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Re: News Releases - Thursday, May 03, 2007
East Asia Minerals Adds Ulaan Nuur To Airag Uranium Project in
Mongolia
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For Immediate release, May 3, 2007
VANCOUVER, B.C. -- Thursday, May 3, 2007 -- East Asia Minerals
Corporation (TSXV-EAS) announces it has signed an agreement to acquire
the Ulaan Nuur uranium tenement in Mongolia. Under the terms of the
agreement, EAS will acquire 100% of the 1,508 hectare tenement for a
one time payment of USD 60,000. Ulaan Nuur hosts a partially defined,
potentially significant deposit of stratiform sandstone hosted uranium
mineralisation. The property is contiguous with the Company's Airag
uranium project. A location map of the property is posted at
www.EAminerals.com.
Limited historical drilling was conducted at Ulaan Nuur during the
Soviet era, resulting in the definition of at least nine shallow
dipping, stratiform bodies of uranium mineralisation ranging in
thickness from 0.1 to 3.5 metres and grading between 0.03 and 0.184%
uranium. The mineralisation was traced for 600 to 800 metres along
strike and up to 400 metres down dip, and was not closed off. The
Soviets calculated a projected resource (P2 category) of 10,000 tonnes
(22 million pounds) of contained uranium for the Ulaan Nuur deposit
(L.D. Chirpov and G.G. Illin, 1973, Report No. 2410, "Report on the
prospecting-estimation works in the eastern part of Mongolia"). The
Soviet data indicates an average grade of 0.049% uranium, representing
a deposit of approximately 20 million tonnes.
The historic Ulaan Nuur data also provides EAS with evidence that the
Project contains a potential ISL (in situ leach) environment. The data
reports that the "lower productive horizon" is hosted entirely within
uniformly shallow dipping and permeable sandstone, between an overlying
clay horizon and an unconformably underlying conglomerate, which in
turn overlies Proterozoic granite gneiss.
Commenting on the acquisition of the Ulaan Nuur property, Michael
Hawkins, President of East Asia Minerals said "We are very pleased to
have brought this high potential property into our Mongolian uranium
portfolio. Whilst there is some uncertainty as to the quoted historical
resource, it is clear that the project contains potentially significant
uranium mineralisation and we are looking forward to exploring the
tenement in 2007. That we were able to, in a very competitive market,
acquire such a quality project is testament to the capacity of the EAS
management team at building shareholder value".
East Asia Minerals acquired the original Airag-1 property, located 330
kilometres southeast of Ulaanbaatar near the Ulaanbaatar - Beijing rail
line, in 2006. Historic Soviet drilling in the 1970s on this separate
target intersected multiple uranium mineralized intervals in Cretaceous
sandstones and volcanics. EAS geologists mapped 270 square kilometres
at Airag-1 in 2006 and discovered evidence of undocumented Soviet-era
underground development. This suggests that high grade uranium
potential exists on the property as the Soviets rarely conducted
underground development in Mongolia. EAS has not yet drilled the
Airag-1 or Ulaan Nuur tenements.
Michael Hawkins, M.Sc., MAusIMM, the designated QP within the meaning
of 43-101, has reviewed and approves the content of this release. EAS
has not verified the classification of the historic resource reference
and is not treating it as a NI 43-101 defined resource verified by a
QP. Although this historical reference of resource potential is
relevant to recognizing the potential of the Ulaan Nuur Property, it
should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals is an Asian-based, Canadian mineral exploration
company with uranium, gold and copper assets in Mongolia and Indonesia.
The Company owns six uranium properties, highlighted by the Ooshiin
Govi tenements, and a 75% interest in the Khok Adar copper oxide
discovery, in Mongolia. In Indonesia, it has a 70 to 85% interest in
five advanced gold and gold-copper projects located in Aceh Province in
Sumatra and North Sulawesi. East Asia currently has 42,863,868 shares
outstanding. Its shares are listed for trading on the TSX Venture
Exchange under the symbol "EAS".
To receive or stop receiving EAS news via email, please email
Info@EAminerals.com and state your preference in the subject line.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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FOR FURTHER INFORMATION, visit the Company's website at
www.EAminerals.com, or contact:
Michael Hawkins, President
Vancouver
T: +1-778-997-2183
E: Hawkins@EAminerals.com
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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Copyright (c) 2007 EAST ASIA MINERALS CORPORATION (EAM) All rights
reserved. For more information visit our website at
http://www.eaminerals.com/ or send mailto:info@eaminerals.com
Message sent on Thu May 3, 2007 at 6:20:47 AM Pacific Time
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