Vancouver, British Columbia – East Asia Minerals Corporation (TSXV: EAS) (East Asia Minerals or the “Company”) is pleased to provide an year end report and update on current exploration activities for our Sangihe gold project in Indonesia.
The technical accomplishments and developments of 2018 were as follows:
- Completion and submission of the AMDAL Study for the Sangihe Project to the Environmental Commission in Quarter 2 of 2018. The AMDAL Study is the Indonesian equivalent of an Environmental Impact Assessment and an Environmental Management Plan for the Sangihe Project.
- Completion and presentation in Quarter 3 of 2018, the Indonesian Feasibility Study for the Sangihe Project to the Indonesian Department of Mining, Energy and Mineral Resources (MEMR). The Indonesian Feasibility Study is a multi-volume document which is the equivalent of a JORC compliant Pre-Feasibility Study for the Sangihe Project.
- Completion and submission of amendments and clarifications to the Indonesian Feasibility Study requested by the MEMR after their review submitted in Quarter 4 of 2018.
At a meeting scheduled with the MEMR in January 2019, the Company will present the final version of the Indonesian Feasibility Study prior to the MEMR accepting and approving the report.
The AMDAL Study was submitted to the Indonesian Environmental Commission and is currently in the process of review and assessment. A meeting for the recommendation of the environmental permit prior to acceptance and approval by the Environmental Commission will happen in Jan 2019.
The Company will have further updates for its shareholders in the next few weeks.
The Company’s focus is now on obtaining approvals for the Indonesian Feasibility Study (IFS) and AMDAL Environmental reports as once this is accomplished, the Company can upgrade our licence from feasibility to production. The license upgrade will enable the Company to begin construction of the mining facilities and infrastructure at the Sangihe project. The Company anticipates making a decision for gold processing and production once approvals are received and funding is in place. The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101 but is required under Indonesian law in order to obtain a licence to construct a production facility. 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 outlined in the “forward looking statement” below.
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.
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. 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.
On behalf of the Board of Directors of East Asia Minerals,
Chairman & CEO
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 outlined in the “forward looking statement” below.
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.