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| | July 30, 2008
East Asia Minerals Drills 41 Metres of 1.61 g/t Gold in New Sulphide Zone at Binebase
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| | For Immediate release, July 30, 2008 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, July 30, 2008 -- East Asia Minerals Corporation (TSXV-EAS) reports that drilling is continuing to encounter near surface oxide gold mineralization at its Binebase Project located on Sangihe Island, Sulawesi, Indonesia. Additionally, follow up drilling of the recently discovered sulphide zone on the central southern flank of the Binebase Gold Zone has encountered several thick intervals of primary semi-massive sulphide mineralization, including 41.00 metres of 1.61 g/t gold, below oxide gold mineralization. The Binebase Gold Zone remains open to the south and southeast.
Binebase Drilling Update
Recent diamond core drilling by EAS has better defined the near-surface oxide gold zone at Binebase, measuring 700 metres long by 300 metres wide (map at www.EAminerals.com). Holes BID-27 to BID-33 consistently encountered the near surface oxide blanket of limonite-silica-clay mineralization, with intercepts of up to 41.4 metres of 0.5 g/t gold (results below). The gold-bearing oxide zone remains open mainly to the south and southeast.
Hole Number From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) Copper
(%) Mineralization Type
BID-27 0.00 38.00 38.00 0.48 5.16 <0.01 Oxide
Including 0.00 14.00 14.00 0.73 3.46 <0.01 Oxide
BID-28 0.00 21.00 21.00 0.81 33.18 0.03 Oxide
And 21.00 37.00 16.00 0.68 19.27 0.52 Sulphide
BID-29 0.00 41.40 41.40 0.50 2.24 0.03 Oxide
BID-30 0.00 18.30 18.30 0.21 4.12 0.01 Oxide
BID-31* 0.00 26.00 26.00 0.23 2.84 0.01 Oxide
Including 13.00 26.00 13.00 0.41 2.77 0.01 Oxide
BID-33 17.80 26.00 8.20 0.27 2.32 0.11 Sulphide
BID-34 0.00 21.00 21.00 0.62 8.84 0.03 Oxide
And 21.00 62.00 41.00 1.61 17.97 0.43 Sulphide
And** 72.00 91.00 19.00 1.66 3.18 0.30 Sulphide
Note:
1. * BID-31 Significant core loss in mineralized interval (10.95m);
2. ** BID-34 Significant core loss in strongly mineralized interval 72.00 to 91.00m (3.95m)
3. Results for drill holes BID-35 to BID-37 are pending.
Follow up drilling of the recently discovered sulphide zone (July 2, 2008 news release) on the central southern flank of the Binebase Gold Zone has encountered several thick intervals of primary semi-massive sulphide mineralization, including 41.00 metres of 1.61 g/t gold and 19.00 metres of 1.66 g/t gold, below oxide gold mineralization. Drilling to date has outlined a +140 metre long, elongated, north-south trending teardrop shaped structure of semi-massive sulphide (pyrite, enargite and covellite), quartz and barite. This primary gold mineralization thickens to the south and terminates against a porphyry intrusive intersected in BID-35. A similar pattern of almost identical gold mineralization is observed at Bawone, where gold-bearing sulphides accumulate around the edge of shallow intrusive bodies. Based on this finding, there is renewed scope for the discovery of possible repeats of this style of gold mineralization in the plus one kilometre long covered area between Binebase and Bawone. Additional geophysical surveys are planned to map the subsurface geology in this area prior to drill testing.
The arrival of a second diamond drill rig on site and another on the way will accelerate the resource drill out at Binebase and Bawone and will allow several other priority exploration targets in the Sangihe Tenement to be tested in the coming months.
Samples reported were assayed at PT SGS Indoassay (SGS Group) in Balikpapan. David Royle, B.Sc. (Hons), FAusIMM, CP, the designated QP within the meaning of 43-101, has reviewed and approves the content of this release.
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 drilled to define NI43-101 compliant resources. The Company owns ten uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, 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.
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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: [email protected]
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: [email protected] |
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