East Asia Minerals Corporation. (the “Company” or “EAS”)(TSX-V) is pleased to announce the signing of agreements with a North American Financial Advisor to assist the Company to secure the license of the Miwah Gold Project. The agreements provides support and assistance for identifying, assessing and negotiating of one or more potential transactions involving the further exploration, development and production of the Miwah Gold Project. These arrangements follow several meetings of the Management of the Company, led by Terry Filbert, with Aceh Provincial government officials, our JV partner as well as legal consultants with the objective to secure the license the Miwah Project and move the project forward. The Company has now believes that the Miwah Project license can be secured and then utilize our drilling investment of the area that the Company made in 2010 to upgrade the license to a production status and expand the Company’s operational portfolio.
In addition, the Financial Advisor shall have the right of first refusal to act or participate as agent or underwriter in respect of one or more offerings of securities of the Company that is completed or undertaken during the term of its agreement with syndicate economics in each such Financing of not less than 40%, at Financial Advisor’s option, and with fees payable to Financial Advisor consistent with fees customarily paid to investment banks in North America for similar services.
Terry Filbert, Chairman and CEO commented “We are very excited to be working with this Financial Advisor to provide advice and capital raising services to the Company on the Miwah Project. Their experienced professionals have extensive networks of industry contacts which will aid in moving this project forward.”
The Miwah project is located at the northern tip of Sumatra Island in Aceh Province within the Sumatra Fault Zone. A NI 43-101 Resource Estimate Technical Report on the Miwah Gold Project, dated May 5th, 2011, estimated an inferred mineral resource of 3.14 million ounces. The report is filed on SEDAR at www.sedar.com
EAST ASIA MINERALS CORPORATION
On 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.
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.