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Gold/Mining/Energy : Eastmain Resources- CDN

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To: terry astle who wrote (22)10/12/1999 4:26:00 PM
From: terry astle  Read Replies (1) of 36
 
FOR: EASTMAIN RESOURCES INC.

TSE SYMBOL: ER

OCTOBER 12, 1999

High grade gold discovered in two major veins at
Clearwater

TORONTO, ONTARIO--Eastmain Resources Inc. (TSE: ER) and SOQUEM
Inc. are pleased to announce high grade gold assay results from
surface stripping at Clearwater, Quebec. Fifty-three channel
samples taken at five- to ten-metre-intervals have confirmed
continuous ore grade gold across mineable widths on two newly
discovered veins. Clearwater is a joint venture project owned
equally by Eastmain and SOQUEM Inc., a wholly owned subsidiary of
SGF Minerals.

High-grade gold has been detected throughout the newly discovered
130-metre-long P Vein. Fire assay results from X-RAY Assay
Laboratories in Rouyn-Noranda, include: 220.26 gpt gold /0.4 m
(6.43 ounces per ton), 74.4 gpt /0.6 m, 45.69 gpt /0.5 m, 17.5 gpt
/2.1 m, 22.05 gpt /2.4 m, 44.86 gpt/1.0 m and 28.22 gpt over 0.4
m. The P Vein contains an average uncut grade of 12.21 gpt (0.36
ounces) gold across a minimum two-metre mining width.

The O and Q Veins, discovered 15 metres north of P, contain ore
grade gold over mineable widths for a length of 150 metres.
Similar to the adjacent P Vein, very high gold grades were
detected throughout their lengths. These include 271.5 gpt gold /
0.4 m (7.93 ounces per ton), 64.32 gpt /2.0 m, 117.16 gpt /0.4 m,
24.31 gpt/1.7 m and 44.02 gpt /0.8 m. The O and Q Veins contain an
average grade of 10.7 gpt (0.31 ounces) gold across a mineable
width. These veins blossom at the eastern end into a
10.5-metre-wide tourmaline zone containing 3.9-gpt gold. The O, P
and Q veins are open to the west.

Stripping has also exposed the J Vein for a length of 80 metres.
High-grade gold assays within the J Vein include 38.16 gpt gold
/0.7 m and 59.68 gpt /0.70 m and a three metre wide tourmaline
zone grading 17.69 gpt gold. The J Vein, located five metres north
of O and Q, contains a drill-indicated resource of 400,000 tonnes
grading 10.03 gpt (0.29 ounces) gold (uncut).

The average grade of the new veins - O, Q and P - is consistent
with the J Vein's drill-indicated resource. Additional stripping
and detailed drilling at 25-metre-centres is required to better
evaluate the tonnage potential for the project. Discovery of the
new veins at Clearwater improves its potential to become a gold
producer.

Soquem inc. is a division of SGF Mineral inc., which is a
subsidiary of the SGF. The mission of the SGF is to carry out
economic development projects in cooperation with partners and in
accordance with accepted requirements of profitability, in
particular the industrial sector. Since 1985, the SGF has produced
investments in the region of $6.7 billion, thereby enabling the
creation of 22,000 jobs, directly and indirectly. As of December
31st 1998, the consolidation of assets of the SGF totaled $1.8
billion. Furthermore, the consolidation assets of all the
companies in which the SGF holds a share represent an amount of
$10 billion. The SGF is associated with 34 international partners
conducting business operations in Quebec.

