East Asia Minerals Corporation

East Asia Minerals Corporation

October 23, 2007 08:30 ET

East Asia Minerals Drills Up to 0.2% U3O8 at Ulaan Nuur, Mongolia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - East Asia Minerals Corporation (TSX VENTURE:EAS) is pleased to announce successful assay and down hole radiometric results from its initial drill programs at the Ulaan Nuur and Ingiin-Nars uranium properties in Mongolia. These initial results validate the historic Soviet reporting of significant in-situ-leach (ISL) amenable uranium mineralization at both properties. At the Ulaan Nuur property, limited historical Soviet drilling reported a projected resource (P2 category - non 43-101 compliant) of 10,000 tonnes (22 million pounds) of contained uranium. The Soviet data indicates an average grade of 0.049% uranium, for a 20 million tonnes deposit (May 3 news release). At Ingiin-Nars, historic Soviet exploration reported a P1 resource (non 43-101 compliant) of approximately 2.2 million pounds of uranium. The Soviet data indicates an average grade of 0.042% uranium, for a 2.4 million tonnes deposit (July 3 news release). The mineralization remains open.

ULAAN NUUR - Four validation holes totalling 1,027 metres were drilled at the Ulaan Nuur project. Three holes (UN001, 002 and 003) tested the historic Soviet results across the mineralized trend, and the fourth hole (UN004) tested along strike near drill hole UN-002. Based on drilling expertise developed during the Ingiin-Nars program described below, core recovery was excellent. In addition to the Company's down-hole radiometric results validating the historic Soviet data, the assay correlation was strong.

East Asia drilling encountered four tabular, lens-like mineralized bodies, 150 to 300 metres wide, 50 to 100 metres long and from 0.1 to 7.65 metres thick, containing 0.017% to 0.205% uranium from assays received to date. The mineralization remains open along strike and down dip. These bodies occur within two dominant and moderately sloping horizons, from approximately 30 to 170 metres and 210 to 270 metres depth. Uranium mineralization is associated with a steeply north dipping fault zone, and is hosted in alluvial-lacustrine sediments and breccia zones with organic detritus and pyrite disseminations (refer to the Company's website at www.EAminerals.com for a plan and section of drilling). As with the Soviet data, there is strong correlation between drill holes along section.

Assays have been received for holes UN001 and UN002. Results for UN003 and UN004 are pending. These results are superior to the limited amount of core recovered and assayed for the 15 drill holes completed by East Asia at the Ooshiin Govi property. Highlights are as follows:

Drill Hole From (m) To (m) Interval (m) Uranium (%)
UN001 90.0 91.0 1.0 0.017
UN002 28.8 32.9 4.1 0.024
And 38.5 41.1 2.6 0.020
And 144.1 144.6 0.5 0.174
And 145.8 146.4 0.6 0.033
And 164.6 167.9 3.3 0.022
And 212.4 213.5 1.1 0.141
And 215.7 216.2 0.5 0.205

INGIIN-NARS - A total of 1,440 metres were drilled in four validation holes at the Ingiin-Nars project. Two holes (IN001/1R, and IN002) tested historic Soviet results along the south portion of the Ingiin-Nars extension, and two holes (IN003 and 004) tested along the north portion (refer to the Company's website at www.EAminerals.com for a plan view of drilling). Geology and radiometrics in the East Asia drill holes correlate well with the historic Soviet drill results.

At the commencement of the program the Company experienced drill core recovery problems due to similar unconsolidated sand conditions at the previously owned Ooshiin Govi property, which has been sold to CFMM (a subsidiary of Areva NC) for CAD$83M. Unlike the Ooshiin Govi program, the Company resolved recovery methods towards the end of the Ingiin-Nars validation program, and the experience was applied to the Ulaan Nuur program. These recovery problems are common to explorers in unconsolidated sediment environments.

The Company's geological and down-hole radiometric results validated the historic data, encountering the stratigraphy and radioactive horizons reported in the Soviet drill logs. East Asia encountered multiple mineralized intersections within three main horizontally lying horizons, below 160 metres depth. The mineralization occurs in sandstone and clay units, and fine to medium grained, unconsolidated sand with organic detritus. Most of mineralization was washed out in the drilling process.

In addition the Company reports that approximately 10 kilometres to the north-northeast along the mineralized trend from the drilling area, rock chip assays have confirmed the potential of a surface anomaly detected by recent detailed radiometric mapping (August 1, 2007 news release). The anomaly, roughly one by one kilometre, assayed up to 0.05% uranium from carnotite mineralized outcrop in an area not drill tested. A second radiometric anomaly, roughly five by two kilometres, is in the northwest area of the property at what is interpreted as the contact between bedrock and Quaternary sediments. Follow-up is planned during the next phase of exploration on the property.

"We continue to be extremely encouraged by our Mongolia uranium assets", stated Michael Hawkins, President and CEO of EAS. "The sale of the Ooshiin Govi exploration property to one of the world's leading uranium companies for CAD$83 million, combined with drill validation of our advanced uranium projects, continues to support the Company's positive assessment of its exploration strategy. At Ulaan Nuur and Ingiin-Nars our exploration models show veracity as ISL plays, similar to those in Kazakhstan, a significant global ISL producer. Kazakhstan has Soviet category C1 and better ISL reserves of 143 million pounds U3O8 from ore grading 0.06% uranium with an average thickness of 6.76 metres at Inkai, and 127 million pounds U3O8 grading 0.035% uranium with an average thickness of 7 metres at Mynkuduk. We also remain very active in the search for and acquisition of additional quality assets in Mongolia."

East Asia is also pleased to announce that drilling has begun at the Enger uranium project where the Company's validation program in 2006 (June 26 and July 6, 2006 news releases) included 2.5 metres of 0.410% U3O8, 2.5 metres of 0.232% U3O8, 1.0 metre of 0.086 U3O8, and 13.5 metres of 0.108% U3O8. The mineralization was not closed off.

Samples reported were assayed at ACTLABS in Ulaanbaatar, Mongolia. Lionel Martin, P.Geo., the designated QP within the meaning of 43-101 has reviewed and approves the content of this release. East Asia has not verified the classification of the historic and current resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although these references of resources and resource potential are relevant to recognizing the potential of the Ingiin-Nars and Ulaan Nuur Properties, they should not be relied upon.

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 the Ingiin-Nars, Ulaan Nuur and Enger uranium properties 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 52,413,832 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.

To receive or stop receiving EAS news via email, please email Info@EAminerals.com and state your preference in the subject line.

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

Contact Information