East Asia Minerals Provides Corporate Update to Shareholders
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/28/11 -- East Asia Minerals Corporation (TSX VENTURE: EAS) reports that the new management team appointed on July 26, 2011 has begun a complete review of the Company's assets in Indonesia and Mongolia with the aim of providing an update to investors within the next few weeks that will detail the strategy for the Company going forward.
At the Miwah gold project, East Asia Minerals has now completed 10 holes (EMD067 to EMD076) since the release of the initial resource estimate on May 9, 2011. The objective of the ongoing drilling program at Miwah is to extend the resource north towards and into Moon River. Descriptions of drill results to date are provided below. East Asia is also pleased to report that it has appointed G & T Metallurgical Group Services Ltd. of Kamloops, British Columbia, to undertake metallurgical testing at Miwah, which should be completed by year end.
Work to develop drill targets in the Sipopok area is ongoing in the area north of Moon River, and west and north of Sipopok. Favourably altered surface samples have been sampled from a reconnaissance program, and a controlled soil, mapping and sampling program is near completion. Results will be reported as they develop.
At the Sangihe gold project, East Asia Minerals continues to make progress with authorities in Indonesia to complete the transfer of assets from East Asia Minerals to Sangihe Gold Corporation. In the mean time, drilling continues at Sangihe with 13 holes completed since drilling began in March 2011. East Asia Minerals also recently approved an increase in spending at the Sangihe gold project with the addition of two more drill rigs on site.
In Mongolia, East Asia Minerals continues to make progress with the authorities to complete the transfer of assets from East Asia Minerals to East Asia Energy Corporation.
Miwah drill results to date;
-- assays for drill holes EMD065, EMD067 to EMD074,
-- geological update for completed holes EMD075 and EMD076 (assays
pending),
-- update for in-progress drill hole EMD077,
-- drill holes EMD067 to 077 are not included in the initial resource
estimate of May 9, 2011.
EMD065 was drilled with a 45 degree azimuth and 50 degree dip to infill lithology and alteration between Block M and Moon River. The hole was completed at 446.5 metres and encountered 0.55 g/t gold from 102 to 258 metres (156 metres), including 1.64 g/t gold from 121 to 134 metres (13 metres) and 1.00 g/t gold from 182 to 203 metres (21 metres). The gold-hosting Miwah Horizon remains open to the north, past the initial Miwah Main Zone resource block.
EMD067 was drilled with a 30 degree azimuth and 55 degree dip to test the north extension of alteration and mineralization intersected in EMD061 and 063. The hole was completed at 206 metres and encountered 0.62 g/t gold from 138.5 to 148.5 metres (10 metres) and 0.42 g/t gold from 180 to 205 metres (25 metres).The gold-hosting Miwah Horizon remains open to the west, past the initial Miwah Main Zone resource block.
EMD068 was drilled with a 110 degree azimuth and 50 degree dip to test the northwest extension of alteration and mineralization intersected in EMD061 and 063. The hole was completed at 352.7 metres and encountered 0.87 g/t gold from 127.5 to 140.5 metres (13 metres), and 0.32 g/t gold from 251.5 to 264 metres (12.5 metres).The gold-hosting Miwah Horizon remains open to the west, past the initial Miwah Main Zone resource block.
EMD069 was drilled as a vertical hole to infill lithology and alteration data in the eastern area of the resource block at Block M. The hole was completed at 309.1 metres and encountered 0.32 g/t gold from surface to end of hole (309.1 metres), including 0.57 g/t gold from 57 to 201 metres (144 metres) with 1.01 g/t gold from 59 to 78.4 metres (19.4 metres) and 1.53 g/t gold from 106 to 119 metres (13 metres).
EMD070 was drilled with a 310 degree azimuth and 55 degree dip to test north from EMD026 and 059. The hole was completed at 446.9 metres and encountered 0.85 g/t gold from 65 to 151 metres (86 metres) including 1.42 g/t gold from 65 to 80 metres (15 metres), 0.63 g/t gold from 176 to 264 metres (88 metres) including 0.94 g/t gold from 186 to 221 metres (35 metres), and 0.61 g/t gold from 291.5 to 349 metres (57.5 metres).
EMD071 was drilled with a 300 degree azimuth and 55 degree dip to test lithology and alteration data in the northern area of the resource block at Block M. The hole was completed at 258.9 metres and encountered 1.18 g/t gold from 23.5 to 42 metres (18.5 metres), and 0.39 g/t gold from 114 to 149 metres (35 metres).
EMD072 was drilled with a 20 degree azimuth and 60 degree dip to test the north extension of mineralization from the Miwah Main Zone towards Moon River. The hole was completed at 249 metres and encountered 0.79 g/t gold from 18.5 to 47.5 metres (29 metres), and 0.28 g/t gold from 78 to 140.5 metres (62.5 metres).
EMD073 was drilled with a 45 degree azimuth and 45 degree dip to test the north extension of mineralization from the Miwah Main Zone towards Moon River. The hole was abandoned in the target horizon at 192.6 metres due to drilling difficulty and encountered 0.3 g/t gold from 37 to 47 metres (10 metres), and 0.41 g/t gold from 178.7 to 192.6 metres (13.9 metres) at the end of hole.
EMD074 was drilled with a 300 degree azimuth and 60 degree dip to test alteration/mineralization encountered in Moon River at depth. The hole was completed at 155 metres. No significant assays were returned.
EMD075 was drilled with a 280 degree azimuth and 30 degree dip to test alteration/mineralization between Moon River and North Miwah Ridge, located 195 metres to the west of the collar, and also beneath North Miwah Ridge. North Miwah Ridge is the high ground that defines the major north-south section though the Miwah Bluff area. EMD075 was completed at 352.1 metres and encountered multiple isolated zones of favourable alteration/mineralization, largely dispersed between 182.9 to 189.4 metres and 278.5 to 320.7 metres. Assays are pending.
EMD076 was drilled with a 10 degree azimuth and 60 degree dip to test for alteration/mineralization at depth in the Moon River area. The hole was completed at 250.1 metres and encountered favourable alteration/mineralization in multiple horizons dispersed between 53.6 to 240.3 metres. Assays are pending.
EMD077 is being drilled with a 60 degree azimuth and 60 degree dip to test for alteration/mineralization at depth in the Moon River area. The hole encountered favourable alteration/mineralization from 39.5 to 69.6 metres, and in frequent sections from 108.2 to 150.7 at 101.4 metres where it is progressing. (Refer to Miwah drill hole location map at www.EAminerals.com).
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 Minerals will be providing a more fulsome report on its activities and strategy within the next few weeks.
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About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE: EAS) 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 three advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 81,412,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol 'EAS'.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute 'forward looking statements' within the meaning of that phrase under applicable Canadian securities law. When used in this News Release, such statements use words such as 'may', 'will', 'expect', 'intend', 'anticipate' and other similar terms. These statements reflect management's current assumptions and expectations regarding future results, performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement.
Forward looking statements are based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The Company believes that the assumptions and expectations reflected in such forward looking statements are reasonable. Assumptions have been made regarding, among other things, the Company's future exploration and development activities; timely receipt of third party or regulatory approvals; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used and that these factors and assumptions may be incomplete or incorrect.
Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Those risks include 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; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks.
Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
East Asia Minerals Corporation - Toronto
Nick Kohlmann
Corporate Communications
1 416 792 8734
kohlmann@eaminerals.com
East Asia Minerals Corporation - Vancouver
Mark Patchett
Investor Relations
1 604 637 8154
patchett@eaminerals.com
www.eaminerals.com