/T/

Clearwater Project Channel Sample Assay Results

Sample Au1 Au2 Average Average Length Total Vein
Number g/tonne g/tonne g/tonne oz/ton (m) Interval
g/tonne
-----------------------------------------------------------------------------
4651 6.14 6.31 6.23 0.18 0.80
4652 16.73 15.74 16.24 0.47 1.10 12.02 /1.9m
4653 0.53 0.53 0.53 0.02 1.10
4654 2.06 2.40 2.23 0.07 1.50
4655 0.07 0.07 0.07 0.00 1.50
4656 2.09 2.09 2.09 0.06 0.70
4657 5.69 5.55 5.62 0.16 1.50
4658 0.85 0.85 0.85 0.02 1.50
4659 3.53 3.77 3.65 0.11 0.80 3.90 /10.5m
Tourmaline
Zone
4660 0.20 0.18 0.19 0.01 1.00
-----------------------------------------------------------------------------
4661 1.37 1.13 1.25 0.04 0.50 1.25 /0.5m
Tourmaline
Zone
-----------------------------------------------------------------------------
4662 231.26 209.25 220.26 6.43 0.40 220.26 /0.4m P
-----------------------------------------------------------------------------
4663 57.94 90.93 74.44 2.17 0.60 74.44 /0.6m P
-----------------------------------------------------------------------------
4664 3.33 2.95 3.14 0.09 1.00
4665 12.79 11.66 12.23 0.36 1.00 7.68 /2.0m P
-----------------------------------------------------------------------------
4666 13.20 13.92 13.56 0.40 0.70 13.56 /0.7m P
-----------------------------------------------------------------------------
4667 44.95 46.63 45.79 1.34 0.50 45.79 /0.5m P
-----------------------------------------------------------------------------
4668 41.38 34.32 37.85 1.11 0.90
4669 1.99 2.50 2.25 0.07 1.20 17.50 /2.1m P
-----------------------------------------------------------------------------
4670 10.59 10.29 10.44 0.30 0.80
4671 26.40 29.55 27.98 0.82 0.40
-----------------------------------------------------------------------------
4672 6.31 7.51 6.91 0.20 1.20 10.52 /2.8m P
-----------------------------------------------------------------------------
4673 0.55 0.55 0.55 0.02 0.40
4674 3.12 2.98 3.05 0.09 1.30
4675 0.24 0.24 0.24 0.01 1.40
4676 2.16 1.99 2.08 0.06 0.70 1.69 /3.8m P
-----------------------------------------------------------------------------
4677 3.43 4.63 4.03 0.12 0.40 1.71 /1.6m P
4678 0.93 0.93 0.93 0.03 1.20
-----------------------------------------------------------------------------
4679 0.45 0.45 0.45 0.01 0.70
4680 19.51 17.38 18.45 0.54 1.10
4681 2.71 2.02 2.37 0.07 0.90 11.21 /2.0m P
-----------------------------------------------------------------------------
4682 4.01 4.28 4.15 0.12 0.70
4683 7.89 8.30 8.10 0.24 0.80 6.25 /1.5m P
-----------------------------------------------------------------------------
4684 0.17 0.17 0.17 0.00 0.70
4685 47.31 56.81 52.06 1.52 0.90
4686 4.49 3.60 4.05 0.12 1.50 22.05 /2.4m P
-----------------------------------------------------------------------------
4687 1.13 1.65 1.39 0.04 1.00
4688 4.08 4.90 4.49 0.13 0.70
4689 0.19 0.19 0.19 0.01 0.80 2.67 /1.7m P
-----------------------------------------------------------------------------
4690 6.55 6.07 6.31 0.18 0.90 6.31 /0.9m P
-----------------------------------------------------------------------------
4691 0.25 0.25 0.25 0.01 0.90
4692 42.99 46.73 44.86 1.31 1.00 44.86 /1.0m P
-----------------------------------------------------------------------------
4693 28.49 27.94 28.22 0.82 0.40 28.22 /0.4m O
-----------------------------------------------------------------------------
4694 0.60 0.60 0.60 0.02 1.30 0.60 /1.3m O
-----------------------------------------------------------------------------
4695 2.02 2.33 2.18 0.06 0.70 2.18 /0.7m O
-----------------------------------------------------------------------------
4696 28.97 27.53 28.25 0.82 0.50 28.25 /0.5m O
-----------------------------------------------------------------------------
4697 28.66 29.97 29.32 0.86 0.40 29.32 /0.4m O
-----------------------------------------------------------------------------
4698 18.07 17.11 17.59 0.51 0.80 17.59 /0.8m O
-----------------------------------------------------------------------------
4699 37.13 43.99 40.56 1.18 0.90
4700 5.62 6.45 6.04 0.18 0.80 24.31 /1.7m O
-----------------------------------------------------------------------------
4751 9.02 8.74 8.88 0.26 0.90 8.88 /0.9m O
-----------------------------------------------------------------------------
4752 117.33 116.98 117.16 3.42 0.40 117.16 /0.4m O
-----------------------------------------------------------------------------
4753 19.34 21.60 20.47 0.60 1.10 20.47 /1.1m O
-----------------------------------------------------------------------------
4754 265.44 277.55 271.50 7.93 0.40
4755 6.31 4.97 5.64 0.16 0.80
4756 18.99 19.82 19.41 0.57 0.80 64.32 / 2m O
-----------------------------------------------------------------------------
4757 7.10 6.17 6.64 0.19 1.00
4758 0.87 0.87 0.87 0.03 1.10
4759 3.26 3.67 3.47 0.10 1.10 3.56 /3.2m O
-----------------------------------------------------------------------------
4760 1.44 1.13 1.29 0.04 0.40 1.29 /0.4m O
-----------------------------------------------------------------------------
4761 42.58 45.46 44.02 1.29 0.80 44.02 /0.8m O
-----------------------------------------------------------------------------
4762 18.69 19.30 19.00 0.55 0.80 19.00 /0.8m O
-----------------------------------------------------------------------------
4763 3.19 2.71 2.95 0.09 0.50 2.95 /0.5m O
-----------------------------------------------------------------------------
4764 2.06 2.40 2.23 0.07 1.00 2.23 /1.0m O
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------

/T/

-30-

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