East Asia Minerals Corporation

East Asia Minerals Corporation

September 21, 2007 10:38 ET

East Asia Minerals Announces Closing of Sale of Ooshiin Govi Property for CAD$83million to CFMM (A Subsidiary of Areva NC)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2007) - East Asia Minerals Corporation (TSX VENTURE:EAS) is pleased to announce it has closed the sale of the Ooshiin Govi uranium property to Compagnie Francaise de Mines et Metaux ("CFMM"), a subsidiary of Areva NC, for a cash payment of CAD$83 million. The transaction has been facilitated through the sale of its wholly owned Mongolia subsidiary, EAM Energy LLC (EAME), and includes the Bayan Uul, Elgenii, Ikh Khet and Airag-1 uranium tenements. Details of the properties can be found on the East Asia web site at www.EAminerals.com and in previous news releases.

The Company intends to provide a cash payment to its registered shareholders of at least 85% of the after-tax proceeds of sale. The final calculated cash payment will be subject to net corporate tax considerations, transaction costs, and the Board of Directors' determination of the Company's future capital requirements. Notice of the value of this payment, the setting of a record date and additional details shall be provided shortly, upon approval of the notice filing by the TSX-Venture Exchange.

The Company also reports that drilling in Indonesia at its Sangihe epithermal gold property continues to progress well. A third hole is near completion after encountering a wide interval of mineralized and altered rock similar to that drilled in the first two East Asia holes (October 18, 2007 news release). Assays are pending. This first phase drill program is designed to validate significant historic drilling results, and to test for gold mineralized extensions discovered in trenching.

Phase one drilling at the Ingiin-Nars uranium property in Mongolia (July 3 and August 1, 2007 news releases) has been completed, and the drill rig is being moved to commence phase one validation drilling at the Ulaan Nuur uranium property (May 3, 2007 news release). Results from the Ingiin-Nars program will be reported on upon receipt of assays and completion of data compilation.

Michael Hawkins, M.Sc., MAusIMM, the designated QP within the meaning of 43-101, has reviewed and approves the content of this release.

About East Asia Minerals Corporation

East Asia Minerals is an Asian-based, Canadian mineral exploration company with uranium, gold and copper assets in Mongolia and Indonesia. The Company owns three uranium properties, Ingiin-Nars, Ulaan Nuur and Enger, and a 75% interest in the Khok Adar copper oxide discovery, in Mongolia. In Indonesia, it has a 70 to 85% interest in five advanced gold and gold-copper projects located in Aceh Province in Sumatra and North Sulawesi. East Asia currently has 46,865,332 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 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, 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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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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