Southeast Asia Mining Corp.

Southeast Asia Mining Corp.

February 22, 2010 14:59 ET

Southeast Asia Mining Provides Update

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2010) - Southeast Asia Mining Corp. ("Southeast Asia" or the "Company") announces the appointment of Greg Gibson to the Company's board of directors. Mr. Gibson fills a vacancy on the board due to the retirement of Mac Harb. Mr. Gibson has over 30 years experience in the mining industry and has worked as Mine Manager for Yilgarn Star Gold Mine and Copper Mines of Tasmania in Australia, Dynatec Mining Ltd., now owned by FNX Mining Company, in Timmins, Ontario and JS RedPath in British Columbia.

The Company also announces that John Steele's appointments on behalf of Geotai Exploration & Mining Co., Ltd. ("Geotai"), the Company's Thailand subsidiary, have been terminated for cause and all authority in Thailand has been revoked. The board has accepted the resignation of Mr. Steele as a director of the Company and a recent shareholders meeting of Geotai held in Bangkok facilitated the removal of Mr. Steele from the board of directors of Geotai. The Company and Geotai have both been served with statements of claim from Mr. Steele with respect to the actions that have been taken by the Company to protect its assets in Thailand. Mr. Steele has also filed a petition to have the Company declared bankrupt. The Company believes these claims are frivolous and without merit and will be defending them vigorously.

In other news, the Company has received approval from the Ontario Securities Commission for a partial revocation of the Ontario Cease Trade Order against the Company in order to proceed with a financing. The Company has been subject to a Cease Trade Order from the Ontario, Alberta, British Columbia and Manitoba Securities Commissions (collectively the "Cease Trade Orders") as a result of a delay in the filing of the Company's audited consolidated financial statements for the year ended December 31, 2008 and delays in the filing of interim consolidated financial statements for the periods ended March 31, 2009, June 30, 2009 and September 30, 2009. The late filing of the required statements is due to a delay by former Geotai management in finalizing the financial results of Geotai. The Company is in the process of finalizing the audit work that is outstanding and will be in a position to bring its continuous disclosure obligations up to date so that an application for a full revocation of the Cease Trade Orders can be made in due course.

Southeast Asia is a junior exploration and mining company operating in Thailand and Southeast Asia.

Contact Information