Southeast Asia Mining Corp.

Southeast Asia Mining Corp.

August 01, 2014 15:25 ET

Southeast Asia Mining Corp.: Memorandum of Understanding-Exploration Properties Thailand

TORONTO, ONTARIO--(Marketwired - Aug. 1, 2014) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Southeast Asia Mining Corp. ("SEA" or the "Company") is pleased to announce the signing of a Memorandum of Understanding ("MOU") with Metal Tiger plc ("Metal Tiger"), a London Stock Exchange listed (LSE:MTR) natural resources company primarily focused on the mining sector in South East Asia. The MOU outlines the terms of an option whereby Metal Tiger can earn a 75% interest in the exploration applications in Nakon Sawan, Lopburi and Chanthaburi Provinces of Thailand. More information on Metal Tiger can be found at www.metaltigerplc.com.

The MOU provides for an exclusive 90 day period to finalize a joint venture agreement ("JVA") with SEA. The JVA will provide Metal Tiger with the option to earn a 75% interest in the exploration applications by paying SEA US$150,000 and spending US$150,000 on the properties over a two year period. Metal Tiger paid SEA US$10,000 upon signing the MOU.

The MOU formalizes an arrangement with Metal Tiger to develop a partnership for future operations relating to the exploration applications in Nakon Sawan, Lopburi and Chanthaburi Provinces. SEA looks forward to working with Metal Tiger to develop their interests in the region.

The MOU does not include the joint venture agreement whereby SEA has an option to earn an 80% interest in the mining lease applications of the two historical operating silver-lead-zinc mines (Song Toh and Boh Yai), flotation plant and equipment or SEA's 100% interest in the exploration permits and applications surrounding the Song Toh an Boh Yai mines.

About Southeast Asia Mining Corp.

Southeast Asia Mining Corp. is a junior exploration and mining company focused in Thailand. The Company has a joint venture agreement whereby it has an option to earn an 80% interest in the mining lease applications of the two historical operating silver-lead-zinc mines (Song Toh and Boh Yai), flotation plant and equipment. The Company completed a NI 43-101 compliant Preliminary Economic Assessment for the historical operating Song Toh and Boh Yai deposits which indicated a pre-tax NPV of $88.8 million and an IRR of 148% for 100% of the historical mines. The Company also has a 100% interest in three special prospecting licenses (1,308 hectares) and seven special prospecting licence applications (4,400 hectares) surrounding the Song Toh and Boh Yai mines.

Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's disclosure filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.

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