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Re: News Releases - Tuesday, May 13, 2008
East Asia Minerals Announces Private Placement of up to C$37.5
million by way of Subscription Receipts
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Not for distribution to United States Newswire Services or for
dissemination in the United States

For Immediate release, May 13, 2008 TSXV: EAS

VANCOUVER, B.C. -- Tuesday, May 13, 2008 -- East Asia Minerals
Corporation (TSXV-EAS) (the "Company" or "East Asia") is pleased to
announce that it has entered into an agreement with a syndicate of
agents led by RBC Capital Markets and including Haywood Securities Inc
and PI Financial Corporation to act as agents on a best efforts agency
basis to sell, on a private placement basis, up to $37.5 million of
subscription receipts (the "Offering") of the Company (the
"Subscription Receipts"). It is anticipated that the Subscription
Receipts will entitle the holders thereof to acquire, for no additional
consideration, one common share of the Company and one-half of one
common share purchase warrant (a "Warrant") upon the satisfaction of
certain conditions precedent (the "Release Conditions") which includes
the closing of the Acquisition (as defined below). The definitive
pricing of the Offering and terms of the Warrants will be determined in
the context of the market. It is expected that the proceeds of the
Offering (less certain fees) will be held in escrow pending the
satisfaction or waiver of the Release Conditions. All securities
issued in connection with the Offering will be subject to a 4 month
hold period.

On May 12, 2008, East Asia announced that it had signed a Heads of
Agreement to earn-in a 71.8% equity interest in PT Cibaliung Sumberdaya
(the "Acquisition") from Austindo Resources Corporation N.L. ("ARX").
PT Cibaliung Sumberdaya is currently owned 89.75% by ARX and 10.25% by
PT Antam TBK ("Antam") and owns a 100% equity interest in the Cibaliung
Joint Venture (the "CSD JV"). The main asset of the CSD JV is the
Cibaliung Gold Project, gold mine located in Banten Province, Java,
Indonesia which is expected to be commissioned in 2008. East Asia can
complete its earn-in by making staged payments into the CSD JV
totalling US$35 million.

The net proceeds of the Offering will be used to fund the staged
payments required for East Asia to earn-in a 71.8% equity interest in
PT Cibaliung Sumberdaya. The earn-in is expected to occur over 3
tranches as follows and all funds are to be used for the project
completion and working capital:

.. US$5 million on execution of a definitive agreement in respect of the
Acquisition (anticipated for the end of May 2008);
.. US$20 million upon completion of the Acquisition (anticipated for end
of June 2008);
.. US$10 million on an as needed basis but no later than December 31
2008.

About East Asia Minerals Corporation
East Asia Minerals 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 drilled to define NI43-101 compliant
resources. The Company owns ten uranium properties, including the
advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and a 75%
interest in the Khok Adar copper oxide discovery in Mongolia. East
Asia currently has 55,645,372 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 securities legislation of British
Columbia, Alberta and Ontario, 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.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.

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: +1-778-997-2183
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) 2008 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 Tue May 13, 2008 at 3:07:48 PM Pacific Time
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