TORONTO, Nov. 11, 2003 (PRIMEZONE) -- Eastmain Resources Inc. (TSX:ER) is pleased to announce that it has formed a strategic alliance with Goldcorp Inc. (NYSE:GG) (TSX:G) for the purposes of acquisition, exploration and development of gold deposits in Quebec.
Goldcorp acquired 2,000,000 units of Eastmain Resources Inc. as part of a recent private placement brokered by Fort House Inc. (reported October 7, 2003). Each unit consisted of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.60 per share on or before October 24, 2005. Securities issued in the private placement are subject to a four-month hold period. Goldcorp has the right to participate in future private placements to maintain its equity interest in Eastmain and has a first right to participate in any current or future Quebec-based projects for a period of 5 years.
"This strategic alliance with Goldcorp is an important milestone in the growth strategy of Eastmain," says Donald J. Robinson, President and CEO.
Eastmain is a well-financed Canadian exploration company with one of the most significant undeveloped gold deposits in Quebec at Clearwater, a new gold project in Ontario at Reserve Creek and a new joint venture on the Abitibi Extension project. Coupled with a strategic alliance with one of the most profitable gold companies in the world, Eastmain is poised to move to the next level. "Goldcorp has recognized what Eastmain's team has managed to quietly accomplish over the past several years in a politically stable, pro-mining environment," states Robinson. He adds, "Eastmain's knowledge and experience from working in Quebec allows Goldcorp a better than average chance of exposure to profitable discovery in 'la belle province.' To have the support and confidence of one of the world's most innovative and successful gold companies adds value and recognition to Eastmain and its shareholders."
Investors are invited to meet management at the upcoming International Investment Conference in San Francisco, November 23rd and 24th and the Cambridge House Investment Conference in Vancouver, January 25th and 26th.
Goldcorp's Red Lake Mine is the richest gold mine in the world. The Company is in excellent financial condition with no debt, a large treasury and strong cash flow and earnings. Goldcorp's shares are listed on the New York and Toronto Stock Exchanges under the trading symbols of GG and G respectively. Its options trade on the American Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and the Pacific Stock Exchange (PCX) in the United States and on the Montreal Exchange (MX) in Canada.