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Re: News Releases - Tuesday, June 03, 2008
East Asia Minerals Announces Termination of Negotiations With
Austindo Resources for Interest in Cibaliung Gold Project,
Indonesia
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For Immediate release, June 3, 2008 TSXV: EAS
VANCOUVER, B.C. --Tuesday, June 3, 2008 -- East Asia Minerals
Corporation (TSXV-EAS) announces that after discussions with its legal
advisors, it was considered that a number of significant legal and
technical issues identified during due diligence could not be resolved
to the Company's satisfaction and the Company has decided to terminate
its negotiations with Austindo Resources Corporation N.L. for a
Definitive Agreement to earn-in a 71.8% equity interest in PT Cibaliung
Sumberdaya, the owner of the Cibaliung Gold Project in Java, Indonesia.
Accordingly, the Company will not proceed with the subscription
receipts private placement announced on May 13, 2008.
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".
Forward Looking Statements - This News Release contains forward looking
information within the meaning of 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: +1-778-997-2183
E: Hawkins@EAminerals.com
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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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 Tue Jun 3, 2008 at 6:16:15 AM Pacific Time
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