Southeast Asia Mining Corp.

Southeast Asia Mining Corp.

August 04, 2011 13:58 ET

Southeast Asia Mining Announces Revocation of Cease Trade Orders and Corrects Certain Disclosure in Its March 1, 2011 Press Release

TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) - Southeast Asia Mining Corp. ("SEA" or the "Company") announces that on August 3, 2011 the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission and the Manitoba Securities Commission have issued full revocations of the cease trade orders issued on May 15, May 4, August 18 and May 13, 2009, respectively (collectively the "Cease Trade Orders"). The Cease Trade Orders had been issued as the Company failed to file its annual audited financial statements, the related management's discussion and analysis ("MD&A") and the required CEO and CFO certificates (the "Certificates") by the filing deadline of April 30, 2009, as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") and in the case of Alberta, for failure to file its interim financial statements, the related MD&A and Certificates for the three month period ended March 31, 2009 in addition to the year-end December 31, 2008.

On June 29, 2011, SEA filed all continuous disclosure materials required for the fiscal years ended December 31, 2009, 2009 and 2010 to be filed pursuant to NI 51-102. In addition, the Company filed the interim financial statements and other continuous disclosure materials for the three month period ended March 31, 2011. The amended annual audited financial statements for the years ended December 31, 2008 and 2009, the related MD&A and Certificates replace those that were previously filed on October 1, 2010.

The annual audited financial statements for the year ended December 31, 2010 include the accounts of Geotai Exploration and Mining Co., Ltd. ("Geotai"), its Thai subsidiary, on a consolidated basis. These annual audited financial statements reflect the carrying value of Geotai's assets at fair market value which had previously been written off. The 2009 annual audited financial statements did not include the accounts of Geotai because of the Company's loss of control that had resulted in a write down of $9,591,468 at December 31, 2008. Control was regained by SEA in December 2010 and announced by the Company on December 14, 2010.

The Continuous Disclosure Materials can be reviewed on SEDAR under the Company's profile at www.sedar.com.

The Company also wishes to correct prior disclosure in its news release of March 1, 2011 which quoted a mine life figure for the Company's joint venture with Kanchanaburi Exploration and Mining Co. Ltd. ("KEMCO") which is held through the Company's Thailand subsidiary, Geotai, that stated that the technical report dated January 30, 2008 supported this disclosure. The Company withdraws this statement, which did not comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects. There are no current mineral resources or reserves on the KEMCO project.

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