TORONTO, ONTARIO--(Marketwired - Mar 28, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (ER.TO) announced today that it received a Notice of Nomination for Directors ("the Notice") late in the day after the close of trading Thursday, March 24, 2016 from Columbus Gold Corp.
The Board of Directors and Management of Eastmain are reviewing the Notice and the news release issued by Columbus Gold Corp earlier today.
Facts to date:
- Prior to the receipt of the Notice of Nomination of Directors, there had been no formal dialogue or any attempt by Columbus Gold Corp. to initiate contact with Eastmain's Board of Directors or Management.
- Following receipt of the Notice, members of Eastmain's Board of Directors contacted Columbus Gold Corp. in an attempt to open a dialogue. Yesterday, Mr. Robert Giustra, CEO of Columbus Gold Corp. indicated a willingness to discuss this matter. Eastmain is disappointed with his announcement today.
- Eastmain believes this action by Columbus Gold Corp. is an opportunistic and self-serving attempt by a rival company to orchestrate a zero-premium, cashless takeover of Eastmain, without providing its shareholders with fair consideration.
- Columbus Gold Corp. is a junior gold exploration company, which until recently was listed on the TSX-Venture Exchange, and holds approximately 2% of the outstanding common shares of Eastmain Resources.
- The Notice discloses that Columbus Gold Corp accumulated its current position in Eastmain's common shares over a two week period earlier this month. This disclosure further supports Eastmain's view of their cynical and self-serving intentions which are contrary to the best interests of its shareholders.
Shareholders to not need to take action at this time and should await further communication from Eastmain Resources. The Board of Directors and Management remain committed to open dialogue with all shareholders.
About Eastmain Resources Inc. (ER.TO)
Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, the Company's core asset, has superior infrastructure within a favourable jurisdiction, is royalty free and the company expects to publish a preliminary economic assessment later in 2016 . Eastmain also holds a pipeline of exploration projects in this new Canadian mining district. In October 2015, Eastmain was presented with the "Discovery of the Year 2015" award by the Association L'Exploration Minière du Quebec ("AEMQ") for its contributions to the development of Quebec's mining exploration industry.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to any potential director nominations, actions taken in respect of director nominations received by Eastmain, actual results of current and future exploration activities at the Company's properties, and the potential success of the Company's future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the results of matters to be considered at the upcoming annual and special meeting of shareholders of Eastmain, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.