East Asia Minerals Commences Independent NI43-101
Resource Estimate at Miwah
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VANCOUVER, B.C. -- Monday, December 13, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) announces that Mining Associates Pty Ltd has
been contracted to complete a NI43-101 compliant resource estimate and
report for the Miwah Gold Project in Aceh Province,
Northern Sumatra,
Indonesia. The report is planned for completion end-Q1 2011 to early
Q2-2011. The Company also announces that a fourth diamond drill rig is
being mobilized to the property to accelerate the ongoing resource
estimate drill program.
Planning for the 2011 program at Miwah has been
completed. In addition
to delivery of the initial resource estimate the Company anticipates
completion of metallurgical, environmental and scoping studies by year
end. Concurrent to the advanced program at the Miwah
Main Zone,
exploration including diamond drilling will continue and is designed to
extend the known resource target area, and to undertake more regional
work on the 30,000 hectare Miwah tenement to generate
a pipeline of
district-wide targets for drill testing.
"We have been consistently encouraged by the veracity of the geological
model and mineralization at Miwah", stated
Michael Hawkins, President
and CEO of EAS. "With more than 50 successful diamond drill holes
completed we are pleased to take the Miwah Main Zone
to the next stage
of advancement. It is our intention to deliver an initial resource
estimate in the New Year and to work towards demonstrating the
potential to add to these numbers. With a strong treasury, we are
fully financed to complete the planned 2011 program at Miwah".
Miwah Background
The Miwah Gold Prospect was partially defined by
approximately 3,100
metres of drilling in twelve 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 from the ongoing drill program
which is based on increased geological understanding. An example is
the intersection of 3.96 g/t gold over 111 metres,
including 15.74 g/t
gold over 22 metres from East Asia's diamond drill
hole EMD024.
Based on the Company's work Miwah is resolving into
two components; a
large 1,200 metre long, at least 450 metre wide, approximately 200
metre thick tabular zone; and vertical diatreme breccia feeder zones
that are beneath and cut through this. At Miwah
Gold Zones, East Asia
has almost 2,500 metres of rock sawn channel samples
which average 2.35
g/t gold. Grade expectations in Main Miwah Gold
Zone exceed 1.5 g/t
gold. Ongoing sampling verified the Company's confidence that higher
overall gold grades can be achieved due to the presence of multiple
high grade rock sawn channel samples throughout the strike, including
4.11 g/t gold over 200 metres at the eastern part of
the Main Miwah
Gold Zone, and 4.35 g/t gold over 27 metres at the
western part.
Recent drilling has supported this. In addition to the tabular zone
the Company has begun to characterize some of the diatreme
breccia
feeder zones, with rock sawn channel samples including 83.59 g/t gold
over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has
supported this. These feeder zones have great potential to develop
into substantial tonnages of higher grade gold mineralization in an
area adjacent to the Main Miwah Gold Zone.
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).
Samples reported were assayed at Intertek assay
laboratories in
Jakarta. 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.
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 76,040,872 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
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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