|By Marketwire .||
|October 9, 2012 05:01 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/09/12 -- East Asia Minerals Corporation (TSX VENTURE:EAS) ("EAS" or the "Company") is pleased to announce details for a 4,600 metre drill program at the Sangihe Project in Indonesia. Drilling is expected to commence in November to follow up on phase one and phase two drilling programs completed in previous years at the Binebase and Bawone zones. In addition there will be a scouting drill program at the Kupa and Taware Valleys.
There are three objectives for the proposed drilling program to be undertaken on Sangihe Island in 2012. The first is to increase the Inferred Resource ounces at the Binebase mineralized zones by defining the boundaries of the mineralized zone. This will also convert some of the Inferred Resources to Indicated Resources. The second objective is to define the along strike resource extensions of the Bawone mineralized zone towards Salurang, to increase the volume of the Inferred Resource. The final objective of the exploration program is to drill scouting holes in the Kupa and Taware valleys. These will target the quartz veins in these valleys which have returned high grade assay values in grab and channel samples taken in previous years.
The exploration program will be comprised of a total of 4,600 metres of drilling. The program will be subdivided in the following manner: Binebase mineralization zone extension 12 holes totaling 1800 metres; Bawone mineralization zone extension 12 holes totaling 1800 metres; Kupa & Taware scout holes will be 8 holes totaling 1000 metres. The estimated total cost for the drilling and assaying program, is $2.8 million.
Frank Rocca, Vice President of Exploration with East Asia Minerals stated: "Having recently completed site visits and reviewing the existing data management believes there is good potential for this program to extend the existing zones as well as an increase the Inferred and Indicated Resources at the Sangihe Project. Equipment is currently being mobilized to site and we expect to begin drilling at site in late November this year."
The Sangihe Gold-Copper Project is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia and has an existing 43-101 compliant inferred mineral resource of 27.3 million tonnes averaging 0.95 g/t gold and 13.58 g/t silver for 836,718 ounces gold and 11,927,237 ounces Silver (using a 0.25 g/t gold cut-off) in near and at surface oxides and sulphides. The oxide and sulphide parts of the deposit are separate. (Please see East Asia Minerals news release dated September 22, 2010).
Edward Rochette, Chief Executive Officer with East Asia Minerals stated: "We're very happy to see drilling recommence at Sangihe Island. This drill program demonstrates that East Asia is committed to creating shareholder value and moving the project forward."
About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. 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. The Company owns nine uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. 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.
On Behalf of East Asia Minerals Corporation:
Edward Rochette, Chairman & CEO
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Certain statements in this News Release, which are not historical in nature and describe the Company's anticipated drilling campaign, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. When used in this News Release, such statements use words such as "may", "will", "expect", "intend", "anticipate" and other similar terms. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement. Forward looking statements are based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The Company believes that the assumptions and expectations reflected in such forward looking statements are reasonable. Assumptions have been made regarding, among other things, the Company's future exploration and development activities; the impact of the appointments; timely receipt of third party or regulatory approvals; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used and that these factors and assumptions may be incomplete or incorrect. Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
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.