East Asia Minerals Corporation
TSX VENTURE : EAS

East Asia Minerals Corporation

May 13, 2008 16:20 ET

East Asia Minerals Announces Private Placement of up to C$37.5 Million by Way of Subscription Receipts

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

East Asia Minerals Corporation (TSX VENTURE:EAS) (the "Company" or "East Asia") is pleased to announce that it has entered into an agreement with a syndicate of agents led by RBC Capital Markets and including Haywood Securities Inc and PI Financial Corporation to act as agents on a best efforts agency basis to sell, on a private placement basis, up to $37.5 million of subscription receipts (the "Offering") of the Company (the "Subscription Receipts"). It is anticipated that the Subscription Receipts will entitle the holders thereof to acquire, for no additional consideration, one common share of the Company and one-half of one common share purchase warrant (a "Warrant") upon the satisfaction of certain conditions precedent (the "Release Conditions") which includes the closing of the Acquisition (as defined below). The definitive pricing of the Offering and terms of the Warrants will be determined in the context of the market. It is expected that the proceeds of the Offering (less certain fees) will be held in escrow pending the satisfaction or waiver of the Release Conditions. All securities issued in connection with the Offering will be subject to a 4 month hold period.

On May 12, 2008, East Asia announced that it had signed a Heads of Agreement to earn-in a 71.8% equity interest in PT Cibaliung Sumberdaya (the "Acquisition") from Austindo Resources Corporation N.L. ("ARX"). PT Cibaliung Sumberdaya is currently owned 89.75% by ARX and 10.25% by PT Antam TBK ("Antam") and owns a 100% equity interest in the Cibaliung Joint Venture (the "CSD JV"). The main asset of the CSD JV is the Cibaliung Gold Project, gold mine located in Banten Province, Java, Indonesia which is expected to be commissioned in 2008. East Asia can complete its earn-in by making staged payments into the CSD JV totalling US$35 million.

The net proceeds of the Offering will be used to fund the staged payments required for East Asia to earn-in a 71.8% equity interest in PT Cibaliung Sumberdaya. The earn-in is expected to occur over 3 tranches as follows and all funds are to be used for the project completion and working capital:

- US$5 million on execution of a definitive agreement in respect of the Acquisition (anticipated for the end of May 2008);

- US$20 million upon completion of the Acquisition (anticipated for end of June 2008);

- US$10 million on an as needed basis but no later than December 31 2008.

About East Asia Minerals Corporation

East Asia Minerals 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. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being drilled to define NI43-101 compliant resources. The Company owns ten uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and a 75% interest in the Khok Adar copper oxide discovery in Mongolia. East Asia currently has 55,645,372 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 securities legislation of British Columbia, Alberta and Ontario, 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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