GOLD EXPLORATION - Eastmain mine changes hands

CAMPBELL RESOURCES of Montreal has sold its Eastmain deposit to EASTMAIN RESOURCES of Toronto for $2.5 million in cash at closing and 500,000 warrants for the purchase of shares at the price of $1.00 each over 12 months. In May Eastmain will also issue to Campbell an additional 1.0 million common shares and 500,000 warrants for the purchase of shares at $1.50 each.

Eastmain will be the sole owner of the property. Development of the mine, 310 km northeast of Chibougamau, was suspended in 1995 by previous owners. A ramp and two levels of lateral development had been accomplished. The deposit is believed to contain 255,750 oz of gold and 4.1 million lb of copper.

Source : www.Eastmain.com