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Re: News Releases - Tuesday, October 14, 2008
East Asia Minerals Drills 56 Metres of 1.41 g/t Oxide Gold at
Binebase, and Updates Indonesia Strategy
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For Immediate release, October 14, 2008 TSXV: EAS
VANCOUVER, B.C. -- Tuesday, October 14, 2008 -- East Asia Minerals
Corporation (TSXV-EAS) reports that drilling is continuing to encounter
strong near surface oxide gold mineralization at its Binebase Gold
Project located on Sangihe Island, Sulawesi, Indonesia. Significant
intersections of 56.15 metres of 1.41 g/t gold including 27.9 metres of
2.45 g/t gold in hole BID-48, 16.0 metres of 4.04 g/t gold in hole
BID-51, and 29.0 metres of 1.24 g/t gold in BID-52 provide added
confidence to the resource drilling of this leachable near-surface
oxide deposit. The Binebase Gold Zone continues to grow, and remains
open to the north, east and southeast.
Binebase Drilling Update
Recent
Diamond core drilling by EAS has returned thick mixed
oxide/sulphide gold intersections along the northeast trending coastal
zone, including 27.9 metres of 2.45 g/t gold and 41.92 g/t silver in
hole BID-48, and 16.0 metres of 4.04 g/t gold and 18.18 g/t silver in
hole BID-51. These drill intercepts are contained within a northwest
trending elongated body of mostly near-surface oxide material at
Binebase, thus far measuring 700 metres long by 300 metres wide (map at
www.EAminerals.com). Holes BID-48 to BID-53 consistently encountered
the near surface oxide blanket of limonite-silica-clay mineralization,
with intercepts of up to 56.15 metres of 1.41 g/t gold and 32.82 g/t
silver (see results below). The gold-bearing oxide zone remains open
to the north, east and southeast.
Hole Number From (m) To (m) Interval (m) Gold (g/t) Silver (g/t)
Mineralization Type
BID048 7.10 63.25 56.15 1.41 32.82 Oxide
Including 7.10 35.00 27.90 2.45 41.92 Oxide
BID049 0 19.80 19.80 0.68 15.90 Oxide
Including 10.30 15.80 5.50 1.33 19.56 Oxide
BID051 0 16.00 16.00 4.04 18.18 Sulphide
BID052 0 29.00 29.00 1.24 42.41 Oxide
Including 5.90 24.00 18.10 1.54 58.21 Oxide
BID053 10.20 31.80 21.60 0.34 16.36 Sulphide
Results of a recent ground magnetic survey at Binebase shows a close
spatial association of gold-bearing mineralization with a northwest
trending, fault bounded trough defined by a distinctive magnetic "low".
This geophysical data, along with surface sampling and geological data,
provides encouragement that the main Binebase Gold Zone extends to the
north, east and southeast.
Bawone Update
Elsewhere in the Binebase-Bawone gold-bearing system, results of a
recent ground magnetic survey at Bawone shows a close spatial
association of gold-bearing sulphide mineralization with linear
magnetic lows (view map at www.EAminerals.com). This geophysical data
provides confidence that the strike of the main Bawone sulphide gold
zone extends to the southeast of hole BOD-50 (1.97 g/t gold, 10.15 g/t
silver over 30.80 metres, and ending in strong mineralization) in an
area masked by shallow cover. A new hole is being drilled to complete
the section where BOD-50 stopped in gold mineralization. Furthermore,
the magnetic survey highlighted similar potential linear extensions to
the northwest, southwest and further southeast of the main drill area,
defining areas that will be targeted in the next phase of drilling. The
largest of these is located further southeast of the main drill area,
and is more or less on strike with the main Bawone sulphide gold zone.
If this target is also gold mineralized it would extend the Bawone
sulphide gold zone for a total potential strike length of about 900
metres or double the currently known extent of gold-mineralization.
Additionally, for the intervening kilometre between the Binebase and
Bawone gold zones, testing for the continuity of the gold system
beneath shallow tuff cover has yet to be undertaken. In this zone, the
only window through shallow post mineral tuff indicates that the
mineralized zone persists along strike, and that the Binebase-Bawone
deposits may be contiguous.
Drilling at Sangihe is now testing high-potential geophysical targets
at the Bawone sulphide gold zone. These targets have the potential to
double the potential size of the Bawone epithermal gold system.
Indonesia Exploration Update and Response to Market Conditions
"The Sangihe and Abong drill programs are progressing extremely well,
with nearly a 100% success rate for encountering significant gold
mineralization at both the Sangihe (Binebase-Bawone) and the Abong
projects where the Company has drilled 170 holes totalling
approximately 13,250 metres during the past 12 months", stated Michael
Hawkins, President and CEO of EAS. "Despite both systems continuing to
grow and remaining open in several directions, the Company will soon
complete the initial gold resource drilling stage, after which we
anticipate that drill rigs will be stood down. To date, we have
reduced the number of drills at Sangihe to one, and have replaced the
core drill at Abong with a reverse circulation drill to cut drilling
costs in half. Moving forward, East Asia Minerals anticipates using a
single drill to scout test our potentially world class gold-copper
porphyry systems. This will be followed in the New Year by similar
confirmation drilling of the large Miwah gold system, where previous
explorers, and EAS surface work, has indicated high potential for
between 3-5 MOz of contained gold in a large, exposed, high
sulphidation epithermal gold deposit."
After completion of the resource drilling for Sangihe and Abong, the
Company will have a significant gold inventory in two projects that
show excellent growth potential, and a strong cash position enabling it
to conduct value-adding exploration of its potentially world class
porphyry and epithermal projects in Aceh for the next several years.
The Company's current strategy is therefore to reduce the intensity of
drilling and number of drills to decrease the cash burn rate during the
current market conditions, whilst continuing to drill high probability
targets with the objective of substantially increasing asset value.
Based on very encouraging drilling at the Upper Tengkereng gold-copper
porphyry project (September 22, 2008 news release), and the great
results being generated from the Miwah deposit, the Company is
optimistic that this strategy will continue to significantly build the
fundamental value of the Company. The first drill hole at Upper
Tengkereng is now in excess of 300 metres depth and is continuing in
the altered and gold-copper mineralized porphyry that commenced from
surface, with strong porphyry alteration, quartz veining and sulphide
mineralization still being encountered at depth. Initial assays from
upper portions of the hole are expected in the coming weeks.
Outside of drilling, the Company will continue with low-cost surface
programs to maintain its tenements in good standing and to fine tune
future drill targets within the prolific EAS Indonesia epithermal gold,
gold-copper porphyry and copper oxide portfolio.
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: +1-604-684-2183
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) 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 Oct 14, 2008 at 6:44:33 AM Pacific Time
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