Mr. Claude Lemasson reports

EASTMAIN RESOURCES ANNOUNCES $10 MILLION BOUGHT DEAL OFFERING

Eastmain Resources Inc. has entered into an agreement with Beacon Securities Ltd. and Paradigm Capital Inc. on behalf of a syndicate of underwriters, pursuant to which the underwriters shall purchase 9,803,000 flow-through shares and 1.96 million common shares in the capital of the company on a bought deal basis, at a price of 91.8 cents per FT share and 51 cents per common share, for aggregate gross proceeds to the company of $9,998,754. In addition, the company has granted the underwriters an option to purchase up to an additional 2,237,000 common shares at the common share issue price, exercisable in whole or in part at any time up to two business days prior to closing of the offering. Insiders of the company may acquire up to two million common shares and/or FT shares pursuant to the offering.

Claude Lemasson, Eastmain's president and chief executive officer, commented: "In addition to the aggressive exploration program we're planning for our Eau Claire deposit, Eastmain's portfolio hosts numerous other high-priority properties, most notably the Eastmain mine and the Eleonore South JV property. With this additional funding, we can now intensify exploration on both properties while also advancing exploration on prospective targets located within strategic land packages."

The closing of the offering is expected to occur on or about July 20, 2016, and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the Toronto Stock Exchange. All securities issued in connection with the offering will be subject to a four-month hold period.

The gross proceeds received by the company from the sale of the FT shares will be used to incur Canadian exploration expenditures that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company's Quebec mineral concessions, which will be renounced to the subscribers with an effective date no later than Dec. 31, 2016, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT shares. The net proceeds from the offering shall be used for exploration on portions of the Clearwater project that do not form part of the existing Eau Claire deposit, including exploration of recently acquired property interests of the company which now form part of the Clearwater project, as well as on other property interests of Eastmain outside of the Clearwater project, including the Eastmain mine property, the Eleonore South JV property, and the Ruby Hill, Radisson, Lac Hudson and Lac Lessard properties. Net proceeds will also be used for general corporate purposes.

The FT shares and the common shares to be issued under the offering will be offered by way of a private placement in all of the provinces of Canada and may be offered in the United States on a private placement basis, pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended.

We seek Safe Harbor.