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Re: News Releases - Wednesday, July 29, 2009
East Asia Minerals Encounters 3.29 g/t Gold Over 66 Metres in
Wider Interval of 1.71 g/t Gold Over 158 Metres From Initial
Diamond Drill Testing of Miwah
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For Immediate release, July 29, 2009 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, July 29, 2009 -- East Asia Minerals
Corporation (TSXV-EAS) reports that assays have been received for the
first two
Diamond drill holes at its flagship Miwah Gold Project in
Aceh Province, Northern Sumatra. These results support the
interpretation of shallow out-flowed, laterally extensive gold
mineralization controlled by multiple northerly trending higher-grade
feeder structures that cut steeply through the 1.2 kilometre long
(east-west) Miwah Gold Zone. Drill hole EMD001 encountered 1.97 g/t
gold over 57.1 metres, including 2.78 g/t gold over 38.3 metres. EMD002
encountered 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold
over 66.0 metres.
EMD001 and 002 were drilled in opposite directions from a common drill
pad located approximately 200 metres east of the currently mapped
western end of the Main Miwah Gold Zone (Refer to map on Company's
website at www.EAminerals.com). The mineralization is open.
EMD001 was drilled east with a 90 degree azimuth and 70 degree dip to
159.3 metres. Gold mineralization was encountered from 10.9 to 68
metres downhole depth where it is locally cut off to the east by a
northerly trending structure. The mineralization is open and
interpreted to be contiguous to surface where several rock sawn samples
including 9.22 g/t gold over 14 metres were encountered; and is open to
depth based on historic drill results from holes collared 25 metres to
the south and 60 metres lower in elevation. In addition the
mineralization remains open to the west, north and south.
EMD002 was drilled west with a 270 degree azimuth and 55 degree dip to
200 metres. Gold mineralization was encountered from 8.3 to 166.3
metres downhole depth (with 3.29 g/t gold from 9.0 to 75.0 metres) and
remains open in all directions. The mineralization is interpreted to
be contiguous to surface where several rock sawn samples including 2.86
g/t gold over 18 metres were encountered, and open to depth based on
historic drill results as described above for EMD001.
EMD003 was drilled from the same drill pad as 001/002 with a northwest
azimuth (305 degrees) and 47 degree dip to 200 metres. This hole was
designed to test the northwest extension of silica alteration and gold
mineralization from EMD001/002, and where up to 27 metres of 4.25g/t
gold was encountered from rock sawn channel samples. Assays are
pending.
EMD004 is currently in progress with a west azimuth (270 degrees) and
30 degree dip to validate a historic hole which encountered 71 metres
of 1.42 g/t gold. EMD004 was collared 25 metres to the south, 65
metres to the west, and 60 metres lower in elevation from the
EMD001/002/003 drill pad. In addition to validating the historic gold
results, this hole will be extended further west to test the
interpreted west bounding structure (Camp Fault) to the Main Miwah Gold
Zone. This is the same structure that hosts 24 metres of 83.59 g/t
gold in a rock sawn channel sample located 340 metres to the south in
the lower elevation South Miwah Bluff Gold Zone.
"We are greatly encouraged by the width and tenor of the Miwah gold
mineralization", stated Michael Hawkins, President and CEO of EAS. "The
mineralization we intercepted supports the Company's earlier confidence
that high-grade structural feeder controls on the Main Miwah Gold Zone
will result in higher overall grades than the 1.2 g/t gold average from
surface channel sampling. We have achieved 3D drill core validation of
the potential for a large lateral gold deposit along the 1.2 kilometre
Miwah Gold Zone. In addition, the South Miwah Bluff Gold Zone appears
to represent exposure of the underlying higher-grade gold-bearing
structures and displays the upside potential for continued exploration
of the prospective Miwah land tenement. It is our intention to test
these zones over the coming months, and with success, to progress
towards drill definition of NI43-101 compliant resources".
Drilling is progressing well. The initial program will comprise 10
holes for a total of 2,000 metres to provide a 3D validation along the
currently defined 1,200 metre east-west extent of the main Miwah
gold-bearing silica zone, and an additional 2 scout holes to the south.
This program will provide a further indication of the gold resource
potential and the framework for follow-up drilling.
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.
Based on the Company's work Miwah is resolving into two components; a
large 1,200 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 2,000 metres
of rock sawn channel samples which average 1.2 g/t gold. Ongoing
sampling 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 throughout the strike, 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 begun to characterize some of the 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. 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 Intertech assay laboratories in
Jakarta. Drill assays for EMD001 are final assay numbers, and drill
assays for EMD002 are preliminary numbers. 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 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
64,855,372 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.
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 Wed Jul 29, 2009 at 5:50:15 AM Pacific Time
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