TORONTO, March 3, 2005 (PRIMEZONE) -- Eastmain Resources Inc. (TSE:ER) is pleased to announce an increase of 960% in inferred resource ounces at the Eau Claire gold deposit compared to those reported on December 19, 2001. The updated resource estimate was based on 51 drill holes, totalling 27,285 metres, completed in three phases of exploration. This estimate includes an indicated resource of 1,029,332 tonnes at 9.46 grams gold per tonne or 0.28 ounces per ton (8.18 g/t cut grade) containing 310,000 ounces, and an inferred resource of 3,049,660 tonnes at 6.9 grams gold per tonne (6.5 g/t cut grade) containing 680,000 ounces.
80% of the gold resource occurs in six veins D, G, H, I, P and JQ. Indicated resources increased by 5% while grade decreased by 1%. Due to wide drill-spacing, all gold-bearing vein intersections above the specified 2.5 g/t gold cut-off grade had a large area of influence, creating large resource blocks, and were classified as inferred resources. Consequently, the inferred resource tonnage increased by over 600% while grade rose by over 75%. Eastmain's combined acquisition and discovery cost is $5.25 per resource ounce with the benefit of Quebec's provincial tax and mining duties rebates.
The Eau Claire deposit grade varies directly with gold cut-off grades as illustrated in table 2. Using a 7 g/t cut-off grade, the Eau Claire indicated resource contains 230,000 ounces of gold at 15.1 g/t or 0.44 ounces per ton, while the inferred resource contains 408,000 ounces of gold at 11.8 g/t. The deposit has been traced laterally for 1,500 metres and to a depth of 700 metres. The vein system that comprises the Eau Claire deposit is open at depth and to the east.
Proposed future work includes a bulk sample of the P, JQ and R veins which comprise the 450 West Zone. The main objective of the sample will be to determine the mining and milling characteristics of the Eau Claire deposit. Local infrastructure, including an access road to the southern boundary of the property, has greatly improved the economics of exploration and development of the project. Considerable drilling and sampling is required to elevate the gold resource to a mineable reserve status.
The current mineral resource calculation, supervised by Eddy Canova, P. Geo, an independent consultant, meets the standards for exploration and development for mining properties according to National Instrument 43-101 and Companion Policy 43-101CP. Eastmain's resource estimate is based on 182 diamond drill intercepts and includes 12 veins and one Au-Cu-Ag-rich sulphide zone as reported in Table 1. Calculations are based on a 4.0 g/t gold and a 2.5 g/t gold cut-off grade, over a minimum 1.5 metre horizontal thickness, and drill hole pierce point spacing of 25 and 50 metres for indicated and inferred categories respectively. A limited number of resource blocks below the 4.0 g/t cut-off were included in the indicated resource in order to maintain vein continuity. A specific gravity of 2.85 t/m3, determined from 2001 metallurgical sampling, was used to calculate the tonnage of each ore block.
Table 1: Mineral Resource Eau Claire Deposit
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Indicated Resource Total Cut Grade
Tonnage Grade Cut Grade Ounces Ounces
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Vein D 48,121 6.5 6.5 10,076 10,076
Vein G 87,188 17.4 13.5 48,819 37,804
Vein H 67,246 13.4 12.5 28,859 26,979
Vein I 192,599 10.5 9.7 64,762 59,785
Vein JQ 157,687 9.3 6.4 47,071 32,442
Vein P 333,096 7.6 6.7 81,657 71,778
Vein R 72,242 6.0 6.0 14,038 14,038
Vein S 71,162 7.8 7.8 17,910 17,910
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TOTAL 1,029,332 9.46 8.18 313,191 270,812
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Inferred Resource Total Cut Grade
Tonnage Grade Cut Grade Ounces Ounces
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Vein D 741,909 9.7 8.6 230,884 206,252
Vein G 245,685 6.5 6.5 51,648 51,648
Vein H 353,754 6.0 5.7 68,314 65,279
Vein I 220,564 4.9 4.9 35,004 35,004
Vein JQ 396,379 5.9 5.9 74,640 74,640
Vein P 461,815 5.4 5.3 80,021 79,313
Vein R 102,337 6.4 6.2 21,116 20,298
Vein S 160,838 5.0 5.0 25,619 25,619
Vein 6V1 30,668 3.5 3.5 3,402 3,402
Vein 6V2 187,860 7.6 6.7 46,108 40,611
Vein 6V3 88,558 10.6 9.2 30,237 26,071
Vein 6V4 28,861 6.1 6.1 5,651 5,651
Au-Cu-Ag 30,394 7.0 7.0 6,819 6,819
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TOTAL 3,049,660 6.93 6.53 679,464 640,607
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* For the purposes of calculating a resource cut grade, all assays greater than 34.28 grams gold per tonne have been reduced to 34.28 g/t gold. Channel sample and drill core samples were analyzed by fire assay methods at ALS Chemex Laboratories. Duplicate check assays were completed for all samples containing more than 500 ppb gold. Eastmain is the operator of the project. The inferred and indicated resource classification has been applied in accordance with the Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions (CIM Oct. 2000, v.93, No. 1044, p.53-61) and conforms to National Instrument 43-101. Mr. Eddy Canova (Qualified Person) supervised the calculations. Due to the uncertainty which may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
Table 2. Eau Claire Deposit - Cut off grade versus Resource Grade
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Indicated Resource
Cut-off Grade Cut Grade Ounces Ounces
Grade (g/t) Tonnage (g/t) (g/t) Cut Grade Uncut
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10 303,368 18.9 14.7 184,815 142,975
9 361,526 17.4 13.8 202,394 160,555
8 427,698 16.0 12.9 219,872 178,033
7 475,183 15.1 12.4 231,207 189,368
6 553,388 13.9 11.6 247,671 205,832
5 750,500 11.6 9.9 280,513 238,482
4 1,029,332 9.5 8.2 313,191 270,812
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Inferred Resource
Cut-off Grade Cut Grade Ounces Ounces
Grade (g/t) Tonnage (g/t) (g/t) Cut Grade Uncut
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10 686,481 13.9 12.2 306,900 270,122
9 842,480 13.0 11.7 352,650 315,872
8 881,738 12.8 11.5 363,180 326,402
7 1,073,891 11.8 10.7 408,324 369,524
6 1,283,905 10.9 10.0 451,570 412,768
5 1,551,524 10.0 9.2 497,869 459,067
4 2,265,145 8.2 7.7 597,745 558,888
2.5 3,049,660 6.9 6.5 679,464 640,607
Cut-off grade refers to the leanest or lowest grade material included in the resource estimate. Table 2 illustrates the effect of applying various gold cut-off grades to the resource calculation. A positive correlation exists between higher resource grades with higher cut-offs. As the cut-off grade for the deposit is increased the average resource grade (inferred and indicated) also increases while the total tonnage decreases. With additional closer-spaced drilling it is assumed that there may also be an increase in the number of ounces at higher average grades.
The statements made in this Press Release may contain forward-looking statements and assumptions that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections.