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Re: News Releases - Monday, August 15, 2011
East Asia Minerals Provides Corporate Update to Shareholders
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For Immediate Release, August 15, 2011 TSXV: EAS
VANCOUVER, B.C. -- Monday, August 15, 2011 -- East Asia Minerals
Corporation (TSXV-EAS) wishes to report on the findings of the review
of all the Company's activities conducted by the new management team
and provide details of the strategy for the company going forward.
Miwah Project (EAS - 85% owner and operator)
East Asia has now completed eleven drill holes at Miwah since the
initial resource was calculated in May 2011, with the objective of
extending the resource north towards and into Moon River. East Asia
has hit mineralization in seven of those holes (Refer to Miwah drill
hole location map and assay table at www.EAminerals.com).
Following a review of activities, East Asia has suspended all surface
exploration at Miwah. The Company will re-focus its activities until
the process to reclassify the forest designation at Miwah has resulted
in a reclassification of the project that will permit open pit mining.
During the review of activities the company notes that the bureaucratic
process to acquire the required ground access permits from the Ministry
of Forestry has not been completed. It is the view of the Company,
that the forestry re-classification and finalizing the granting of all
required permits provides more immediate opportunity to add value to
shareholders than would additional drilling and resource extension. To
this end, East Asia Minerals is implementing a new strategy to achieve
this, which includes working full time with Carbon Conservation Pty
Ltd. (see news release May 3, 2011).
Concurrently, East Asia continues to advance pre-feasibility study
level work at Miwah. Metallurgical work is advancing and is expected to
be completed by year's end (2011).
Sangihe Project (EAS - 70% owner and operator)
East Asia has now completed seventeen drill holes at Sangihe since the
resumption of drilling began in April 2011, with the objective of
extending the resource at Binebase (BID) and Bawone (BOD) as well test
other prospective areas of the property (Sedi -- SED). Key results of
the drilling campaign are summarized in the following table (Refer to
Sangihe drill hole location map and assay/coordinate table at
www.EAminerals.com).
Hole # From To Width Grade (Au) g/t Silver (Ag) g/t
BID080 0.0 56.45 56.45 0.26 15.91
BID081 0.0 82.6 82.6 0.29 28.38
BID082 4.8 14.4 9.6 0.42 1.42
BID083 0.0 64.25 64.25 0.44 14.32
BID084 0.0 29.45 29.45 0.52 9.7
BID085 0.0 47.7 47.7 0.36 12.52
BID086 0.0 34.7 34.7 0.76 28.51
BID087 - - - n/s n/s
BID088 - - - n/s n/s
BID089 1.0 47.9 46.9 0.89 3.43
Including 19.6 44.6 25.0 1.16 4.92
SED001 10.0 14.0 4.0 0.33 Pending
SED002 - - - n/s n/s
SED003 pending
SED004 pending
BOD090 pending
BOD091 pending
BOD092 pending
East Asia continues to work with authorities in Indonesia to complete
the transfer of assets from East Asia Minerals to Sangihe Gold
Corporation, a 100% subsidiary of East Asia Minerals. In light of the
continued delay in completion, East Asia has decided to accelerate the
exploration program at Sangihe on its own rather than wait for the
transfer to be completed. The Company has already increased drilling
activities at the one drill rig on site from 12-hour shifts to 24-hour
shifts and has ordered an additional two drill rigs, which should be
active onsite within a month.
East Asia is also initiating pre-feasibility level work at Sangihe with
an environmental impact assessment to be initiated shortly.
Tangse Project (EAS -- 80% owner and operator)
East Asia Minerals is in the process of initiating exploration
activities at its Tangse project in Aceh Province, North Sumatra,
Indonesia. The Tangse project is located approximately 40 km northwest
of Miwah and is prospective for copper and gold. East Asia Minerals
acquired a majority interest in the Tangse project in 2007 and has
since undertaken mapping and sampling on the property.
Over the remainder of 2011, East Asia plans to increase exploration
activities to identify drill targets for testing later in the year.
Mongolian Uranium Projects (EAS -- 100% owner and operator)
East Asia Minerals is in the process of restarting exploration
activities in Mongolia at its uranium properties. Following thorough
review of its operations in Mongolia, East Asia has approved a summer
2011 drilling program with the objective of further advancing the
Enger, Ulaan Nuur and Ingenii-Nars projects.
