East Asia Minerals Corporation
TSX VENTURE : EAS

East Asia Minerals Corporation

October 08, 2013 09:09 ET

East Asia Minerals Takes Steps to Meet Current Challenges

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2013) - East Asia Minerals Corporation (TSX VENTURE:EAS) ("East Asia Minerals" or "the Company") provides an update on its exploration projects at Miwah in Aceh Province and Sangihe Island in North Sulawesi, Indonesia.

At its project on Sangihe Island, East Asia recently completed a 4,600 metre drilling campaign to upgrade the existing mineralization, test extensions to the resource and identify further mineralized zones. Evaluation of the assay results is underway with Mining Associates of Brisbane, Australia. Ausenco, also from Brisbane, is carrying out metallurgical studies to determine processing options.

"We had very positive results from our drilling at Sangihe and look forward to receiving the complete analysis which will provide us with a development roadmap," said Ed Rochette, CEO of East Asia Minerals. "Talks are progressing with a number of parties about establishing a Joint Venture or investing directly into the project and we are confident that we will be able to move forward with a strong partner."

Sangihe is held under a Contract of Work permit, which allows access and development for 26 years. It is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia. Sangihe has an existing NI 43-101 compliant inferred mineral resource of 836,718 ounces of gold and 11,927,237 ounces of silver (27.3 million tonnes using a 0.25 g/t gold cut-off and an average of 0.95 grams per tonne of gold and 13.58 grams per tonne of silver).

The Company also announces that its local partner has requested that the Miwah Project be placed into suspension. The exploration licences, or IUPs, at Miwah were effective from November 2012 and extended until November 2014. Additional drilling and completion of an Indonesian Standard Feasibility Study are required before the IUPs expire, at which point the Company could seek mining licences on the properties. By putting the project in suspension, the Company maintains its exploration rights and the remaining time on its IUPs while halting all expenditures. East Asia believes the remaining time on the IUP extensions is sufficient to complete the required work at Miwah. A suspension notice has now been filed with the Indonesian Ministry of Mines.

"While our Miwah project is on hold, management is continuing to work with and is making progress with all levels of government to change the forestry classification there. Our opinion is that our land position has been an active exploration site for over 20 years and should not have been designated as protected forest," stated Mr. Rochette.

The Company's property at Miwah is an epithermal gold target located on the northern tip of Sumatra Island in the province of Aceh in Indonesia and consists of about 2,000 hectares within the 30,000 hectares of the Miwah IUPs. The Company filed an NI 43-101 technical report on May 2011 which identified a gold resource at Miwah of approximately 3.1 million ounces (103.9 million tonnes using a cut-off of 0.2 grams per tonne and an average grade of 0.94 grams per tonne of gold).

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements. The forward-looking statements are based on expectations, estimates and projections of the management as of this date regarding the Miwah and Sangihe projects. Such forward-looking statements are identified by words such as "estimates", "intends", "plans", "expects", "believes", "may" and "will" and include, without limitation, the statements as to next steps and goals. There is no assurance that the Company will be able to achieve any of the goals referred to in this news release. Although management considers such statements to be reasonable, actual results could differ materially from those anticipated in such statements and are subject to underlying assumptions, known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from the Company's plans or expectations. Those risks include the possibility that the Company may not be granted the necessary permitting to further explore and develop the Miwah Project. Accordingly, the reader should not place undue reliance on forward-looking information. The forward-looking statements contained in this news release represent the Company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation.

About East Asia Minerals Corporation

East Asia Minerals is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia. The Company has a 70 to 85% interest in three advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi, which have a NI 43-101 compliant inferred resource of over 4 million ounces of gold. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".

Frank Rocca, AusIMM, Vice President Exploration of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

For further information, visit the Company's website at www.EAminerals.com.

East Asia Minerals Corporation

Edward C. Rochette, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information