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| | May 30, 2006
East Asia Minerals Continues on Course with Mongolian Copper Oxide and Uranium Projects
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| | VANCOUVER, B.C. -- May 30, 2006--East Asia Minerals Corporation (TSXV-EAS) acknowledges the recent enactment of the mining windfall tax by the Mongolian government. The Company will continue as planned with its exploration programs at the Khok Adar copper oxide project and its uranium properties. Three drill rigs will continue to operate on these projects.
As currently understood, the new Mongolian windfall tax is to be levied only on copper concentrate and gold, and does not pertain to cathode copper or uranium production.
The high grade copper oxide mineralization identified at East Asia Mineral's cornerstone Khok Adar project is amenable to low cost solvent extraction-electrowinning (SXEW) technology. This process produces a cathode copper metal as opposed to a copper concentrate. Therefore, Khok Adar copper is apparently exempt from the new tax and exploration will continue as planned. East Asia Minerals is conducting an extensive RAB drilling project, aimed at identifying new high grade copper oxide deposits and testing for large tonnage potential to blend with the known high grade mineralization. An independent resource estimate of the EC-1 copper oxide deposit is in progress.
The Company is also continuing with a two drill rig program at its six highly prospective uranium projects.
Elsewhere in Mongolia however, East Asia Minerals has suspended exploration activities at Maanit and Shine Ulaan Uul, two recently acquired gold-copper exploration projects.
"We have for some time, been pursuing opportunities in other countries to reduce the sovereign risk for our investors", stated Mr. Lyndon Bradish, East Asia Mineral's President. "Our efforts are producing results as the Company is currently concluding due diligence on four advanced gold and gold-copper projects in Southeast Asia."
About East Asia Minerals Corporation
East Asia is an Asian-based Canadian mineral exploration company with projects in Mongolia and on-going acquisition targets in East Asia. The Company has met the earn-in requirements to acquire a 75% interest in the Khok Adar copper oxide discovery by completing USD 1 million of exploration. It also has options to acquire 100% of six uranium properties and three gold and copper-gold projects, located in central Mongolia. East Asia currently has 42,801,706 shares outstanding. The Company's shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
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FOR FURTHER INFORMATION, visit the Company's website at www.EastAsiaMinerals.com, or contact:
East Asia Minerals Corporation CHF Investor Relations,
Lyndon Bradish, President and CEO Nick Kohlmann, M.Sc., Vice President
Tel: +852 2719-1551 (Hong Kong) Tel: +1-416-868-1079 x222
Mobile +852 6103-9094
Fax: +852 2719-1664 Fax: +1-416-868-6198
E-mail: [email protected] Email: [email protected]
www.eastasiaminerals.com www.chfir.com
Should you wish to receive Company news via email, please email [email protected] and specify "EAS News" in the subject line.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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