered at the upcoming annual and special meeting of shareholders of Eastmain, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, 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 affect 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 preparation 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.
Contact
Investor Contacts:
Dr. Donald J. Robinson
President
519 940 4870
robinson@eastmain.com
Catherine Butella
Exploration Manager
519 940 4870
butella@eastmain.com
Media Contacts:
Anne Lachance
416 899 8551
anne.lachance@kaiserlachance.com
Heather MacDonald
647 400 0538
heather.macdonald@kaiserlachance.com
