QUEBEC - 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.
More information about the Eastmain property is available in the Feb. 27, 2007, press release at www.Eastmain.com.