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Re: News Releases - Friday, September 21, 2007
East Asia Minerals Announces Closing of Sale of Ooshiin Govi
Property for CAD$83Million to CFMM (A Subsidiary of Areva NC)
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For Immediate release, September 21, 2007 TSXV: EAS
VANCOUVER, B.C. -- Friday, September 21, 2007 -- East Asia Minerals
Corporation (TSXV-EAS) is pleased to announce it has closed the sale of
the Ooshiin Govi uranium property to Compagnie Fran�aise de Mines et
Metaux ("CFMM"), a subsidiary of Areva NC, for a cash payment of CAD$83
million. The transaction has been facilitated through the sale of its
wholly owned Mongolia subsidiary, EAM Energy LLC (EAME), and includes
the Bayan Uul, Elgenii, Ikh Khet and Airag-1 uranium tenements.
Details of the properties can be found on the East Asia web site at
www.EAminerals.com and in previous news releases.
The Company intends to provide a cash payment to its registered
shareholders of at least 85% of the after-tax proceeds of sale. The
final calculated cash payment will be subject to net corporate tax
considerations, transaction costs, and the Board of Directors'
determination of the Company's future capital requirements. Notice of
the value of this payment, the setting of a record date and additional
details shall be provided shortly, upon approval of the notice filing
by the TSX-Venture Exchange.
The Company also reports that drilling in Indonesia at its Sangihe
epithermal gold property continues to progress well. A third hole is
near completion after encountering a wide interval of mineralized and
altered rock similar to that drilled in the first two East Asia holes
(October 18, 2007 news release). Assays are pending. This first phase
drill program is designed to validate significant historic drilling
results, and to test for gold mineralized extensions discovered in
trenching.
Phase one drilling at the Ingiin-Nars uranium property in Mongolia
(July 3 and August 1, 2007 news releases) has been completed, and the
drill rig is being moved to commence phase one validation drilling at
the Ulaan Nuur uranium property (May 3, 2007 news release). Results
from the Ingiin-Nars program will be reported on upon receipt of assays
and completion of data compilation.
Michael Hawkins, M.Sc., MAusIMM, the designated QP within the meaning
of 43-101, has reviewed and approves the content of this release.
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 three uranium properties, Ingiin-Nars, Ulaan Nuur and
Enger, 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 46,865,332 shares outstanding.
Its shares are listed for trading on the TSX Venture Exchange under
the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking
information within the meaning of the Ontario Securities Act and the
Alberta Securities Act, which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking statements, including, without
limitation, risks and uncertainties relating to 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, metal recoveries, accidents,
equipment breakdowns, title matters and surface access, labour disputes
or other unanticipated difficulties with or interruptions in
production, the potential for delays in exploration or development
activities or the completion of new or updated feasibility studies, the
inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses, commodity price fluctuations
(including uranium, fuel, steel and construction items), currency
fluctuations, failure to obtain adequate financing on a timely basis
and other risks and uncertainties. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
forward-looking statements. Accordingly, readers are advised not to
place undue reliance on forward-looking statements. The words
anticipate, believe, estimate and expect and similar expressions, as
they relate to us or our management, are intended to identify forward
looking statements relating to the business and affairs of the Company.
Except as required under applicable securities legislation, we
undertake no obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or
otherwise.
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
or
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 Fri Sep 21, 2007 at 8:17:31 AM Pacific Time
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