TORONTO, ONTARIO--(Marketwired - June 8, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Eastmain Resources Inc. (TSX:ER) (the "Company" or "Eastmain") is pleased to announce that it has closed its previously announced underwritten offering (the "Offering") of 10,000,000 common shares (the "Common Shares") at a price of C$0.40 per Common Share and 7,582,000 "flow-through" common shares (the "FT Shares") at a price of $0.68 per FT Share, to raise aggregate gross proceeds of approximately C$9.1 million. The Common Shares and FT Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Echelon Wealth Partners Inc., GMP Securities L.P., Laurentian Bank Securities Inc., Mackie Research Capital Corporation and Macquarie Capital Markets Canada Ltd. (the "Underwriters").

The net proceeds of the Offering are expected to be used to fund exploration and development of the Company's mineral concessions in Quebec, and for general corporate purposes. Insiders of the Company subscribed for an aggregate of 2,250,000 Common Shares and no FT Shares in connection with the Offering. All Common Shares and FT Shares issued pursuant to the Offering are subject to a statutory hold period expiring October 9, 2017. The Offering remains subject to the final approval of the Toronto Stock Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Eastmain Resources Inc.

Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company's core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture.

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.