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Re: News Releases - Tuesday, June 02, 2009
East Asia Minerals Finalizes Private Placement Terms
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For Immediate release, June 2, 2009 TSXV: EAS
VANCOUVER, B.C. -- Tuesday, June 2, 2009 -- East Asia Minerals
Corporation (TSXV-EAS) is pleased to announce the terms of a
non-brokered financing. The Company will raise up to $4.64 million
through the issuing of up to 9.1 million units at $0.51 per unit. Each
unit shall consist of one common share and one-half non-transferable
common share purchase warrant to purchase a common share. Each whole
warrant shall entitle the holder to purchase one common share at a
price of $0.75 per warrant share at any time prior to 2.5 years from
the closing date. This transaction is subject to TSX Venture Exchange
approval.
"This proposal by third parties for a non-brokered Private Placement
into East Asia Minerals is welcomed as the Company continues to push
forward with its impressive Indonesia gold portfolio, led by the Miwah
Gold Project" stated Michael Hawkins, President and CEO of East Asia
Minerals. "This investment into East Asia Minerals provides further
testament to the exciting growth potential of the Company, in the
near-term with drilling of the large Miwah Gold Project and into the
future with its prolific portfolio of epithermal and porphyry
projects".
East Asia Minerals will use the proceeds of the offering for further
exploration of the Miwah Gold Project, including the initial drill
program previously announced (see April 20, 2009 news release),
advancement of it Indonesia gold and copper portfolio, and unallocated
working capital. The Company will pay a finder's fee to Axemen
Resource Capital Ltd. -- a Limited Market Dealer, on a portion of the
transaction, comprised of cash or warrants or a combination thereof.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000
metres of drilling in eleven 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 clearly 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 properly oriented drill
holes.
The Company plans to commence diamond drilling on the Miwah Gold
Project in late May 2009. The initial drill program will comprise 10
scissor holes from five (5) collars for a total of 2,000 metres to
provide a 3D validation along the full 1,200 metre strike of the Miwah
gold-bearing silica zone, exposed along the impressive Miwah ridge.
Rock saw channel sampling by EAS in 2008 within a well defined, one
square kilometre zone of high sulphidation alteration averaged 1.2 g/t
gold and +3 g/t silver from over 2,000 metres of samples. Better gold
mineralization, including 4.11 g/t gold over 200 metres, is closely
related to massive, residual vuggy silica-sulphide forming an
impressive resistant, east-northeast trending cliff traced 1,200 metres
along strike, averaging 300 metres wide and up to 200 metres high.
Miwah demonstrates many features of the shallow part of a high-level
high sulphidation ("HS") epithermal gold system, including intense acid
leaching, strong structural and lithological permeability controls to
fracture fed mineralizing fluids, presence of structurally-controlled
hydrothermal and phreatic breccias, disseminated mineralization of
gold-silver much greater than copper, and the elemental association of
As, Sb, Bi, Ba, S and Te.
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).
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 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 twelve uranium properties, including the
advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, four
phosphate properties, 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 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
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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Copyright (c) 2009 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 2, 2009 at 8:08:36 PM Pacific Time
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East Asia Minerals Corporation
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EXPLORATEUR |
CODE : EAS.V |
ISIN : CA2705411056 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
East Asia Minerals est une société d’exploration minière d'or et d'argent basée au Canada. East Asia Minerals détient divers projets d'exploration en Indonesie. Ses principaux projets en exploration sont KHOK ADAR, ENGER, ULAAN NUUR et INGIIN-NARS en Mongolie et TANGSE, TAKENGON, BARISAN 2 PORPHYRY PROJECTS, ABONG, SANGIHE, MIWAH, UPPER TENKERENG et BARISAN en Indonesie. East Asia Minerals est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,3 millions CA$ (6,3 millions US$, 5,3 millions €). La valeur de son action a atteint son plus haut niveau récent le 14 mai 2010 à 8,73 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$. East Asia Minerals possède 53 790 000 actions en circulation. |