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| | December 06, 2012
Drilling Commences on Phase One Program at East Asia Minerals Sangihe Project, Indonesia
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| | Vancouver, BC -- East Asia Minerals Corporation (TSXV:EAS) ("EAS" or the "Company") is pleased to announce that it has commenced drilling on Phase one of the 4,600 metre drill program at Sangihe Island on the Bawone, Binebase sites, plus the highly prospective Taware Valley / Sedi site. This is execution of the program that was previously announced in October (see press release dated October 9, 2012) to follow up on phase one and phase two drilling programs completed in previous years at the Binebase and Bawone zones.
The exploration program will be comprised of a total of 4,600 metres of drilling. The program will be subdivided in the following manner: Binebase mineralization zone extension will consist of 12 holes totaling 1800 metres; Bawone mineralization zone extension will consist of 12 holes totaling 1800 metres; Kupa & Taware scout holes will consist of 8 holes totaling 1000 metres. The estimated total cost for the drilling and assaying program, is $2.8 million.
Frank Rocca, Vice President of Exploration with East Asia Minerals stated: "Based upon recent evaluation of geomagnetics and interpretation of previous drilling results, we are very enthused that these initiatives will lead to extension of the existing Binebase & Bawone ore zones plus exploration of the highly prospective Taware / Sedi area".
There are three objectives for the proposed drilling program to be undertaken on Sangihe Island in 2012. The first objective is to increase the Inferred Resource ounces at the Binebase mineralized zones and define the boundaries of the mineralized zone. This may also convert some of the Inferred Resources to Indicated Resources. The second objective is to define resource extensions along strike of the Bawone mineralized zone towards Salurang, and to increase the tonnage of the Inferred Resource. The final objective of the exploration program is to drill scouting holes in the Kupa and Taware valleys. The scouting holes will target quartz veins in both valleys that have returned high grade assay values in grab and channel samples taken in previous years.
The Sangihe Gold-Copper Project is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia and has an existing National Instrument 43-101 compliant Inferred Mineral Resource of 27.3 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 (using a 0.25 g/t gold cut-off) in near and at surface oxides and sulphides. The resource estimate is contained within two separate bodies, the Binebase and Bawone, being separated by approximately one kilometre of shallow untested cover. At a 0.25 g/t gold cut-off, 65 percent of the tonnage estimate is contained in the Binebase portion of the deposit. The gold ounces are approximately equally divided between Binebase and Bawone. (Please see East Asia Minerals news release dated September 22, 2010).
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) 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 nine uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Frank Rocca, AusIMM, Vice President Exploration of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
FOR FURTHER INFORMATION, visit the Company's website at www.eaminerals.com
On Behalf of East Asia Minerals Corporation:
"Edward Rochette"
Edward Rochette
Chairman & CEO
For further information, contact:
East Asia Minerals
Phone: +1-604-684-2183
Email: [email protected]
To receive or stop receiving EAS news via email, please email [email protected] and state your preference in the subject line.
Cautionary Statements
Certain statements in this News Release, which are not historical in nature and describe the Company's anticipated drilling campaign, 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. 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; the impact of the appointments; 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. 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. |
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