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Re: News Releases - Friday, June 19, 2009
East Asia Minerals Closes Private Placement of $4.641 Million
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For Immediate release, June 19, 2009 TSXV: EAS
VANCOUVER, B.C. -- Friday, June 19, 2009 -- East Asia Minerals
Corporation (TSXV-EAS) reports that it has received TSX Venture
Exchange approval for its non-brokered private placement announced June
2, 2009. The Company will receive $4.641 million through the issuing
of 9.1 million units at $0.51 per unit. Each unit shall consist of one
common share and one-half of one non-transferable common share purchase
warrant. Each whole warrant shall entitle the holder to purchase one
common share at a price of $0.75 at any time on or before December 19,
2011. The common shares comprising the units and the common shares
issuable upon the exercise of the share purchase warrants shall be
subject to a hold period expiring on October 19, 2009.
"East Asia Minerals is pleased to have this new investment, which will
be used to continue the growth of our Company" stated Michael Hawkins,
President and CEO of East Asia Minerals. "In addition to this
validation of the exciting growth potential of the Company, we are
happy that our existing and new shareholders will also be able to share
in the successes of East Asia Minerals as Miwah and our other gold
focused projects advance in 2009 and beyond".
East Asia Minerals will use the proceeds of the offering for further
exploration of the Miwah Gold Project, advancement of its Indonesia
gold and copper portfolio, and unallocated working capital. The
Company will pay a cash finder's fee to Axemen Resource Capital Ltd. --
a Limited Market Dealer, on a portion of the transaction.
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 twelve uranium
properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger
uranium projects, four phosphate properties, 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".
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000
metres of drilling in eleven holes by a previous explorer in 1997. All
holes drilled during this program intersected significant alteration
and mineralization with intercepts including 71 metres of 1.4 g/t gold
and 58 metres of 1.1 g/t gold. The previous explorer suggested
potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the
historical data indicates that early drilling was parallel to higher
grade (greater than 5 g/t gold) structures at surface. Hence, in
addition to greater mineralized tonnage, significantly higher overall
grades are anticipated from better geological understanding, results of
the Company's detailed sampling, and properly oriented drill holes.
The Company has commenced
Diamond drilling on the Miwah Gold Project.
This initial drill program will comprise 10 holes for a total of 2,000
metres to provide a 3D validation along the full 1,200 metre strike of
the Miwah gold-bearing silica zone, exposed along the Miwah ridge.
Based on the Company's work Miwah is resolving into two components; a
large 1200 metre long, 300 to 400 metre wide, approximately 200 metre
thick tabular zone, and vertical feeder zones that are beneath and cut
through this. Within the tabular zone East Asia has over 2000 metres
of rock sawn channel samples which average 1.2 g/t gold. However,
ongoing sampling further verifies the Company's confidence that higher
overall gold grades can be achieved due to the presence of multiple
high grade rock sawn channel samples including 4.11 g/t gold over 200
metres at the eastern part of the gold zone, and 4.35 g/t gold over 27
metres at the western part. In addition to the tabular zone the Company
has recently begun to characterize some of the feeder zones, with
channel samples including 125.9 g/t gold over 23 metres and 19.15 g/t
gold over 8 metres. These feeder zones have great potential to develop
into substantial tonnages of higher grade gold mineralization.
Miwah demonstrates many features of the shallow part of a high-level
high sulphidation epithermal gold system, including intense acid
leaching, structural and lithological permeability controls to fracture
fed mineralizing fluids, presence of structurally-controlled
hydrothermal and phreatic breccias, disseminated mineralization of
gold-silver greater than copper, and the elemental association of As,
Sb, Bi, Ba, S and Te.
The Miwah Property is in a very similar volcanic setting to the Martabe
gold-silver deposit, also located in North Sumatra (Purnama and Baskara
resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces
gold) and 15 g/t silver (60 million ounces silver), and the alteration
system is of a comparable size. Miwah also exhibits a likeness to the
size, style and geometry of the alteration system developed at the
Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t
silver, giving a total 6.49 million ounces gold and 47.9 million ounces
silver).
Lionel Martin, P.Geo., the designated QP within the meaning of NI
43-101, has reviewed and approves the content of this release. East
Asia has not verified the classification of the resource references and
is not treating them as NI 43-101 defined resources verified by a QP.
Although the references of resources are relevant to recognizing the
potential of the Miwah project, they should not be relied upon.
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.
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.
The TSX Venture Exchange has not reviewed and does not accept
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
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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Copyright (c) 2009 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 Jun 19, 2009 at 2:18:42 PM Pacific Time
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