=======================================================================
Re: News Releases - Tuesday, June 01, 2010
East Asia Minerals Receives Indonesia Government Approved IUP
"Mining Licence" Confirming Tenure of Tangse Under New Mining Law
=======================================================================
For Immediate release, June 1, 2010 TSXV: EAS
VANCOUVER, B.C. -- Tuesday, June 1, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) reports that in addition to the previously
announced receipt of the Aceh Province Miwah, Barisan I, Barisan II and
Takengon Ijin Usaha Pertambangan (IUP "Mining Licences"), the Company
has received formal documents from the Directorate General of Mineral,
Coal and Geothermal confirming the finalized conversion of its Aceh
Province Tangse tenement to IUP. All of the Company's Aceh tenements
are now converted to IUP.
At the Tangse porphyry copper project East Asia Minerals has mapped and
sampled the area where historic exploration identified surface exposed
supergene copper mineralization. The work has also distinguished
younger fine grained diorite dykes clearly related to the main quartz
diorite porphyry at Tangse. These dykes are widespread and are
interpreted to represent apophyses of larger mineralized intrusive
bodies at depth.
For the supergene enriched zones several plus 1% copper grades were
obtained, including 2 metres with 2.65% copper, 2 metres with 2.15%
copper, 2.6 metres with 4.86% copper and 2.5 metres with 2.85% copper.
A 30-metre composite chip sample of one exposure returned 2.85% copper.
Historic drilling located 200 to 400 metres east of the Company's
identified high-grade copper zone intersected 16 to 27 metres of
supergene copper enriched material. The Company will expand on this
work.
For the underlying porphyry target, two to three-metre EAS rock channel
samples taken from leached and oxidized rock adjacent to the diorite
dikes typically assayed 0.04 to 0.1% copper, 40 to 200 ppm molybdenum
and 0.1g/t gold. In general quartz diorite dykes assayed between 0.2
to 0.8% copper.
Previous limited historic drilling also outlined a large porphyry
copper-molybdenum deposit with historical order of magnitude estimates
(non-NI 43-101 compliant) of at least 600 million tonnes of lower grade
material, including a higher grade zone of 30 million tonnes with
grades between 0.3 and 0.8% copper, and 0.02 to 0.03% molybdenum.
The Tangse project has significant exploration upside and is sparsely
drilled. In addition it has excellent logistics, being located only
100 kilometres to the southeast of the Provincial capital of Banda Aceh
and adjacent to a main regional highway and the power grid.
Michael Hawkins, President and CEO of East Asia Minerals Corporation
commented "The Tangse IUP is the final tenement in East Asia Mineral's
impressive Aceh portfolio to be converted to the New Mining Law IUP
system. We now have excellent long term security of tenure and fiscal
stability throughout our Aceh portfolio where we are advancing our
flagship Miwah property, and where drilling of our large size potential
gold-copper porphyries will commence in Q3-2010. We see exceptional
potential to add further value to the Company as we commence drilling
our several porphyry assets, and advance exploration at Tangse and
Takengon."
East Asia 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.
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 75,387,872 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
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.
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:
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
=======================================================================
Copyright (c) 2010 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 Jun 1, 2010 at 6:13:51 AM Pacific Time
=======================================================================
.
|
East Asia Minerals Corporation
|
|
EXPLORATION STAGE |
CODE : EAS.V |
ISIN : CA2705411056 |
|
| |
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. |