The Company is pleased to provide an update on current exploration activities relating to the ongoing Indonesian Feasibility Study (IFS), AMDAL Environmental report status, geotechnical and metallurgical work being conducted at its Sangihe gold property in Indonesia.
The company’s focus is on completing Indonesian Feasibility Study (IFS) and AMDAL Environmental reports as once they are submitted and accepted by the Indonesian Mining Department (MEMR), construction of the mining facilities and infrastructure can begin at the Sangihe project. The company anticipates gold processing and production to begin by mid 2018. The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101. The Company cautions readers that the any production decision made by the Company will probably not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
The IFS, which is being conducted by Resindo Resources and Energy, an Indonesian consulting firm, is well underway and comprised of several elements:
- Drilling of new geotechnical core samples commenced on September 25, 2017 as part of the required components for Indonesian Feasibility Study (IFS) in order to provide the most up to date and accurate core sample for pit wall design.
- Hydro-geological surveying is underway and is designed to help locate and identify the water table level in the pit design and best water sources needed for upcoming drilling, heap-leaching and ultimately gold production. The Company anticipates completion of surveying by the end of October, 2017.
- Metallurgical surveying has been undertaken to identity the most suitable heap-leaching locations Drilling of the Metallurgy holes to provide the samples required for all of the Metallurgical test work required for the IFS commenced on October 5th and is anticipated to be completed by mid October 2017.
The entire Sangihe exploration camp and crew quarters have been completely renovated and are now fully operational.
Town-hall meetings are being conducted with the environmentalist team and local villagers in conjunction with the AMDAL environmental report. The baseline study is expected to be completed by November, 2017 and the AMDAL environmental report by December, 2017.
The Company has expanded local administration, accounting staff and logistical systems in anticipation of developing the Sangihe project from the feasibility stage into full production, slated for mid-2018.
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 266,000 ounces of Gold. The Company’s 70-percent interest in the Sangihe-mineral-tenement contract of work (“CoW”) is held through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percent interest in PTTMS is held by three unaffiliated Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
East Asia Minerals Corporation
Terry Filbert, Chairman & CEO
For further information, contact Mark Sommer at 1-604-684-2183, firstname.lastname@example.org or visit the Company’s website at www.eastasiaminerals.com
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Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. 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. Accordingly, readers should not place undue reliance on any forward-looking statement. 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.