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Re: News Releases - Tuesday, November 27, 2007
East Asia Minerals Drills More Uranium at Enger, Mongolia, and
Summarizes 2007 Uranium Program Highlights
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For Immediate release, November 27, 2007 TSXV: EAS
VANCOUVER, B.C. -- Tuesday, November 27, 2007 -- East Asia Minerals
Corporation (TSXV-EAS) reports it has intersected additional uranium
mineralization in its follow-up drill program to promising assays
encountered during the Company's 2006 drilling of its Enger project,
located 150 kilometres southeast of Ulaanbaatar, Mongolia.
This second pass drill program was designed to continue fences drilled
in 2006 and to explore for extensions to the uranium mineralization.
Results from the Company's 2006 drilling confirmed and significantly
improved on grades and widths of the mineralization reported by
historical Soviet work, and demonstrated that the mineralization
remains open to the east, west and at depth (reported June 26 and July
6, 2006).
Hole EN-2007-13 was collared 30 metres south along section and up-dip
of EN-2007-11 which encountered 0.180% uranium over 9.3 metres,
including 0.574% uranium over 2.0 metres, 0.143% uranium over 1.4
metres, and 0.282% uranium over 0.8 metres (reported November 7, 2007).
Hole EN-2007-13 cut four mineralized intervals and remains open
up-dip. The first zone is related to a narrow lignite seam in grey
sediments, the second with a faulted contact between oxidized grey
sediments and rhyolite breccia, and the third and fourth in fractured
rhyolite. The section including EN-2006-12 also remains open down-dip.
Hole EN-2007-14 was collared in the southeast area of the mineralized
zone to test the remaining up-dip extension to multiple and strong
uranium intersections encountered along section EN-2006-01, 02 and 03
(June 26 and July 6, 2006 news releases). The hole encountered
mineralization in rhyolite with 2% disseminated pyrite and closes the
section up-dip (off section to the southwest). The mineralization
continues down-dip and remains open to the north of this four-hole
section.
The last hole of the 2007 follow-up program, EN-2007-15, was collared
30 metres south along section and up-dip of EN-2006-08 in the southwest
area of the mineralized zone. Mineralization was encountered over 4
metres near the bedrock interface with overburden, at a fault contact
between oxidized grey sediments and rhyolite breccia.
Drill Hole From (m) To (m) Interval (m) Uranium (%)
EN-2007-11 90.4 92.9 2.5 0.038
And 104.5 113.8 9.3 0.180
Incl. 105.2 107.2 2.0 0.574
Incl. 107.8 109.2 1.4 0.143
Incl. 111.8 112.6 0.8 0.282
EN-2007-13 41.5 42.0 0.5 0.024
And 47.0 49.0 2.0 0.067
And 55.0 55.5 0.5 0.041
And 57.5 59.5 2.0 0.041
EN-2007-14 99.0 100.0 1.0 0.022
EN-2007-15 23.0 27.0 4.0 0.028
Incl. 23.0 26.0 3.0 0.033
The above reported uranium mineralization remains open (refer to the
Company's website at www.EAminerals.com for plan and section views of
all drilling), and following detailed compilation further drilling will
be proposed. Additionally, there remain two untested radiometric
anomalies, in particular a south-southeast structural response
extending from the current drilling area, and a localized strong
radiometric response in the northeast quadrant of the property.
2007 URANIUM PROJECT HIGHLIGHTS
Ooshiin Govi
During January and February the Company completed first phase drilling
of 15 holes confirming the continuation of the same radiometric anomaly
that extends south from the (then) adjacent AREVA property where
extensive drilling was conducted up to the property boundary. Drill
results suggested a large body of unconsolidated sand hosted uranium
mineralization with clay and lignitic intervals. Favourable porous host
rock, sandwiched between impermeable strata, indicate the
mineralization may be amenable to low cost ISL mining methods.
Difficult ground conditions and poor sample recovery were experienced
and there was concern of uranium grade dilution due to washing at the
drill bit face. Assays were not reliable.
On September 21 the Company closed the sale of the Ooshiin Govi and
other early stage uranium properties to AREVA for a cash payment of
CAD$83 million. The transaction was facilitated through the sale of
its wholly owned Mongolia subsidiary, EAM Energy LLC, and included the
Bayan Uul, Elgenii, Ikh Khet and Airag-1 uranium tenements. On October
10 the Company announced a cash payment of CAD$1.30 per share to
registered shareholders of East Asia as of the record date of October
19, 2007. This was subsequently paid out.
