Eastmain Resources Inc. Provides Corporate Update
Eastmain Resources Inc. (TSX:ER) (the “Company” or “Eastmain”) today provides a corporate update in response to COVID-19. In recognition of recent events surrounding COVID-19, Eastmain has implemented safety protocols as recommended by Health Canada and the Ontario Ministry of Health. The Company is encouraging its employees to practice social distancing, and to self-monitor and self-isolate on symptoms, in the collaborative effort to “flatten the curve” and slow the spread of the coronavirus. As a precautionary measure, the Company has closed its office and instructed staff to work remotely. Eastmain will also be delaying their Spring drilling campaign.
As disclosed in the most recent financials, the Company’s 2020 Spring/Summer Exploration Program will be focused on the flagship Clearwater property and its surrounding satellite properties, Éléonore South Joint Venture, Radisson, Lidge and Reservoir. In response to virus concerns, Eastmain has elected to defer these programs until the relevant government authorities determine that self-isolation recommendations can be lifted. Eastmain intends to closely monitor the recommendations from the relevant authorities and once deemed appropriate, will proceed to mobilize its drill rigs and reopen the camp.
The delayed Clearwater Spring program was intending to test a variety of targets including the down-dip extension of the Eau Claire deposit, in addition to other highly prospective targets which were previously identified at Clearwater. The Summer program will be re-evaluated over the coming months and reviewing and ranking of targets is underway. Meanwhile, our geology and engineering team will continue to compile data, test and design mine plans to further de-risk our project.
Blair Schultz, Eastmain interim President and CEO commented, “We thank all of our shareholders for our continued support and patience as we collectively work to overcome the effects of COVID-19. The health and safety of our employees and contractors is our top priority. With the successful completion of our recent financing, we remain well-financed but remain in cost-conservation mode. We remain eager to resume our exploration programs and update investors as the recommendations are lifted.”
About Eastmain Resources Inc. (TSX: ER | OTCQB:EANRF)
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 Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017).
Forwarding-Looking Information
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the use of proceeds of the Offering, and the receipt of regulatory approvals. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, the receipt of applicable regulatory approvals, general business, economic, competitive, political and social uncertainties; the actual results of exploration activities; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; as well as those factors discussed in the Company’s annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Contact
Eastmain Resources Inc.
Blair Schultz
+1 647-347-3765
bschultz@eastmain.com
Alison Dwoskin, Manager Investor Relations
+1 647-347-3735
dwoskin@eastmain.com
