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East Asia Minerals Announces Management Change
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For Immediate Release, July 26,
2011
TSXV: EAS
VANCOUVER, B.C. -- Tuesday, July 26, 2011 -- East Asia Minerals
Corporation (TSXV-EAS) announces changes to its management structure,
effective immediately. Michael Hawkins has resigned as
CEO-President-Director of East Asia, and is replaced by Dr. Darryl
Clark and Mr. Alex Granger. The Company also announces the recent
acceptance by Edward Rochette as the Chairman of the Board of Directors
of East Asia Minerals. These changes come at a time when the Miwah
Gold Project is about to move from an exploration stage towards
feasibility, and Mr. Hawkins and the BoD of East Asia Minerals have
determined that the new management team is the appropriate one to take
Miwah to the next level in this evolution. Mr. Hawkins will continue
with East Asia Minerals as a consultant during this period of
transition, and shall further assist the Company in the identification
of new early stage opportunities.
The Company is extremely appreciative of Mr. Hawkins' many
contributions to the Company and its success. Having joined East Asia
Minerals in 2005, Mr. Hawkins brought in key value through his 30 years
of exploration experience in Mongolia, PNG, Indonesia, Australia, North
America and Latin America.
Mr. Hawkins is credited with bringing into the Company its successful
portfolio of gold and copper projects in Indonesia, and uranium
properties in Mongolia. During his tenure at the helm of East Asia
Minerals since 2007, Mr. Hawkins validated the value of the uranium
assets through the 2007 sale of a select portion of the uranium
portfolio to a subsidiary of Areva NC, for a cash payment of CAD$83
million which was in turn distributed as a cash payment of CAD$1.30 per
share to registered shareholders of East Asia Minerals.
Following this the Miwah project was successfully demonstrated to have
multi-million ounce gold potential and resulted in an initial NI43-101
compliant resource estimate of over three million ounces gold,
remaining open for expansion. Other achievements include delivery of
nearly a million ounces of NI43-101 resource estimate gold at Sangihe
which remains open for expansion, demonstrated potential for
significant gold ounces at the Abong project, and demonstrated
importance of the prolific Barisan porphyry cluster where East Asia
drilling has encountered several important gold-copper intersections
over hundreds of metres. In line with its strong corporate social
responsibility philosophy, Mr. Hawkins recently engaged an agreement
with Carbon Conservation Pty Ltd. having a focus to support the
continued maintenance and preservation of the forests, communities and
biodiversity in the Aceh conservation area with an emphasis on the
conservation areas surrounding the Miwah project. In addition to these
value creating accomplishments, Mr. Hawkins has built a strong
management and technical team that will continue to focus on building
shareholder value through technical excellence and sound business
practices.
Dr. Darryl Clark - The Company is pleased to announce the appointment
of Dr. Darryl Clark (FAusIMM) as CEO-Director. Dr. Clark joined East
Asia Minerals as VP Exploration August 2010 and has been instrumental
in significantly advancing the Company's projects and business plans
over the last year, including validating through NI43-101 compliance
over 4 million ounces of gold at the Company's projects. Dr. Clark, a
graduate of CODES, University of Tasmania, is a geologist whose work
has taken him throughout the Australian, Central Asian and South East
Asian regions over 17 years. For the 10 years prior to joining East
Asia Minerals his work has seen him involved in a diverse range of
technological, political and cultural environments with unique
challenges. In line with the advancement of the Miwah Gold Project
past its early exploration stage, Dr. Clark has had recent direct
experience in the design and management of two feasibility studies, and
offers abundant high level exposure to the development of major
projects in developing countries.
During previous corporate roles with both Vale and BHP Billiton, and
with consulting work (SRK), Dr. Clark has been responsible for focusing
business development strategies and designing multi-commodity programs.
These roles include: Country Manager, Vale Mongolia; General Manager,
Vale Minerals Exploration Australasia; Geology Manager - MinEx BHP
Billiton.
Mr. Alex Granger - The Company is also pleased to announce the
appointment of Mr. Alex Granger (B.Com, McGill University) as
President. Mr. Granger joined East Asia Minerals as Vice President,
Business Development, December 2010 and has since championed the
spinout of Barisan Gold Corporation, and is in the process of
completing the spinout of Sangihe Gold Corporation. Mr. Granger will
bring appropriate high level business skills and enthusiasm to this
role. Prior to joining East Asia Minerals, he spent twelve years in
the investment banking industry covering the metals and mining sector.
The last ten of those years were spent in the Asia Pacific region with
CIBC World Markets covering companies based in East Asia and Australia.
Mr. Granger has assisted companies in Asia raise in excess of $1
billion on the Toronto Stock Exchange and has advised both large and
small Asian companies in cross border transactions.
Mr. Granger brings an extensive knowledge of the global capital markets
to East Asia Minerals, having been based in Canada, the U.S., China,
Australia and Hong Kong during his career as a metals and mining
investment banker. He brings added synergies as the Company pushes
forward with its continuing growth plans.
Mr. Edward Rochette - As part of the transition of the Company's
Management Team and Board of Directors, the Company is pleased to
announce the recent appointment and acceptance by Mr. Edward Rochette
as Chairman of the Board of Directors of East Asia Minerals. Mr.
Rochette joined the company May 2010 as a Director and has added
significant depth to the Board with his extensive and expert
international and legal background.
Mr. Rochette is an internationally known lawyer with 30 years of
experience in the acquisition of mining rights, international business,
land management and natural resource transactions. He has concluded
mining transactions involving gold and other precious metals, uranium,
iron ore, nickel, coal and oil & gas in Asia, Central Asia, Africa,
North America and a number of countries in South America, as well as
the Balkan and Scandinavian regions in Europe. Mr. Rochette works as a
Partner with IBDA, a premier consulting firm in China conducting
business in Beijing and other areas of the world, where his
responsibilities include being the transaction specialist in the
international mining sector. Previously he was Senior Vice President
of Ivanhoe Mines Ltd. This responsibility included the negotiation to
acquire the world class Oyu Tolgoi copper-gold project, Mongolia.
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. The Company owns seven 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".
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.
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FOR FURTHER INFORMATION, visit the Company's website at
www.EAminerals.com, or contact:
Nick Kohlmann, Corporate Communications Toronto T: +1-416-792-8734
E: Kohlmann@EAminerals.com
Mark Patchett, Investor Relations Vancouver T:
+1-604-637-8154 E:
patchett@eaminerals.com