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Re: News Releases - Wednesday, July 30, 2008
East Asia Minerals Drills 41 Metres of 1.61 g/t Gold in New
Sulphide Zone at Binebase
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For Immediate release, July 30, 2008 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, July 30, 2008 -- East Asia Minerals
Corporation (TSXV-EAS) reports that drilling is continuing to encounter
near surface oxide gold mineralization at its Binebase Project located
on Sangihe Island, Sulawesi, Indonesia. Additionally, follow up
drilling of the recently discovered sulphide zone on the central
southern flank of the Binebase Gold Zone has encountered several thick
intervals of primary semi-massive sulphide mineralization, including
41.00 metres of 1.61 g/t gold, below oxide gold mineralization. The
Binebase Gold Zone remains open to the south and southeast.
Binebase Drilling Update
Recent
Diamond core drilling by EAS has better defined the near-surface
oxide gold zone at Binebase, measuring 700 metres long by 300 metres
wide (map at www.EAminerals.com). Holes BID-27 to BID-33 consistently
encountered the near surface oxide blanket of limonite-silica-clay
mineralization, with intercepts of up to 41.4 metres of 0.5 g/t gold
(results below). The gold-bearing oxide zone remains open mainly to
the south and southeast.
Hole Number From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) Copper
(%) Mineralization Type
BID-27 0.00 38.00 38.00 0.48 5.16 <0.01 Oxide
Including 0.00 14.00 14.00 0.73 3.46 <0.01 Oxide
BID-28 0.00 21.00 21.00 0.81 33.18 0.03 Oxide
And 21.00 37.00 16.00 0.68 19.27 0.52 Sulphide
BID-29 0.00 41.40 41.40 0.50 2.24 0.03 Oxide
BID-30 0.00 18.30 18.30 0.21 4.12 0.01 Oxide
BID-31* 0.00 26.00 26.00 0.23 2.84 0.01 Oxide
Including 13.00 26.00 13.00 0.41 2.77 0.01 Oxide
BID-33 17.80 26.00 8.20 0.27 2.32 0.11 Sulphide
BID-34 0.00 21.00 21.00 0.62 8.84 0.03 Oxide
And 21.00 62.00 41.00 1.61 17.97 0.43 Sulphide
And** 72.00 91.00 19.00 1.66 3.18 0.30 Sulphide
Note:
1. * BID-31 Significant core loss in mineralized interval (10.95m);
2. ** BID-34 Significant core loss in strongly mineralized interval
72.00 to 91.00m (3.95m)
3. Results for drill holes BID-35 to BID-37 are pending.
Follow up drilling of the recently discovered sulphide zone (July 2,
2008 news release) on the central southern flank of the Binebase Gold
Zone has encountered several thick intervals of primary semi-massive
sulphide mineralization, including 41.00 metres of 1.61 g/t gold and
19.00 metres of 1.66 g/t gold, below oxide gold mineralization.
Drilling to date has outlined a +140 metre long, elongated, north-south
trending teardrop shaped structure of semi-massive sulphide (pyrite,
enargite and covellite), quartz and barite. This primary gold
mineralization thickens to the south and terminates against a porphyry
intrusive intersected in BID-35. A similar pattern of almost identical
gold mineralization is observed at Bawone, where gold-bearing sulphides
accumulate around the edge of shallow intrusive bodies. Based on this
finding, there is renewed scope for the discovery of possible repeats
of this style of gold mineralization in the plus one kilometre long
covered area between Binebase and Bawone. Additional geophysical
surveys are planned to map the subsurface geology in this area prior to
drill testing.
The arrival of a second
Diamond drill rig on site and another on the
way will accelerate the resource drill out at Binebase and Bawone and
will allow several other priority exploration targets in the Sangihe
Tenement to be tested in the coming months.
Samples reported were assayed at PT SGS Indoassay (SGS Group) in
Balikpapan. David Royle, B.Sc. (Hons), FAusIMM, CP, the designated QP
within the meaning of 43-101, has reviewed and approves the content of
this release.
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 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.
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: +1-778-997-2183
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 Wed Jul 30, 2008 at 5:26:42 AM Pacific Time
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