"One of the companies that I really like in Quebec is Eastmain Resources Inc. (TSX:ER). I mentioned earlier how I am somewhat leery of explorers because it's very difficult for them to secure access to funding. I like Eastmain because the company has a very strong cash position in the treasury of between $15 and $17 million. So, they're basically fully funded to carry on for several years of work without having to go to market and raise money again.

Eastmain is also very advanced in terms of their exploration work. They have over a million ounces of gold resources at their Eau Claire project at Clearwater in Quebec. They also have a joint venture in play with one of the most-respected senior gold companies in the world—Goldcorp (TSX:G) (NYSE:GG). They have the clout of a big senior partner that is advancing with them to get a second project towards production.

So, you have strong management, a great financial position, excellent operating address and all the positive attributes I look for in a junior. Eastmain also has a fairly tight share structure and a fairly modest share price. There's plenty of upside for investors to look at that stock right now." View Entire Article
    -   The Gold Report Interview with Mike Kachanovsky (06/09/09)

"The Eastmain Resources Inc. (TSX:ER) results on Eau Claire continue to suggest an expanding gold resource. . .Eastmain Resources is very active on the Eau Claire gold deposit and in-fill drilling continues to show high-grade gold intercepts. The Eastmain mine project will gain enormously for logistics when the Route 167 Extension will be completed. A paved road to a site does give value and I believe this project will attract attention."
    -   The Gold Report Interview with Eric Lemieux (05/26/09)

"Eastmain Resources is in an advantageous spot because they do not need the sky-high gold prices to be attractive.

Quality management has to always be considered and Dr. Don Robinson, the President and CEO, is a highly respected and top-notch geologist and businessman.

Location is something that I would really like to emphasize. Quebec is the best place to do mining/exploration in Canada, according to Fraser Institute for several years now.

Let's focus a little more on Baie James (James Bay). The company is quite active in this area with several projects, including the Clearwater and Eleonore projects. The Clearwater project has just under 1 million ounces of gold in the inferred and indicated category. This is a nice size deposit. . .it is especially nice because of its grade.

Over the past 16 months Eastmain has intersected 365 veins from drilling with an average grade of 0.41 ounces gold per ton over an average width of 1.32 m (4.3 feet), including 250 vein intercepts at 0.57 ounces gold per ton and 100 vein intercepts with an average grade of 1.18 ounces gold per ton.

Eastmain, Goldcorp and Azimut have agreed to combine the southern portion of the Eleonore property with the Azimut C claim block to form a 3-Way Joint Venture on the Eleonore South Property, in order to consolidate the land position and accelerate exploration. Eastmain has the right to earn 1/3 interest on the property by completing $4 million in exploration. The 2009 exploration program will be jointly funded by ER and Goldcorp. Goldcorp has taken this a little further by acquiring 9.9% of Eastmain Resources. This is a significant step because it demonstrates the viability and confidence in not only Eleonore but all of Eastmain, as well. The Eleonore project has very interesting anomalies and seems to merit considerable attention.

The company currently has around 20 million dollars in the bank which, thanks to government credits, is like having nearly 30 million dollars in the bank. Currently, the company is being assigned a $40/oz value. The per-ounce value merits being closer to $100/oz based on the proximity to Goldcorp and their facilities. The infrastructure is very good. The company is in no need of financing anytime soon and there is a strong potential for further discovery."
    -   Equities and Economics Report (05/20/09)

"Eastmain has reported final assay results from its winter drill campaign on the high-grade central portion of the Eau Claire gold deposit. Continuity and grade has been confirmed by Eastmain's 2009 infill drill program.

We believe Eastmain has with current and previous drilling expanded the high-grade central portion of the deposit and confirmed extensions. With approximately 365 gold-bearing, quartz-tourmaline veins with an average grade of 14 g/t Au over an average width of 1.3m, the Eau Claire deposit should be set to grow as 125 HQ drill holes totaling 21,720 meters, have been completed within the upper 300 meters of the deposit. We believe results suggest that a potential open pit high-grade gold resource mined by selective mining methods is being confirmed.

We believe these results confirm that the Eau Claire deposit is well placed to potentially be developed as a satellite deposit of Goldcorp's Eleonore project. Eastmain has an experienced and focused management and technical team. We reiterate our Speculative Buy rating with a $1.60 target price."
    -ERIC LEMIEUX,   LAURENTIAN BANK SECURITIES (05/08/09)

 PRINT THIS PAGE  EMAIL THIS PAGE