Vancouver, British Columbia, May 30, 2017. East Asia Minerals Corporation (“East Asia” or the “Company”). (TSXV:EAS) (the “Company”), provides an update on its properties in Indonesia.
At the request of IIROC, East Asia wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for the recent increase in market activity.
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-compliant inferred mineral resource. 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 Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
PTTMS has now paid its 2016 land rent payments to the Indonesian mining authorities and expects its CoW to be current with the Indonesian Mining Dept. in June 2017 upon the filing of its 2016 audit.
The Miwah project is located in the province of Aceh and has an existing National Instrument 43-101 compliant inferred resource of 3.14 million ounces of gold and 8.95 million ounces of silver. The company holds an 85-per-cent indirect equity interest in the Miwah project. The Miwah project lies within three contiguous Izin Usaha Pertambangan (IUP), also referred to as mining business licences, which the company is party to through co-operation agreements with its partners. The IUPs were issued in November, 2009, by the regent of Pidie regency of the province of Aceh, Indonesia.
The IUP itself does not grant its holder the complete set of permits or licences required to carry out mining activity. To conduct mining activity, the IUP holder is separately responsible for applying and receiving any other permits required, which may include, but are not limited to, forestry access permits and landowner consents.
The current Miwah project resource is entirely located in a Ministry of Environment and Forestry (“MoF”) designated area called a “Protected Forests”. The project area where the IUPs are located will need to be reclassified by the MoF as “Production Forests” in order for the Company to seek permits needed to resume drilling and other surface activities.
East Asia is working with its Indonesian partners to clarify the status of the IUPs, including annual payments, reports and exploration activities required to make the IUP current, and the process for a reclassification by the MoF to a Production Forest.
The QP for this release, who has reviewed it and approved it, is Frank Rocca, Chief Geologist of East Asia Minerals Corp. Mr. Rocca earned a Bachelor of Applied Science in Geology from Curtin University of Technology, Perth, Australia. Mr. Rocca is a member of the Australian Institute of Mining and Metallurgy.
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For further information, visit the Company’s website at www.eastasiaminerals.com
East Asia Minerals Corporation
Terry Filbert, Chairman & CEO
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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