SAN FRANCISCO, Jan. 13 /CNW/ - PASSPORT MANAGEMENT, LLC ("Passport")
announced today that it has filed an early warning report with the Canadian
securities regulatory authorities concerning its control over 4,227,700 common
shares of East Asia Minerals Corporation ("EAS") (TSX: EAS), representing
7.60% of the 55,645,372 common shares of EAS referred to as being issued and
outstanding as per EAS's most recent interim MD&A dated August 31, 2008.
Passport is an investment manager with full investment discretion with
regards to various investment funds, including Passport Global Master Fund SPC
Ltd ("Global") and Passport Materials Master Fund, LP ("Materials")
(collectively the "Funds"). Prior to December 22, 2008, Passport controlled
6,910,700 common shares of EAS that were beneficially owned, in the aggregate,
by the Funds, which represented 12.42% of the 55,645,372 common shares of EAS
referred to as being issued and outstanding as per EAS's most recent interim
MD&A dated August 31, 2008. On December 22, 2008, the Funds sold an aggregate
of 2,683,000 common shares of EAS and owned on that date, in the aggregate,
4,227,700 common shares of EAS as follows: Passport Global Master Fund SPC
Ltd. (1,442,000 common shares) and Passport Materials Master Fund, LP
(2,785,700 common shares). This represents 7.60% of the 55,645,372 outstanding
common shares of EAS referred to as being issued and outstanding as per EAS's
most recent interim MD&A dated August 31, 2008.
Passport has purchased and sold common shares and common share purchase
warrants of EAS on behalf of the Funds over the past several years, for
passive investment purposes and not with a view to influencing management or
the direction of the company. The Funds controlled by Passport may, as
investment conditions warrant, acquire further common shares or dispose of
their respective holdings of common shares of EAS.
Passport Management, LLC is located at 30 Hotaling Place, Ste. 300, San
Francisco, CA 94111.
For further information:
For further information: Joanne Cormican at (415) 321-4618, or