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Re: News Releases - Friday, February 05, 2010
East Asia Receives Indonesia Government Approved IUP "Mining
Licences", Confirms Tenure of Barisan 1 and Takengon Under New
Mining Law
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For Immediate release, February 5, 2010 TSXV: EAS
VANCOUVER, B.C. -- Friday, February 5, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) reports that in addition to the previously
announced receipt of the Aceh Province Miwah Ijin Usaha Pertambangan
(IUP "Mining Licence"), the Company has received formal documents from
the Directorate General of Mineral, Coal and Geothermal confirming the
finalized conversion of its Aceh Province Barisan I and Takengon
tenements to IUP.
The Barisan I tenement contains the flat-lying near-surface Abong gold
project where the Company has completed 130 drill holes and is working
towards completion of an initial NI43-101 compliant resource estimate.
This large epithermal gold deposit lies within a 3 by 1.5 kilometre
corridor within which EAS has defined gold mineralization over a +2
kilometres by up to 800 metres area. It remains open along strike in
both directions.
The Takengon property comprises the Collins epithermal gold project,
the Semelit porphyry copper-gold project, and the West Semelit
gold-copper skarn project. The Collins project is a large partially
exposed multistage gold-bearing quartz vein swarm where East Asia
channel samples gave 11.0 metres at 22.20 g/t gold, and 11.0 metres at
14.99 g/t gold. At the Semelit project, porphyry potential is indicated
by supergene porphyry outcrops with +2% copper and +2 g/t gold.
"This is another significant step for East Asia Minerals", commented
Michael Hawkins, President and CEO of East Asia Minerals Corporation.
"The Barisan I and Takengon IUP's give us 5 years within which to
complete exploration and deliver a feasibility study. Thereafter under
Indonesian Law, there is automatic conversion of the licences to
development licences for an initial 20 year term, renewable for a
further 20 years. An important feature of these and the Miwah IUP is
that once approved, the automatic conversion to a development licence
applies to the deposit for which the feasibility is completed, whilst
the remaining areas of the tenement continue under exploration status.
We see the ongoing delivery of IUP's for our tenements, and the
excellent long term security of tenure and fiscal stability they
provide, as further validation that the New Mining Law of Indonesia is
globally attractive."
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. Three of these, the Miwah, 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 71,127,372 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
Nick Kohlmann, Corporate Communications Toronto T: +1-416-792-8734 E:
Kohlmann@EAminerals.com
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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 Fri Feb 5, 2010 at 6:17:42 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. |