East Asia Minerals Announces Management Change
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/03/11 -- East Asia Minerals Corporation (TSX VENTURE: EAS) announces changes to its management structure, effective immediately. Dr. Darryl Clark has resigned as CEO-Director of East Asia, and is replaced by Mr. Edward Rochette. This change is a direct response by Dr. Clark, Mr. Rochette and the BoD to address the non-technical challenges currently faced in resolving and advancing the Miwah Project through the bureaucratic negotiation and permitting processes in Indonesia. Dr. Clark, Mr. Rochette, the BoD and the senior management team of East Asia Minerals have acknowledged that the balance of skill sets required to add value to East Asia Minerals Corporation during this period weigh heavily towards negotiation. Dr Clark will assist in the transition of the management across to Mr. Rochette until the 31st of October, 2011.
The Company thanks Dr. Clark for his efforts at East Asia Minerals.
Mr. Rochette joined the company May 2010 as a Director and has added significant depth to the Board with his extensive and expert international and legal background. In July 2011, Mr. Rochette was appointed as Chairman to the Board of Directors of East Asia Minerals.
Mr. Rochette is an internationally renown lawyer with over 30 years of experience in the acquisition of mining rights, international business, land management and natural resource transactions. He has concluded mining transactions involving gold and other precious metals, uranium, iron ore, nickel, coal and oil & gas in Asia, Central Asia, Africa, North America and a number of countries in South America, as well as the Balkan and Scandinavian regions in Europe. Previously he was Senior Vice President of Ivanhoe Mines Ltd. This responsibility included the negotiation to acquire the world class Oyu Tolgoi copper-gold project, Mongolia.
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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 one phosphate properties in Mongolia. East Asia currently has 84,221,582 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
Vancouver T: 1 604 637 8154
patchett@eaminerals.com
www.eaminerals.com