East Asia Announces $10 Million Underwritten Private Placement of Common Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) -

THIS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

East Asia Minerals Corporation (TSX VENTURE:EAS) ("East Asia" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets (collectively the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on an underwritten private placement basis, 3,450,000 common shares (the "Common Shares") at a price of $2.90 per Common Share of the Company for aggregate gross proceeds of $10 million (the "Offering"). The Company has granted the Underwriters an option, exercisable at the Offering Price any time prior to the closing of the Offering, to purchase up to an additional 15% of the Offering.

The net proceeds of the Offering will be used primarily for exploration and development at the Company's Miwah property and for general working capital purposes.

The Offering is scheduled to close on or about July 13, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Company has agreed that it shall not establish the record date for the previously announced proposed distribution by way of dividend-in-kind of all the shares in Sangihe Gold Corporation ("Sangihe"), Barisan Gold Corporation ("Barisan") and East Asia Energy Corporation (as described in more details in the Company's press release of April 21, 2011 and June 10, 2011) (together the "Spin Out Companies"), until the earlier of completion of the Offering or July 15, 2011, to be extended by mutual agreement and accordingly all purchasers under offering (provided that they still hold shares as at the record date) shall be permitted to participate in the contemplated spin off transactions.

As a result of the proposed issuance of the Common Shares pursuant to the Offering on or before the record date for the spin out transactions, the Company may need to review and make corresponding adjustments (if necessary) to the share dividend ratio and deemed value per share for the Spin Out Companies shares and the exercise price of the proposed rights offering of Barisan and Sangihe. Final details in respect of such dividend ratio, deemed value per share and exercise price for rights offering will be contained in the final prospectus to be filed by each of the Spin Out Companies and will also be announced by way of a press release.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The shares and the rights to be distributed have not been approved or disapproved by any Canadian or U.S. regulatory authority nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus.

About East Asia Minerals Corporation

East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 77,962,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".

Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, use of proceeds, closing the offering, completion of the spin-off transactions, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

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FOR FURTHER INFORMATION, visit the Company's website at www.EAminerals.com.