Southeast Asia Mining Corp.

Southeast Asia Mining Corp.

December 14, 2010 19:21 ET

Southeast Asia Provides Update

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2010) - Southeast Asia Mining Corp. ("SEA" or the "Company") is pleased to announce that after negotiations with Mr. John Steele, a former Director, President and Chief Executive Officer of SEA, the Company has entered into a settlement agreement with Mr. Steele under which both parties have settled the various legal proceedings and actions that were outlined in the Company's press release of September 24, 2010. 

Under the settlement agreement, John Steele, Kanok Steele, and Kanchat Thongsombat have resigned as directors and officers of SEA's Thai operating company, Geotai Exploration and Mining Co., Ltd. ("Geotai"), Mr. Steele's injunction at the Thai Ministry of Commerce preventing the registration of new Geotai directors and officers has been withdrawn, and the termination with cause of Mr. Steele as an officer of Geotai which was announced by SEA on February 22, 2010 has been rescinded. In addition, the actions alleging wrongdoing against John Steele, Kanok Steele and Kanchat Thongsombat listed in SEA's press releases of February 22, 2010 and September 24, 2010 have been withdrawn.

Kerry Smith, Chairman and CEO of SEA, commented, "We are very pleased to have come to an agreement with Mr. Steele. With these legal issues behind us, we are looking forward to continuing exploration and development of the Company's interests in Thailand, which include its interest in the Kanchanaburi lead-zinc mine and mill as well as its exploration licences."

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