East Asia Minerals Corporation (the “Company”) wishes to change its name to “Baru Gold Corp.” to mark the next phase of the Company’s business development as the Company looks forward to the upgrade of the Sangihe Gold Project license to production operation stage.
Concurrent with the name change, the Company will adopt “BARU” as its new trading symbols on TSX Venture Exchange ("TSX-V") and “BARUF” on the OTC.
Subject to the Indonesian Government Operations Production License being granted, the Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will 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 such as 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.
As one of the newest emerging gold developer and near-term producers in Indonesia, Baru in Indonesia local dialect, Bahasa baku, means recent, fresh, and new. It signifies the Company’s new direction and determination in advancing its Sangihe gold heap leach operation in 2020-2021. Furthermore, the name pays homage to the rich heritage of Indonesia mining which counts the Freeport McMoran’s Grasberg and others in combination as the one of the top 10 gold producing countries globally in 2019.
The foregoing transaction is subject to approval of the Exchange.
ABOUT SANGIHE GOLD PROJECT
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 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and permit Sangihe in near term and raise funds for a heap leach operation. East Asia has a team of mining professionals in North America and locally in Indonesia with extensive experience in starting and operating small-scale gold and coal assets. With the team in place, East Asia plans to raise capital and market awareness to develop it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
647-725-3888 ext 702
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.
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.