East Asia Minerals Corporation - News Releases - East Asia Minerals Acquires Additional Key Mongolian Uranium Properties




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	May 02, 2006 East Asia Minerals Acquires Additional Key Mongolian Uranium Properties
	VANCOUVER, B.C.-- May 2, 2006--East Asia Minerals Corporation (TSXV-EAS) announces that it has entered into pledged option agreements to acquire 100% of the Bayan Uul and Airag-1 uranium projects in southeast Mongolia. These properties host uranium mineralization of probable roll-front type, which, because of their high permeability and porosity, are amenable to low cost environmentally benign in-situ recovery mining methods. A location map of East Asia's Mongolian uranium projects is posted at www.EastAsiaMinerals.com. The Bayan Uul project, located 530 kilometres south-southeast of Ulaanbaatar, was discovered by Soviet workers in 1981. It covers 24,800 hectares in the highly prospective Zuunbayan Basin. Ten radiometric anomalies are reported over a 2 x 5 kilometre area. Mineralization has been traced for several hundred metres and appears stratiform, with flaky uraninite concentrated locally in the laterally extensive grey coloured sandstones. Grades up to 0.13% U3O8 have been identified during historical regional work. The data suggests that there is significant untested potential on the property. The largest uranium discoveries to date in Mongolia, Dornod (40 million lbs at 0.118% U3O8,) and Gurvanbulag (22.7 million lbs at 0.245% U3O8), are hosted in similar geologic environments. The Airag-1 project, located 330 kilometres southeast of Ulaanbaatar, was discovered in 1974 and is strategically located near the Ulaanbaatar -- Beijing rail line. There are currently three defined uranium anomalies and significant potential for discovery of additional zones. Historic Soviet drilling intersected multiple mineralized intervals grading up to 0.184% U3O8 in Cretaceous sandstones and volcanics. Evidence of undocumented Soviet-era underground development was discovered during EAS' field reconnaissance and suggests that high grade uranium potential exists. "We believe that these properties, along with our significant existing portfolio of quality uranium prospects, can add substantial value to East Asia Minerals," stated Michael Hawkins, East Asia's Vice President of Exploration. "Historic, Soviet-era mapping, trenching and drilling on these properties identified potential ore grade material (>0.1% U3O8) over widths of 0.5 to 6.0 metres. We see an opportunity to identify wider, thicker, higher grade zones within the identified prospects as well as discovery of new mineralized zones." East Asia Minerals plans to quickly advance these projects by mapping, ground radiometric surveys, trenching and shallow drilling. Under the terms of the Option Agreements for the Bayan Uul and Airag-1 projects, East Asia Minerals can acquire 100% of both properties during the next 6 years for USD300,000. USD15,000 is payable on signing. Annual payments beginning in year 2 (USD20,000) increase by USD10,000 annually to year 6 (USD60,000). The properties are subject to a 1% NSR. These agreements are subject to pledge and loan agreements with the vendor, registered with the Mineral Resources and Petroleum Authority of Mongolia (MRPAM). "East Asia is growing by expanding its project base in Mongolia, as well as aggressively pursuing acquisitions elsewhere in East Asia", commented East Asia's President, Lyndon Bradish. "There has been discussion in the media recently of changes to the Mongolian mining laws. We continue to actively and successfully work in Mongolia and we remain confident in our strong and trusted Mongolian partnerships. We believe Mongolia will remain a favourable location to explore for and develop mineral deposits." 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 the Philippines, China, Mongolia and PNG. 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 four uranium properties and the Deren low sulphidation epithermal gold projects, all located in central Mongolia. East Asia currently has 42,764,206 shares outstanding. The Company's shares are listed for trading on the TSX Venture Exchange under the symbol "EAS". -30- FOR FURTHER INFORMATION, visit the Company's website at www.EastAsiaMinerals.com, or contact: East Asia Minerals Corp. Lyndon Bradish, President and CEO Tel: +852 2719-1551 (Hong Kong) Mobile +852 6103-9094 Fax: +852 2719-1664 E-mail: [email protected] www.eastasiaminerals.com CHF Investor Relations Nick Kohlmann, M.Sc., Vice President Tel: +1-416-868-1079 x222 Fax: +1-416-868-6198 Email: [email protected] 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

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