VANCOUVER, B.C. February 5, 2018 – East Asia Minerals Corporation (TSXV-EAS) (the “Company”) would like to provide the following message to shareholders from Terry Filbert, Chairman and CEO of the Company:
“On behalf of the management team and Board of Directors, I would like to thank the shareholders for the overwhelming support, received at the annual and special general meeting of shareholders, held February 1, 2018, in Vancouver, B.C.”
“My first order of business will be returning to Jakarta, Indonesia this week to oversee all aspects of the Indonesian operations. I will be conducting a mine-site visit to our Sangihe gold project and meetings are scheduled to be held with local government officials from the Aceh Province in order to advance its efforts on the Miwah project. The discussions are part of the ongoing process required to bring the Miwah project current and in compliance with both local and federal regulations.
Mr. Filbert further commented: “All activities at the Sangihe project continued during the recent shareholder proxy challenge. The Company continues to make excellent progress towards its goal of gold production at Sangihe, which is on track to commence later in 2018. Construction permits and licenses as well as the hiring of additional local staff are also scheduled for completion in the coming weeks.
The Company anticipates releasing a detailed exploration/operational update later this week regarding the progress made on Sangihe gold project since the last update (news release December 13, 2017). Shareholders are also encouraged to review the 2018 Work Program available on the Company website
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.
Oh behalf of the Board of Directors of East Asia Minerals,
Chairman & CEO
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.
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.
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.