Returning on Eleonore South

ERIC LEMIEUX, Laurentian Bank Securities (04/17/2009)
"Eastmain disclosed yesterday that an exploration drilling program on the Eleonore South Project has been planned for 2009 with JV partner Les Mines Opinaca Ltée (Goldcorp). A 3,500m (approx. 15 holes) drill program is planned to pursue surface works conducted in 2007 and the previous 3,250m (16 hole) 2008 drill program. Eastmain's share of the $1.6 million budget is $800,000, Azimut having elected not to participate. We view this exploration program as positive. We believe the fact that Goldcorp, a major gold producer, is willing to commit exploration funds is a testimony to the strong fundamentals of the Eleonore South Project.

Eleonore South Project is located 5 to 15km south-east of the Eleonore discovery. The project area is in strike with favorable lithology, alteration and geochemical anomalies. Surface mineralization up to 3m @ 10.5 g/t Au on the JT Target area attest to an area conducive for gold mineralization.

We expect interesting results from the planned program but highlight that work will require time and successive drill programs. We believe that the Eleonore South Project offers exposure to quality gold ounces. The project is well-positioned and could, in the long term, potentially be developed as a satellite deposit of the Eleonore project. We maintain our Speculative Buy rating with a $1.60 target price."

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