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Re: News Releases - Monday, March 08, 2010
East Asia Receives Indonesia Government Approved IUP "Mining
License" Confirming Tenure of Barisan II Under New Mining Law
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For Immediate release, March 8, 2010 TSXV: EAS
VANCOUVER, B.C. -- Monday, March 8, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) reports that in addition to the previously
announced receipt of the Aceh Province Miwah, Barisan I 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
Barisan II tenement to IUP.
The Barisan II tenement encompasses a cluster of six known porphyry
centers within a 6.2 kilometre by 3 kilometre block (view map at
www.EAminerals.com). At the Upper and Lower Tengkereng areas, two
windows of similar porphyry gold-copper mineralization, located about
1.5 kilometres apart, are exposed through shallow inter-bedded
sedimentary and volcanic cover rocks and may be linked at depth.
Geological features observed in drill core from Upper Tengkereng and
surface outcrops at Lower Tengkereng confirm that these systems share
many features of the world's best gold-rich porphyry copper deposits in
the circum-Pacific rim.
Exploration by East Asia Minerals at the Lower Tengkereng project has
provided confidence to improve on grades from the limited historic
drilling. Surface channel sampling by East Asia at Lower Tengkereng,
including 31 metres of 0.77 g/t gold plus 0.03% copper and 116 metres
of 0.33 g/t gold plus 0.04% copper, confirms the presence of gold-rich
porphyry mineralization (see March 2, 2009 news release). These results
are significantly better than the historical drill intercepts from the
upper 90 metres of the Lower Tengkereng porphyry system, beneath which
339 metres of 0.5 g/t gold plus 0.2% copper were encountered. Historic
drill and current surface results at Lower Tengkereng are also better
than results from Upper Tengkereng located 1.5 kilometres northeast
(See December 1, 2008 news release). At Upper Tengkereng East Asia
drilled a 646.25 metre hole averaging 0.39 g/t gold plus 0.21% copper
(0.68 g/t gold equivalent*), including 268 metres of 0.57 g/t gold plus
0.26% copper (0.92 g/t gold equivalent*) from 318 to 586 metres.
Significant near surface gold mineralization was also intercepted,
including 14 to 82 metres (68 metres) of 0.51 g/t gold plus 0.21%
copper (0.80 g/t gold equivalent*).
At the Bahu project an area of porphyry gold mineralization and
alteration has been defined over a 1.6 by 0.9 kilometres area. This
project has not been previously drilled. Channel sampling of intense
quartz vein stockwork (in excess of 20% quartz vein density) has
encountered 30 metres at 0.71 g/t gold with 0.034% copper, 36 metres at
0.65 g/t gold with 0.031% copper, 40 metres at 0.59 g/t gold, and 46
metres at 0.75 g/t gold with 0.027% copper.
Michael Hawkins, President and CEO of East Asia Minerals Corporation
commented "The Barisan II IUP gives us excellent long term security of
tenure and fiscal stability for this important porphyry gold-copper
belt. We are near drill stage at two of these porphyries, the Bahu and
Lower Tengkereng, where we see tremendous potential to add further
value to the Company."
*The Upper Tengkereng gold equivalent used a copper to gold ratio of
1:1.36 (1% copper = 1.36 gm gold); based on then current metal market
prices, and assuming total recoveries of both metals.
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 71,455,372 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 Mon Mar 8, 2010 at 5:18:25 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. |