East Asia Minerals Provides Gold Project Update to Shareholders
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/23/11 -- East Asia Minerals Corporation (TSX VENTURE: EAS) wishes to report on progress at its gold projects in Indonesia.
Sangihe Project (EAS - 70% owner and operator)
Following detailed interpretation of the recently completed air magnetic survey, and ground truthing of the data, the Company is pleased to announce that several new exploration targets have been identified. First pass reconnaissance is planned to commence in the coming months prior to drill target generation and testing (For the Sangihe target areas from Reduced to Pole (RTP) airborne magnetic survey, refer to Projects greater than Indonesia greater than Sangihe at www.EAminerals.com).
Ten air magnetic targets are distinguished by displaying similar features to areas known to host gold mineralization within the Sangihe project area. East Asia has now completed 20 drill holes at Sangihe since the resumption of drilling began in April 2011. Drilling continues and the assays from eight holes are pending.
The current Phase II drill program is focusing on expansion of the surface and near-surface gold resources at both Binebase and Bawone through further in-fill and extension drilling. During this phase East Asia also intends to conduct initial drilling at the Salurang, Sede, Kupa and Taware gold prospects, which are known to host gold-bearing quartz veins. The recently completed airborne magnetic survey was conducted over a significant portion of the license area to generate new prospects.
East Asia completed the Phase I drill program at Sangihe in 2008, which included 7,561 metres of drilling in 79 shallow holes at the Binebase and Bawone prospects. In addition, almost 1,700 surface samples were collected.
In September 2010, East Asia released an initial NI 43-101 compliant resource estimate for its Sangihe gold project. The total inferred resources using a 0.25 g/t gold cut-off are estimated at 27.327 million tonnes averaging 0.95 g/t gold and 13.58 g/t silver for 836,718 ounces gold and 11,927,237 ounces silver in near and at surface oxides and sulphides. Of this, the Binebase deposit has an inferred resource of 17.9 million tonnes at 0.76 g/t gold and 18.7 g/t silver for a total of 435,234 ounces gold and 10,716,742 ounces silver. The Bawone deposit has an inferred resource of 9.5 million tonnes at 1.32 g/t gold and 4.0 g/t silver for a total of 401,484 ounces gold and 1,210,495 ounces silver (news release September 22, 2010).
Miwah Project (EAS - 85% owner and operator)
As announced on August 15, 2011, East Asia Minerals is refocusing exploration activities at Miwah to concentrate its efforts on completing metallurgical work as well as social and environmental impact studies to comply with the Indonesian regulations. Furthermore, the Company is also pursuing a forest reclassification of the Miwah tenements with the Ministry of Forestry, which the Company believes is the most significant catalyst for share price re-rating.
Regarding the permitting process at its Miwah project, interested shareholders are invited to reference the Information Circular Filed August 13, 2007 on Sedar, 47th page Miwah Property Description and Location, in which details of the permitting process are contained. East Asia Minerals is also pleased to announce that the Carbon Conservation Pty Ltd. transaction, announced on May 3, 2011, has been completed. East Asia Minerals now owns 50% of Carbon Conservation Pty Ltd. and is working together with their management team to integrate strategies and work programs going forward.
Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release.
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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 six uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 81,637,372 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
Mark Patchett
Investor Relations
1 604 637 8154
patchett@eaminerals.com
www.eaminerals.com