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| | January, 2010
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| | Dear Shareholders,
On behalf of the Board of Directors and your dedicated management team, I present East Asia Minerals Corporation's 2009 Annual Report.
This year has seen your Company perform strongly and make exceptional progress on many fronts. This has been recognized by the market, and during 2009 we have seen our share price make a strong recovery from its 2008 levels, to reach historic highs in the latter part of this year. The share price increase has been accompanied by greatly increased liquidity, and with the Company continuing to grow its asset base and create tangible value, we look forward to making substantial market gains in the year ahead.
Most importantly however East Asia Minerals 2009 market performance has been largely underpinned by letting the drill bit do the talking. Once again our experienced and motivated technical team was very successful in quantifying the potential of our world class portfolio of gold and gold-copper projects.
Much of our 2009 effort was focused on our flagship Miwah high sulphidation epithermal gold deposit, in recognition that truly world-class projects always have substantial value regardless of prevailing market conditions. We are greatly encouraged by the progress we have made on Miwah, with 100% success rate in our drilling. With intercepts such as 142.9 metres @ 2.25 g/t gold, 18.5g/t silver (2.56 g/t gold equivalent), we believe we have now unequivocally demonstrated the continuity of Miwah surface grades to depth along the 900 metres of strike length that we have drilled to date. Additionally, our ongoing rock sawn channel sampling has encountered much higher surface grades than previously anticipated, and we have now, with almost 2,500 rock sawn channels on the Miwah project, seen the overall average grade of this entire data set increase to 2.35 g/t gold.
In addition to this increase in anticipated gold grade, we have recently, with sampling conducted in the Moon River area approximately six hundred metres to the north and our improved understanding of the geometry of the Miwah Main Zone, potentially expanded the width of the mineralization by a substantial amount. Furthermore, we were successful in identifying an entirely new zone at Miwah, which we now call the South Miwah Bluff Feeder Zone. This new discovery is immediately adjacent to and contiguous with the Main Zone and is rapidly resolving into an area that can potentially substantially increase the overall potential of the Miwah prospect. Occupying an area of 650 metres by 300 metres, the feeder zone is well mineralized. Although we are in the embryonic stage of the exploration process here, early indications are that the tenor of mineralization over the entire feeder zone will exceed that of the Miwah Main Zone. This is certainly true of the western margin of the feeder zone, where we have, in rock sawn channel samples, returned bonanza grades over substantial widths.
Of further note is the discovery of the Sipopok system, which may be a fault repeat of Miwah Main Zone, some 1.5 kilometres to the north. Here our initial surface sampling has returned gold results with similar tenor to that of the Miwah Main Zone, in an area of altered and mineralized rock with dimensions of at least 600 metres long, by 300 metres wide, and 200 metres high.
Hence at Miwah we have had a very successful year, and in testament to the robustness of the project, every surprise we have had there has been a pleasant one. As we explore more, and understand the system better, we continue to find more gold, and to grow the system substantially. We are therefore confident that in Miwah we may have one of the larger gold discoveries in this exploration cycle.
As we move forward to the coming year, we plan to increase the pace of our exploration efforts on Miwah, with the aim of delivering the initial NI43-101 compliant resource on the Miwah Main Zone by mid 2010, with the initial resource on the newly discovered feeder zone to follow shortly thereafter. We expect to commence drilling of the Sipopok zone sometime in the first half of 2010.
Elsewhere within our exceptional portfolio of gold projects in Indonesia, we have completed substantial mapping and sampling projects and moved several very high potential projects to the drill ready stage. These will be tested in 2010 as and when resources are available to them. Little work was conducted on the Sangihe and Abong projects during 2009, though we hope to free up some resources to complete the pending NI43-101 resource estimates on these sometime during 2010. These we anticipate will deliver substantial gold resources to the Company's growing resource inventory.
The Company has a strong treasury and we are confident that with optimal use of our funds that we can advance to the delivery of the NI43-101 resource at Miwah.
We have therefore, during 2009, made substantial progress, and are well placed moving forward. The quality of our assets is increasingly recognized by the market and by our peers, and we have, during the last year, received unsolicited approaches from many of the major companies in our industry. However, we remain committed to preserving the upside for our shareholders until the true value of our outstanding portfolio is unlocked.
East Asia Minerals Corporation's management and technical team are dedicated to maximizing value to our shareholders. We wish to thank our shareholders who have stayed the course with us over the past years and welcome new shareholders.
Michael Hawkins
President and CEO
December 6, 2009 |
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Archive
January, 2010:
Dear Shareholders,
On behalf of the Board of Directors and your dedicated management team, I present East Asia Minerals Corporation's 2009 Annual Report.
This year has seen your Company perform strongly and make exceptional progress on many fronts. (more...)
December, 2008:
Dear Shareholders
On behalf of the Board of Directors and your dedicated management team, I present East Asia Minerals Corporation's 2008 Annual Report.
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January, 2008:
Dear Shareholders,
On behalf of the Board of Directors and your dedicated Management Team, I am proud to present East Asia Minerals Corporation's 2007 Annual Report.
During 2007 East Asia Minerals Corporation positioned itself exceptionally well fo (more...)
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