======================================================================
Re: News Releases - Monday, May 12, 2008
East Asia Minerals Signs Heads of Agreement With Austindo
Resources for Majority Interest in Cibaliung Gold Project,
Indonesia
======================================================================

For Immediate release, May 12, 2008 TSXV: EAS

VANCOUVER, B.C. -- Monday, May 12, 2008 -- East Asia Minerals
Corporation (TSXV-EAS) is pleased to announce it has signed a Heads of
Agreement to earn-in a 71.8% equity interest in PT Cibaliung Sumberdaya
(the "Transaction") from Austindo Resources Corporation N.L. ("ARX").
PT Cibaliung Sumberdaya is currently owned 89.75% by ARX and 10.25% by
PT Antam TBK ("Antam") and owns a 100% equity interest in the Cibaliung
Joint Venture (the "CSD JV"). The main asset of the CSD JV is the
Cibaliung Gold Project, a soon-to-be-commissioned gold mine located in
Banten Province, Java, Indonesia.

To earn-in a 71.8% equity interest, EAS has agreed to spend US$35
million on the Cibaliung Gold Project. It is currently anticipated that
US$33 million is required to complete the construction and
commissioning of the plant (currently 80% complete) and the underground
development of the mine and to provide working capital through to
positive cash flow. Anticipated first gold production is currently
scheduled for the second half of 2008. Another US$2 million is
earmarked for exploration on prospective targets within the CSD JV. The
earn-in is expected to occur over 3 tranches:

.. US$5 million on execution of a definitive agreement (the "Definitive
Agreement") (anticipated for the end of May 2008);
.. US$20 million upon completion of the Transaction (anticipated for end
of June 2008);
.. US$10 million on an as needed basis but no later than December 31
2008.

It is anticipated that the Definitive Agreement will be entered into
between EAS and ARX during the month of May with completion of the
Transaction occurring approximately 45 days later. EAS will be deemed
to have earned-in its 71.8% equity interest in the CSD JV upon
completion of the Transaction, and having completed the first two
tranches of the earn-in and committed to the third tranche. Completion
of the Transaction is subject to certain conditions including EAS Board
approval, ARX shareholder approval, stock exchange approvals (TSX
Venture Exchange and Australian Stock Exchange), Indonesian regulatory
approvals, waiver or expiry of Antam's pre-emptive rights in the CSD JV
and restructuring of current CSD JV debt facilities and hedge
contracts.

"The successful acquisition of a 71.8% equity interest in the Cibaliung
Gold Project provides an excellent step in the rapid growth of our
company in a region where the Company has an established and respected
presence as a premier explorer. The project provides immediate value
to our shareholders, and near-term access to cash flow with high
potential for long mine life" stated Michael Hawkins, President and CEO
of East Asia Minerals. "The previous operators of the project had some
cost and time over-runs due primarily to ground condition problems in
the development decline, and these have been recently resolved. EAS
benefits from the learning curve of the previous operator, and now has
the opportunity to participate in the project at great discount and at
the right point on the risk curve. Furthermore, Cibaliung is
significantly under-explored and when compared with the discovery
histories of similar epithermal gold fields, the likelihood for
substantial increases in resources and reserves during the life of the
mine are considered very high. This project also provides a good
addition to the existing strong gold portfolio where we are progressing
well towards defining National Instrument 43-101 ("NI 43-101")
compliant resource estimates at the Binebase-Bawone gold project in
North Sulawesi, and Abong gold project in North Sumatra."

About the Cibaliung Gold Project and the CSD JV

The Cibaliung Gold Project is located 150 kilometres southwest of
Jakarta (Indonesia's capital) within the Banten Province near the
western tip of Java Island, Indonesia. The project site is accessible
by sealed all-weather road from Jakarta and local infrastructure
(power, water and labour) is already all in place for completion of
project development.

