Can-Asia Minerals Inc.

July 06, 2007 14:43 ET

Can-Asia Announces Jampang Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2007) - Can-Asia Minerals, Inc. ("the Company") (PINK SHEETS:CNMN) is pleased to announce that it has signed a definitive agreement to acquire a 90% interest in the Jampang gold property on the island of West Java, Indonesia in exchange for the issuance of 20 million common shares of the Company.

The Jampang property consists of eight separate mining concessions (KP's) covering gold exploitation rights over an aggregate of 7,484 hectares. The current property owner, PT Hunamas Putra Interbuana, has provided a recent report detailing previous exploration work on the property which estimates a resource of 630,000 ounces of gold, and which recommends an additional exploration program. Both parties have agreed to a mutual due diligence period of 90 days from the date of the agreement.

Information for US Persons and Forward Looking Information

The securities referred to herein will not be offered nor issued to US Persons and this information is not intended to constitute an offer of securities for sale in the United States. The securities referred to have not been, and will not be, registered under the Securities Act of 1933 and they will not be eligible for resale in the United States except pursuant to exemptions from registration.

This release includes certain statements that may be deemed "forward-looking statements" in that until definitive agreements are executed and required documentation received, there can be no certainty that the acquisition and financing transactions described above will complete as described, in some other manner or at all. The results of ongoing due diligence reviews, developments in international financial markets and other geopolitical events as well as other factors may intervene to prevent closing of the transactions. For more information on the Company, and the risk factor inherent to its business, Investors should review the Company's annual Form 10SB filing with the United States Securities and Exchange Commission.

No regulatory authority has either approved or disapproved of the contents of the news release.

Contact Information

  • Can-Asia Minerals, Inc.
    Michael Kinley
    (604) 434-5256