East Asia continues to work with authorities in Mongolia to complete
the transfer of assets from East Asia Minerals to East Asia Energy
Corporation, a 100% subsidiary of East Asia Minerals.
Although East Asia Minerals is curtailing exploration activities at
Miwah to focus efforts on the reclassification of the forest, the
Company is expanding its exploration efforts across the portfolio by
restarting field exploration in Mongolia and increasing our activity at
Tangse and Sangihe.
East Asia Minerals will be providing regular updates of its drilling
activities and corporate re-organization to its shareholders.
Samples reported were assayed at PT SGS Indoassay (SGS Group) 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts 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:
Nick Kohlmann, Corporate Communications Toronto T: +1 416 792 8734
E: kohlmann@eaminerals.com
Mark Patchett, Investor Relations Vancouver T: +1 604 637 8154
E: patchett@eaminerals.com
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 three advanced gold
and gold-copper properties located in Aceh Province, Sumatra, and
Sangihe Island, North Sulawesi. The Company owns six uranium
properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger
uranium projects, and two phosphate properties in Mongolia. East Asia
currently has 81,412,372 shares outstanding. Its shares are listed for
trading on the TSX Venture Exchange under the symbol "EAS".
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in
nature, constitute "forward looking statements" within the meaning of
that phrase under applicable Canadian securities law. When used in
this News Release, such statements use words such as "may", "will",
"expect", "intend", "anticipate" and other similar terms. These
statements reflect management's current assumptions and expectations
regarding future results, performance or events as of the date hereof
and by their nature are subject to certain underlying assumptions,
known and unknown risks and uncertainties and other factors which may
cause actual results, performance or events to be materially different
from those expressed or implied by such forward looking statements.
Forward looking statements involve significant risks and uncertainties
and should not be read as guarantees of future or performance results.
Accordingly, readers should not place undue reliance on any forward
looking statement.
Forward looking statements are based on assumptions, estimates,
analysis and opinions of management made in light of its experience and
its perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant and
reasonable in the circumstances at the date that such statements are
made. The Company believes that the assumptions and expectations
reflected in such forward looking statements are reasonable.
Assumptions have been made regarding, among other things, the Company's
future exploration and development activities; timely receipt of third
party or regulatory approvals; and the Company's ability to obtain
financing as and when required and on reasonable terms. Readers are
cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used and that these factors and
assumptions may be incomplete or incorrect.
Forward looking statements are also subject to known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by such forward
looking information. Those risks include 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; commodity and currency price
fluctuation; failure to obtain adequate financing; regulatory,
permitting and licensing risks; and general market and mining
exploration risks.
Except as required by applicable securities laws, the Company disclaims
any obligation to update or revise any forward looking statements to
reflect events or changes in circumstances that occur after the date
hereof. Forward-looking statements should not be construed as
investment advice. Readers should perform a detailed, independent
investigation and analysis of the Company and are encouraged to seek
independent professional advice before making any investment decision.
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Copyright (c) 2011 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 Mon Aug 15, 2011 at 5:59:04 AM Pacific Time
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East Asia Minerals Corporation
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EXPLORATION STAGE |
CODE : EAS.V |
ISIN : CA2705411056 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
East Asia Minerals is a gold and silver exploration company based in Canada. East Asia Minerals holds various exploration projects in Indonesia. Its main exploration properties are KHOK ADAR, ENGER, ULAAN NUUR and INGIIN-NARS in Mongolia and TANGSE, TAKENGON, BARISAN 2 PORPHYRY PROJECTS, ABONG, SANGIHE, MIWAH, UPPER TENKERENG and BARISAN in Indonesia. East Asia Minerals is listed in Canada and in Germany. Its market capitalisation is CA$ 8.3 millions as of today (US$ 6.3 millions, € 5.3 millions). Its stock quote reached its highest recent level on May 14, 2010 at CA$ 8.73, and its lowest recent point on January 01, 2016 at CA$ 0.01. East Asia Minerals has 53 790 000 shares outstanding. |