East Asia Minerals Provides Corporate Update to Shareholders
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/15/11 -- East Asia Minerals Corporation (TSX VENTURE: EAS) wishes to report on the findings of the review of all the Company's activities conducted by the new management team and provide details of the strategy for the company going forward.
Miwah Project (EAS - 85% owner and operator)
East Asia has now completed eleven drill holes at Miwah since the initial resource was calculated in May 2011, with the objective of extending the resource north towards and into Moon River. East Asia has hit mineralization in seven of those holes (Refer to Miwah drill hole location map and assay table at www.EAminerals.com).
Following a review of activities, East Asia has suspended all surface exploration at Miwah. The Company will re-focus its activities until the process to reclassify the forest designation at Miwah has resulted in a reclassification of the project that will permit open pit mining. During the review of activities the company notes that the bureaucratic process to acquire the required ground access permits from the Ministry of Forestry has not been completed. It is the view of the Company, that the forestry re-classification and finalizing the granting of all required permits provides more immediate opportunity to add value to shareholders than would additional drilling and resource extension. To this end, East Asia Minerals is implementing a new strategy to achieve this, which includes working full time with Carbon Conservation Pty Ltd. (see news release May 3, 2011).
Concurrently, East Asia continues to advance pre-feasibility study level work at Miwah. Metallurgical work is advancing and is expected to be completed by year's end (2011).
Sangihe Project (EAS - 70% owner and operator)
East Asia has now completed seventeen drill holes at Sangihe since the resumption of drilling began in April 2011, with the objective of extending the resource at Binebase (BID) and Bawone (BOD) as well test other prospective areas of the property (Sedi - SED). Key results of the drilling campaign are summarized in the following table (Refer to Sangihe drill hole location map and assay/coordinate table at www.EAminerals.com).
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Grade Silver
Hole # From To Width (Au) g/t (Ag) g/t
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BID080 0.0 56.45 56.45 0.26 15.91
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BID081 0.0 82.6 82.6 0.29 28.38
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BID082 4.8 14.4 9.6 0.42 1.42
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BID083 0.0 64.25 64.25 0.44 14.32
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BID084 0.0 29.45 29.45 0.52 9.7
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BID085 0.0 47.7 47.7 0.36 12.52
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BID086 0.0 34.7 34.7 0.76 28.51
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BID087 - - - n/s n/s
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BID088 - - - n/s n/s
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BID089 1.0 47.9 46.9 0.89 3.43
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Including 19.6 44.6 25.0 1.16 4.92
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SED001 10.0 14.0 4.0 0.33 Pending
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SED002 - - - n/s n/s
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SED003 pending
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SED004 pending
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BOD090 pending
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BOD091 pending
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BOD092 pending
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East Asia continues to work with authorities in Indonesia to complete the transfer of assets from East Asia Minerals to Sangihe Gold Corporation, a 100% subsidiary of East Asia Minerals. In light of the continued delay in completion, East Asia has decided to accelerate the exploration program at Sangihe on its own rather than wait for the transfer to be completed. The Company has already increased drilling activities at the one drill rig on site from 12-hour shifts to 24-hour shifts and has ordered an additional two drill rigs, which should be active onsite within a month.
East Asia is also initiating pre-feasibility level work at Sangihe with an environmental impact assessment to be initiated shortly.
Tangse Project (EAS - 80% owner and operator)
East Asia Minerals is in the process of initiating exploration activities at its Tangse project in Aceh Province, North Sumatra, Indonesia. The Tangse project is located approximately 40 km northwest of Miwah and is prospective for copper and gold. East Asia Minerals acquired a majority interest in the Tangse project in 2007 and has since undertaken mapping and sampling on the property.
Over the remainder of 2011, East Asia plans to increase exploration activities to identify drill targets for testing later in the year.
Mongolian Uranium Projects (EAS - 100% owner and operator)
East Asia Minerals is in the process of restarting exploration activities in Mongolia at its uranium properties. Following thorough review of its operations in Mongolia, East Asia has approved a summer 2011 drilling program with the objective of further advancing the Enger, Ulaan Nuur and Ingenii-Nars projects.
East Asia continues to work with authorities in Mongolia to complete the transfer of assets from East Asia Minerals to East Asia Energy Corporation, a 100% subsidiary of East Asia Minerals.
Although East Asia Minerals is curtailing exploration activities at Miwah to focus efforts on the reclassification of the forest, the Company is expanding its exploration efforts across the portfolio by restarting field exploration in Mongolia and increasing our activity at Tangse and Sangihe.
East Asia Minerals will be providing regular updates of its drilling activities and corporate re-organization to its shareholders.
Samples reported were assayed at PT SGS Indoassay (SGS Group) in Jakarta. Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release.
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About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE: EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in three advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns six uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 81,412,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol 'EAS'.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute 'forward looking statements' within the meaning of that phrase under applicable Canadian securities law. When used in this News Release, such statements use words such as 'may', 'will', 'expect', 'intend', 'anticipate' and other similar terms. These statements reflect management's current assumptions and expectations regarding future results, performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement.
Forward looking statements are based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The Company believes that the assumptions and expectations reflected in such forward looking statements are reasonable. Assumptions have been made regarding, among other things, the Company's future exploration and development activities; timely receipt of third party or regulatory approvals; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used and that these factors and assumptions may be incomplete or incorrect.
Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Those risks include the interpretation of drill results and the estimation of mineral resources and reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks.
Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
East Asia Minerals Corporation
Nick Kohlmann, Corporate Communications
Toronto
1 416 792 8734
kohlmann@eaminerals.com
www.EAminerals.com
East Asia Minerals Corporation
Mark Patchett, Investor Relations
Vancouver
1 604 637 8154
patchett@eaminerals.com