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| | December 09, 2009
East Asia Minerals Receives Indonesia Government IUP "Mining Licence"; Confirms Tenure of Miwah Under New Mining Law
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| | For Immediate Release, December 9, 2009 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, December 9, 2009 -- East Asia Minerals Corporation (TSXV-EAS) reports that further to its comments on the new Indonesian Mineral and Coal Mining Law and implications for the Company (see January 26, 2009 news release), it has received formal documentation and licence confirming the completed conversion of the Aceh Province Miwah tenements to Ijin Usaha Pertambangan (IUP "Mining Licence").
The Miwah tenements comprise the Company's flagship Miwah Gold Zones which are progressing towards completion of NI43-101 resource estimates in 2010. To date East Asia has drilled more than 900 metres strike length along the shallow, laterally extensive 1.2 kilometre long Main Miwah Gold Zone, and has encountered wide intercepts of gold mineralization in all holes drilled. The Main Miwah Gold Zone remains open in all directions.
"This is a very significant step for Miwah", commented Michael Hawkins, President and CEO of East Asia Minerals Corporation. "The IUP's give us 3 years within which to complete exploration and deliver a positive feasibility study, potentially extended to 5 years. Thereafter under Indonesian Law, there is automatic conversion of the licences to development licences for an initial 20 year term, renewable for a further 20 years. We see delivery of the IUP's as giving us excellent security of long term tenure with fiscal stability, and is further validation of our assessment that the New Mining Law of Indonesia is globally attractive."
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 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 advanced to define NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 67,176,622 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.
To receive or stop receiving EAS news via email, please email [email protected] and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at www.EAminerals.com, or contact:
Michael Hawkins, President and CEO
Vancouver
T: +1-604-684-2183
E: [email protected]
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: [email protected] |
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| | You can view the Next News Releases item: Mon Dec 14, 2009, East Asia Minerals Drills 1.95 g/t Gold Over 58 Metres Within 101 Metres Grading 1.38 g/t Gold in Significant Step Out at Miwah
You can view the Previous News Releases item: Mon Nov 30, 2009, East Asia Minerals Drills 1.41 g/t Gold Over 91.5 Metres Within 153.7 Metres Grading 1 g/t Gold, Further East Along Strike at Miwah
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