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Re: News Releases - Wednesday, May 05, 2010
East Asia Minerals Updates Progress and Plans for Indonesia
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For Immediate Release, May 5, 2010 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, May 5, 2010 -- East Asia Minerals
Corporation (TSXV-EAS) reports that drilling is progressing well at the
Miwah Main Zone in Aceh Province, Indonesia, as is planning towards
drilling of the Bahu and Lower Tengkereng gold-copper porphyry systems.
With the May 5, 2010 closing of a $18.85 million non-brokered private
placement, and with strong drill results continuing to define gold over
a large area at Miwah, the company shall accelerate the arrival of a
third drill rig to site. The private placement will also facilitate
accelerating activities defining drill targets at its porphyry
projects. The entirety of this important private placement went to two
well-known and respected gold funds, both of whom are significant long
term shareholders of East Asia Minerals. The Company is pleased to
state that it appreciates their continued support as it moves forward.
At the Miwah Gold Project, the most recently reported assays from
EMD024 yielded 3.96 g/t gold over 111 metres, including 15.74 g/t gold
over 22 metres, and indicated increasing grade and thickness to the
north. At this time samples from EMD025 to EMD027 are being analyzed.
In addition drill hole EMD028 has been recently completed, and EMD029
and EMD030 are in progress. EMD029 is being drilled with a due south
azimuth and 60 degree dip to test for the extension of alteration and
mineralization from high-grade hole EMD024. It is a 200 metres north
step-out from EMD024 and is progressing well, having encountered
visually altered and mineralized rock from 60.9 to 69.7 metres, and
from 108 metres to the current depth of 139 metres downhole depth.
EMD030 is just commencing and is being drilled with a 45 degree azimuth
and 47 degree dip from the EMD028 location to test for the extension of
silicification and mineralization to the north of EMD021 (Refer to
drill location map at www.EAminerals.com).
Elsewhere at the Miwah Gold Project, drill target generation adjacently
south of the Miwah Main Zone to include the South Miwah Bluff Area is
near completion. This work is being undertaken by the same
reconnaissance team conducting follow-up of the new Signal area to the
west of the Miwah Main Zone. A separate team is also progressing well
with drill target definition in the Moon River and Sipopok areas. With
the recent injection of significant funds into the company's treasury,
planning to bring in a third machine has been accelerated to test these
targets.
East Asia has drill validated the 1.2 kilometre east-west outcrop width
of the shallow, laterally extensive Miwah Main Zone, and has
encountered gold mineralization in all of its holes. The Miwah Main
Zone remains open in all directions with the Moon River area expanding
the north-south potential to more than 600 metres, whilst remaining
open further to the north towards Sipopok. Drilling has extended the
Miwah Main Zone towards a similar northing as Moon River. Sampling
west of the Miwah Main Zone in the Signal area has potentially expanded
the east-west width another 600 metres and remains open.
At the Company's other advanced Indonesian gold projects, detailed work
is nearing finalization for drilling at the Lower Tengkereng and Bahu
porphyry gold-copper projects. East Asia plans to drill one to two
holes in each of these projects to demonstrate the potential of these
large porphyry gold systems.
Work 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. 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. 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*).
Work at the Bahu project is near completion to provide drill targets in
an area where porphyry gold mineralization and alteration have 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.
*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.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,100
metres of drilling in twelve holes by a previous explorer in 1997. All
holes drilled during this program intersected significant alteration
and mineralization with intercepts including 71 metres of 1.4 g/t gold
and 58 metres of 1.1 g/t gold. The previous explorer suggested
potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the
historical data indicates that early drilling was parallel to higher
grade (greater than 5 g/t gold) structures at surface. Hence, in
addition to greater mineralized tonnage, significantly higher overall
grades are anticipated from better geological understanding, results of
the Company's detailed sampling, and from the ongoing drill program
which is based on increased geological understanding. An example is
the intersection of 3.96 g/t gold over 111 metres, including 15.74 g/t
gold over 22 metres from East Asia's
Diamond drill hole EMD024.
Based on the Company's work Miwah is resolving into two components; a
large 1,200 metre long, at least 450 metre wide, approximately 200
metre thick tabular zone; and vertical diatreme breccia feeder zones
that are beneath and cut through this. At Miwah Gold Zones, East Asia
has almost 2,500 metres of rock sawn channel samples which average 2.35
g/t gold. Grade expectations in Main Miwah Gold Zone exceed 1.5 g/t
gold. Ongoing sampling verified the Company's confidence that higher
overall gold grades can be achieved due to the presence of multiple
high grade rock sawn channel samples throughout the strike, including
4.11 g/t gold over 200 metres at the eastern part of the Main Miwah
Gold Zone, and 4.35 g/t gold over 27 metres at the western part.
Recent drilling has supported this.
In addition to the tabular zone the Company has begun to characterize
some of the diatreme breccia feeder zones, with rock sawn channel
samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over
12 metres. Recent drilling has supported this. These feeder zones
have great potential to develop into substantial tonnages of higher
grade gold mineralization in an area adjacent to the Main Miwah Gold
Zone.
The Miwah Property is in a very similar volcanic setting to the Martabe
gold-silver deposit, also located in North Sumatra (Purnama and Baskara
resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces
gold) and 15 g/t silver (60 million ounces silver), and the alteration
system is of a comparable size. Miwah also exhibits a likeness to the
size, style and geometry of the alteration system developed at the
Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t
silver, giving a total 6.49 million ounces gold and 47.9 million ounces
silver).
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.
East Asia has not verified the classification of the resource
references and is not treating them as NI 43-101 defined resources
verified by a QP. Although the references of resources are relevant to
recognizing the potential of the Miwah project, they should not be
relied upon.
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) is an Asian-based, Canadian mineral
exploration company with gold and gold-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. 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 Wed May 5, 2010 at 12:14:43 PM Pacific Time
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