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| | September 27, 2005
East Asia Minerals To Place Energy Properties Into New Company; Acquires Additional Property At Deren Gold Project
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| | Vancouver, B.C. --September 27 --East Asia Minerals Corp. (TSXV-EAS) announces that the Board of Directors has approved a plan whereby its Mongolian uranium properties will be placed into a new, energy focused Company. The restructuring will provide shareholders a more focused Company which will continue to pursue their primary focus of gold and copper gold opportunities, while at the same time giving them the potential to benefit from other commodity opportunities. The Company will seek professional guidance as to the proper structure and initiate the process with respect to obtaining appropriate Exchange and other regulatory approvals to potentially spin-out an energy focused commodity company.
"Given our recent success in Mongolia at the Khok Adar copper oxide discovery and the large area in which East Asia Minerals operates, the broadening commodity focus was a potential concern with shareholders" stated Lyndon Bradish, the president and CEO of East Asia Minerals. "We are aggressively pursuing large advanced gold and copper gold pportunities not only within Mongolia, but in the Philippines, China and PNG as well. Our restructuring plan will better position the company to maintain its initial focus while at the same time provide an effective mechanism to pursue energy projects that may also benefit the shareholder."
The company has optioned 4 uranium properties in Mongolia, announced previously and is assessing coal exploration possibilities. East Asia Minerals will continue to consider uranium and coal opportunities and undertake reliminary exploration activities on existing properties in support of the Board's decision.
East Asia Minerals also announces it has acquired additional property surrounding its Deren, low sulphidation epithermal gold prospect announced on September 13, 2005. The Deren prospect, located in the Dundgovi Province, Mongolia, 270km south of Ulaanbaatar, lies within the Undershil Belt, an under-explored portion of a large northeast trending epithermal belt extending from central Mongolia into Siberia. This Siberian belt hosts the 15M oz Balei high
grade epithermal gold deposit. East Asia Minerals purchased an unencumbered 100% interest to the Deren External property license for USD8,000 plus USD40,000 for prior exploration expenses.
Soviet-era work on the Deren prospect identified wide spread banded epithermal silica veining with kaolinitic clay alteration over 6.5km of strike and 200m width. East Asia geologists have identified a well preserved, high level epithermal gold system. The Company plans to drill the Deren prospect before the end of this year.
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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 release. |
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