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Re: News Releases - Wednesday, September 22, 2010
East Asia Minerals Announces Initial Gold Resource Estimate for
Sangihe
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For Immediate Release, September 22, 2010 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, September 22, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) announces that Caracle Creek International
Consulting Inc. ("CCIC") has provided an initial resource estimate for
East Asia Mineral's Binebase-Bawone gold deposit at the Sangihe
Project, located on Sangihe Island, Sulawesi, Indonesia.
Based on 79
Diamond drill holes and almost 1,700 surface samples,
Inferred resources using a 0.25 g/t gold cut-off are estimated at
27.327 million tonnes averaging 0.95 g/t gold and 13.58 g/t silver for
836,718 ounces gold and 11,927,237 ounces silver in near and at surface
oxides and sulphides. The oxide and sulphide parts of the deposit are
separate. Without applying a cut-off there are 1,032,187 ounces gold
and 19,371,490 ounces silver.
The resource estimate is contained within two separate bodies, the
Binebase and Bawone, being separated by approximately one kilometre of
shallow untested cover. At a 0.25 g/t gold cut-off, 65 percent of the
tonnage estimate is contained in the Binebase portion of the deposit.
The gold ounces are approximately equally divided between Binebase and
Bawone.
Close-spaced drilling is required to upgrade Inferred resources to the
Indicated classification, whilst step-out drilling is required to
determine the extents of the gold and silver mineralization which
remains open at both prospects.
"This resource estimate is encouraging for the Sangihe project,
especially because drilling was stopped during the market malaise of
2008 and not re-commenced due to the focus at our flagship Miwah Gold
Project," said Michael Hawkins, President and CEO of East Asia
Minerals. "The resource is open for further drilling, and elsewhere on
this large property there are several high-grade surface gold zones
being primed for initial drilling"
Other areas of the large Sangihe property requiring follow-up include:
-Kelapa where trench results include 14 metres at 34.8 g/t gold, 10
metres at 9.11 g/t gold, 6 metres at 9.19 g/t gold, 6 metres at 7.34
g/t gold, and 14 metres at 1.1g/t gold;
-Brown Sugar where trench results include 7.8 metres at 15.6 g/t gold
and 195.0 g/t silver, 4 metres at 16.0 g/t gold and 196.0 g/t silver,
and 1.8 metres at 17.9 g/t gold and 251.0 g/t silver;
-East Asia drill hole at the Brown Sugar zone that gave 16 metres at
2.7 g/t gold and 33.2 g/t silver;
-Sedi where trench samples include 13.4, 15.0 and 42.6 g/t gold at Zone
One, and 7.78, 11.2 and 16.0 g/t gold at Zone Two;
-Kupa where trench results include 122.0, 82.4 and 73.8 g/t gold;
-Bonzos where trench results include 5 metres at 2.93 g/t gold and 35.0
g/t silver.
The reader is referred to the Company's website at www.EAminerals.com
where previous news releases of exploration and drilling at Sangihe may
be found. The complete Resource Estimate can be accessed on the SEDAR
website at www.sedar.com.
Resource Estimation Methodology
The mineral resource estimate for the Binebase-Bawone gold deposit was
completed by independent consultant Michelle Stone, P.Geo., CCIC, using
accepted, industry standard methods that conform with National
Instrument 43-101. Drill hole samples have been analyzed for silver
and gold at PT SGS Indo Assay Laboratories in Balikpapan, Indonesia.
All sample results are monitored with an appropriate QA/QC program and
passed the quality checks. The presence of potential outlier sample
data was evaluated and top cuts applied for silver and gold (Binebase:
oxide 5.4225 g/t gold and 189.5 g/t silver; sulphide 1.68665 g/t gold
and 56.1875 g/t silver; Bawone: oxide 34.8433 g/t silver; sulphide
17.2235 g/t gold and 26.954 g/t silver). The grade of blocks measuring
20 metres by 10 metres by 5 metres were estimated using the inverse
distance squared method with Gemcom Surpac (v6.1.3) software.
The mineral resources were estimated 2 metre composites across the
mineralization at Binebase and 1 metre intervals at Bawone. Grades
were estimated using search ellipses with a 120 metres major axis
radius, a major to semi-major axis ratio of 1:2 and a major to minor
axis ratio of 1:3. A minimum of 4 samples and a maximum of 12 samples
were used in the grade estimation of any particular block.
The tonnage at Binebase was calculated from block volumes based on a
mathematical relation between grade and measured rock densities (drill
core). At Bawone, a clear relationship between specific gravity and
gold grade could not be established and therefore the average specific
gravity of 2.53 was used to convert model cell volume to tonnes.
Blocks were classified as Inferred mineral resources if the average
distance between sample pairs used to estimate the grade of a block was
less than 120 metres. A technical report on the Binebase-Bawone gold
deposit was filed with SEDAR September 22, 2010.
Michelle Stone, PhD, P.Geo., the designated Independent QP within the
meaning of NI 43-101, has reviewed and approves the content of this
release.
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) 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 six advanced gold and
gold-copper properties located in Aceh Province, Sumatra, and Sangihe
Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone)
and Barisan 1 (Abong) gold projects, are being advanced to define
NI43-101 compliant resources. The Company owns eight uranium
properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger
uranium projects, and two phosphate properties in Mongolia. East Asia
currently has 75,655,872 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 British Columbia Securities Act,
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.
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.
To receive or stop receiving EAS news via email, please email
Info@EAminerals.com and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at
www.EAminerals.com, or contact:
Michael Hawkins, President and CEO Vancouver T: +1-604-684-2183 E:
Hawkins@EAminerals.com
Nick Kohlmann, Corporate Communications Toronto T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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Copyright (c) 2010 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 Wed Sep 22, 2010 at 6:02:42 AM Pacific Time
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