Eastmain Resources Announces Amendments to Stock Option Plan And Changes to Audit Committee
TORONTO, ONTARIO--(Marketwired - Apr 20, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) announced today that in addition to proposed amendments to the existing stock option plan of the corporation (the "Option Plan"), as fully described in the Company's management information circular, dated April 6, 2016, it also proposes an amendment to the Option Plan to require shareholder approval of any change that extends the term of options beyond the original expiry.
The Company also announced today that the board of directors has accepted the resignation of Mr. Claude Lemasson as a member of the audit committee. Mr. Lemasson, who will assume the role of interim President and Chief Executive Officer at the conclusion of the Company's annual general and special meeting of shareholders ("AGM") on April 29, 2016, will remain a member of the board of directors.
As previously disclosed in its management information circular, the Company intends to reconstitute all of its board level committees following the election of new board members at its AGM, at which time the vacancy left by Mr. Lemasson will be filled by another member.
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. 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 de L'Exploration Minière du Québec ("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