Ulaan Nuur
On May 30 the Company announced signing an agreement to acquire 100% of
the Ulaan Nuur uranium property. Ulaan Nuur hosts a partially defined,
potentially significant deposit of stratiform sandstone hosted uranium
mineralization. Based on limited historical drilling, the Soviets
calculated a P2 category resource of 10,000 tonnes (22 million pounds)
of contained uranium (May 3, 2007 news release). The historic Ulaan
Nuur data also provided East Asia with evidence that the Project
contains a potential ISL (in situ leach) environment. The data reports
that the "lower productive horizon" is hosted entirely within uniformly
shallow dipping and permeable sandstone, between an overlying clay
horizon and an unconformably underlying conglomerate, which in turn
overlies Proterozoic granite gneiss.
During the fall four validation holes were drilled. In addition to the
Company's down-hole radiometric results validating the historic Soviet
data, the assay correlation was strong. East Asia's drilling
encountered four tabular, lens-like mineralized bodies, 150 to 300
metres wide, 50 to 100 metres long and from 0.1 to 7.65 metres thick,
containing 0.017% to 0.205% uranium. The mineralization remains open
along strike and down dip. As with the Soviet data, there is strong
correlation between drill holes along section.
Assay highlights are as follows:
Drill Hole From (m) To (m) Interval (m) Uranium (%)
UN001 90.0 91.0 1.0 0.017
UN002 28.8 32.9 4.1 0.024
And 38.5 41.1 2.6 0.020
And 144.1 144.6 0.5 0.174
And 145.8 146.4 0.6 0.033
And 164.6 167.9 3.3 0.022
And 212.4 213.5 1.1 0.141
And 215.7 216.2 0.5 0.205
UN003 257.5 258.8 1.3 0.029
And 263.9 264.7 0.8 0.177
UN004 222.5 223.8 1.3 0.095
Ingiin-Nars
On July 3 the Company announced signing an agreement to acquire 100% of
a tenement containing a portion of the Ingiin-Nars Uranium Deposit.
The main Ingiin-Nars Deposit contains a Soviet-era, P1 category
resource of approximately 1,000 tonnes (2.2 million pounds) of
contained uranium (July 3, 2007 news release). Based on Soviet-era
drilling, the Ingiin-Nars Deposit continues northeast into the East
Asia property where it remains open along strike. The Soviet data also
suggests the presence of another mineralized body that may be as large,
or larger, than the drilled portion of Ingiin-Nars. The uranium
mineralization is stratiform sandstone hosted and reported to be
amenable to in-situ leach (ISL) recovery.
During the summer four validation holes were drilled at the Ingiin-Nars
project. The Company's geological and down-hole radiometric results
clearly validated the historic data, encountering the stratigraphy and
radioactive horizons reported in the Soviet drill logs. East Asia
intersected multiple mineralized intersections within three main
horizontally lying horizons, below 160 metres depth. The
mineralization occurs in sandstone and clay units, and fine to medium
grained, unconsolidated sand with organic detritus. Most of
mineralization was washed out in the drilling process.
In addition, 10 kilometres to the north-northeast along the mineralized
trend from the drilling area, rock chip assays confirmed the potential
of a surface anomaly detected by recent detailed radiometric mapping
(August 1, 2007 news release). The anomaly, roughly one by one
kilometre, assayed up to 0.05% uranium from carnotite mineralized
outcrop in an area not drill tested. A second radiometric anomaly,
roughly five by two kilometres, is in the northwest area of the
property at what is interpreted as the contact between bedrock and
Quaternary sediments.
Commenting on the 2007 uranium program, Michael Hawkins, President and
CEO of East Asia Minerals, stated "we are extremely pleased on many
fronts. The sale of EAM Energy to AREVA is absolute validation of East
Asia's ability to capture opportunities in a competitive market, and
has allowed us to return great value to our shareholders early in the
life of the Company. At the same time, we are excited that our initial
programs at the Ingiin Nars and Ulaan Nuur projects have validated the
historic Soviet reporting of significant in-situ-leach amenable uranium
mineralization at both properties. With the AREVA transaction
providing the capital required to continue the Company's aggressive
exploration, acquisition and growth strategy, we will build on these
assets and also with the continued excellent grades coming out of our
second pass drilling at Enger".
Samples reported were assayed at ACTLABS in Ulaanbaatar, Mongolia.
Lionel Martin, P.Geo., the designated QP within the meaning of 43-101,
has reviewed and approves the content of this release. EAS has not
verified the classification of the historic resource references and is
not treating them as a NI 43-101 defined resources verified by a QP.
Although these historical references of resource potential are relevant
to recognizing the potential of the East Asia Properties, they should
not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals is an Asian-based, Canadian mineral exploration
company with uranium, gold and copper assets in Mongolia and Indonesia.
The Company owns the Ingiin-Nars, Ulaan Nuur and Enger uranium
properties and a 75% interest in the Khok Adar copper oxide discovery
in Mongolia. In Indonesia, it has a 70 to 85% interest in five
advanced gold and gold-copper projects located in Aceh Province in
Sumatra and North Sulawesi. East Asia currently has 55,185,372 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
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Copyright (c) 2007 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 Nov 27, 2007 at 6:41:18 AM Pacific Time
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