A Bankable Feasibility Study ("BFS") on the Cibaliung Gold Project was
completed in 2004 and has been updated on two occasions in September
2005 and March 2007. ARX, as the project manager, engaged Mining One to
complete the latest update of the BFS in March 2007. Key development
and production parameters for the Cibaliung Gold Project are:
.. Two shoot epithermal vein-gold deposit;
.. Initial mine life of 6 years under JORC Code, including initial mine
life of approximately 4.5 years on measured and proven reserves and a
production rate of 240,000 tonnes per annum[FN1];
.. Recovery of gold and silver by a conventional CIL process plant;
.. Mining by conventional underground cut and fill stoping with decline
access;
.. Recoveries are expected to be 92% for gold and 81% for silver;
.. Annual production of approximately 70,000 ounces of gold equivalent;
.. Operating costs estimated at US$123 per tonne of ore (cash operating
costs of approximately US$415 per ounce pre-silver credits and US$340
per ounce net of silver credit) [FN2].

ARX reports that the Cibaliung Gold Project contains JORC Code
compliant measured and indicated resources of 386,000 ounces of gold
and 3.1 million ounces of silver. Within the measured and indicated
resource estimate, ARX reports reserves of 341,000 ounces of gold and
2.9 million ounces of silver. In addition, ARX reports inferred
resources of 94,000 ounces of gold and 0.9 million ounces of silver.
The following table summarizes the Cibaliung Gold Project's resources
and reserves estimates as reported by ARX1,2,3,4:

Tonnes
(000's) Au
g/t Ag
g/t Au Ounces
(000's) Ag Ounces
(000's)
Total Resources

- Measured 497 12.1 87 194 1,396
- Indicated 646 9.2 84 192 1,746

Total Measured and Indicated Resource 1,143 10.5 85 386 3,142

- Inferred 374 7.8 77 94 923


Ore Reserves (included in above Resources)

- Proven 494 11.2 83 178 1,325
- Probable 571 8.9 86 163 1,577

Total Reserves 1,065 10.0 85 341 2,902
1 The reserve and resource estimates shown in the above table are
derived from the 2007 Annual Report of Austindo Resources Corporation
N.L.
2 The resource and reserve estimates were determined under the
Australasian Code for Reporting of Mineral Resources and Ore Reserves
prepared by the Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy, Australian Institute of
Geoscientist and Mineral Council of Australia, as amended (the "JORC
Code").
3 Resources have been reported at a 3 g/t Au cut-off grade. The
estimate uses information from 25,140m of Diamond drilling in 108 drill
holes. Drill hole information in the database has been validated by AMC
Consultants Pty Limited ("AMC") by testing against original information
sources. Assay quality control data has been evaluated and AMC has
concluded that the data are suitable for use in resource estimation.
The geological resources estimate is based on ordinary kriging with a
top cut applied to gold assays. The information in this table that
relates to mineral resources is based on information compiled by Mr.
Dean Carville who is a full-time employee of AMC and a Member of the
Australasian Institute of Mining and Metallurgy. Mr. Carville has
sufficient experience which is relevant to the style of mineralization
and type of deposit under consideration and to the activity which he is
undertaking to qualify as a "Competent Person" as defined in the 2004
Edition of the JORC Code.
4 The cut-off grade used for ore reserve estimation is 4.9g/t based on
an operating cost of US$123/tonne. The information in this report that
relates to the ore reserves is based on information compiled by Mr.
Phil Bremner who is a member of The Australasian Institute of Mining
and Metallurgy and an employee of Mining One Pty Ltd. Mr. Bremner has
sufficient experience which is relevant to the style of mineralization
and type of deposit under consideration and to the estimation process
undertaken to qualify as a Competent Person.
The mineral resource estimate and the positive economics supporting the
reserves were verified internally by Michael Hawkins, M.Sc., MAusIMM,
and Lionel Martin, P.Geo of the Company, both QPs as defined in NI
43-101. The reserves are in the process of being independently
verified.

