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| | February 05, 2010
East Asia Receives Indonesia Government Approved IUP "Mining Licences", Confirms Tenure of Barisan 1 and Takengon Under New Mining Law
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| | For Immediate release, February 5, 2010 TSXV: EAS
VANCOUVER, B.C. -- Friday, February 5, 2010 -- East Asia Minerals Corporation (TSXV-EAS) reports that in addition to the previously announced receipt of the Aceh Province Miwah Ijin Usaha Pertambangan (IUP "Mining Licence"), the Company has received formal documents from the Directorate General of Mineral, Coal and Geothermal confirming the finalized conversion of its Aceh Province Barisan I and Takengon tenements to IUP.
The Barisan I tenement contains the flat-lying near-surface Abong gold project where the Company has completed 130 drill holes and is working towards completion of an initial NI43-101 compliant resource estimate. This large epithermal gold deposit lies within a 3 by 1.5 kilometre corridor within which EAS has defined gold mineralization over a +2 kilometres by up to 800 metres area. It remains open along strike in both directions.
The Takengon property comprises the Collins epithermal gold project, the Semelit porphyry copper-gold project, and the West Semelit gold-copper skarn project. The Collins project is a large partially exposed multistage gold-bearing quartz vein swarm where East Asia channel samples gave 11.0 metres at 22.20 g/t gold, and 11.0 metres at 14.99 g/t gold. At the Semelit project, porphyry potential is indicated by supergene porphyry outcrops with +2% copper and +2 g/t gold.
"This is another significant step for East Asia Minerals", commented Michael Hawkins, President and CEO of East Asia Minerals Corporation. "The Barisan I and Takengon IUP's give us 5 years within which to complete exploration and deliver a feasibility study. 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. An important feature of these and the Miwah IUP is that once approved, the automatic conversion to a development licence applies to the deposit for which the feasibility is completed, whilst the remaining areas of the tenement continue under exploration status. We see the ongoing delivery of IUP's for our tenements, and the excellent long term security of tenure and fiscal stability they provide, as further validation 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. Three of these, the Miwah, 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 71,127,372 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: +1-604-684-2183 E: [email protected]
Nick Kohlmann, Corporate Communications Toronto T: +1-416-792-8734 E: [email protected] |
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