Development of the Cibaliung Gold Project began in July 2005 and, as of
February 29, 2008, total development expenditure (excluding project
exploration and development prior to July 2005) stood at approximately
US$72.5 million. It is currently anticipated that an additional US$33
million is required to bring the project to positive cash flow status.
The gold processing plant is currently 80% complete and is expected to
be commissioned during the second half of 2008. Development of the ore
body is now being undertaken on two headings to enable a greater volume
of ore to be extracted. The remaining distance to the ore body is less
than 65 meters on one heading and 96 meters on the other. It is
envisaged that stockpiling of ore will commence during the summer of
2008 and the CSD JV is targeting a stockpile in the order of 10,000
tonnes prior to commencing gold production.

There is significant exploration potential within the CSD JV
concession. Given the characteristics of the Cibaliung Gold Project are
similar to other high-grade, epithermal gold-silver vein districts in
Indonesia (e.g. Pongkor and Gosowong) and elsewhere on the Pacific Rim
(e.g. Hishikari, Japan; Pajingo, Australia and Cracow, Australia), the
potential for incremental increases in resources during the mine life
through "brown fields" exploration is considered very high.

EAS intends to begin an aggressive US$2 million exploration program
upon completion of the Transaction. Key exploration targets include:
.. The Cibaliung Fault -- host to the two known ore-shoots, which is a
major structure mapped over 6 kilometres strike-length in windows of
altered volcanic rock within widespread cover rocks. Less than 20% of
this feature has been previously drill tested and it is the highest
ranked exploration target.
.. Fault splays and en echelon faults -- related to the Cibaliung Fault,
lying partly beneath cover rocks immediately east of the Cibaliung mine
area. These were identified from a previous detailed ground magnetic
survey.
.. Earlier vein targets (Rorah Kadal and Ramada) identified 0.7 to 1.5
kilometres south and southwest of the Cibaliung mine area. Previous
scout drilling returned significantly mineralized intersections,
including 2.6 metres (true-width) at 21.5 g/t gold and 197 g/t silver
at Rorah Kadal.

Any additional ounces discovered would likely result in a possible
extension of the life of the mine and/or expansion of the throughput of
the plant. The current throughput is forecast to be 240,000 tonnes per
annum, although the plant as currently being built will have
significantly greater capacity.

The CSD JV currently has a US$15 million project financing facility
with the Australian and New Zealand Banking Group Limited ("ANZ") and
has a hedge facility of approximately 158,000 ounces of gold at an
average exercise price of US$654 per ounce. Both the project financing
facility and the hedge facility will be restructured with ANZ prior to
completion of the Transaction so to match the revised production
profile of the Cibaliung Gold Project. It is anticipated that EAS will
be responsible for 100% of the project financing facility and its
relative equity interest in the hedge facility following the completion
of the Transaction.

CIBC World Markets and Haywood Securities Inc. acted as financial
advisors to East Asia; and Kelly & Co. Lawyers, and Fang and Associates
Barristers & Solicitors were the legal advisors.

About East Asia Minerals Corporation
East Asia Minerals 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 drilled to define NI43-101 compliant
resources. The Company owns ten uranium properties, including the
advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and a 75%
interest in the Khok Adar copper oxide discovery in Mongolia. East
Asia currently has 55,645,372 shares outstanding. Its shares are
listed for trading on the TSX Venture Exchange under the symbol "EAS".

Phil Bremner, Mining Engineer, MAusIMM, the designated QP as defined in
NI43-101 has reviewed and approved the content of this release. East
Asia Minerals will duly file a NI 43-101 reserve and resource technical
report prepared on the Cibaliung Gold Project by an independent
qualified person as defined under NI 43-101.

Forward Looking Statements - This News Release contains forward looking
information within the meaning of the securities legislation of British
Columbia, Alberta and Ontario, 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: +1-778-997-2183
E: Hawkins@EAminerals.com
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com


[FN1] -- The initial mine life is based on current reserves as well as
the conversion of part of the inferred resource. There is no certainty
that such inferred resource will become economically viable.

[FN2] -- Cash operating costs per ounce calculated by EAS based on
240,000 tonnes per annum throughput, 10 g/t gold grade, 85 g/t silver
grade, 92% gold recovery, 81% silver recovery and US$10 per ounce
silver price.

======================================================================
Copyright (c) 2008 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 May 12, 2008 at 5:09:04 PM Pacific Time
======================================================================
.