VANCOUVER, April 12 /CNW/ - East Asia Minerals Corporation (TSXV-EAS)
announces it has signed the Joint Venture Agreement (JVA) with PT Sangihe
Mineral and PT Amsya Lyna to explore and develop the Sangihe gold-copper
project in Indonesia. Under the terms of the JVA, EAS has a 70% starting
equity in the 42,000 hectare property which encompasses numerous drill-ready
epithermal gold and porphyry copper-gold prospects. Field teams have been
mobilized to the Sangihe project, located on Sangihe Island, North Sulawesi
Province. A location map is posted at www.EAminerals.com. The project is
located adjacent to tidewater and has good access.
The Company has now received all necessary approvals in principle from
the Government, and has been granted a preliminary exploration permit (SIPP)
whilst it continues its negotiations for the grant of a Contract of Work
(CoW), modelled on a 7+ generation template. Under the SIPP the Company is
authorised to conduct all proposed exploration activities, including drilling.
The Sangihe property lies within the Sulawesi-East Mindanao Arc, one of
the most productive arcs in Indonesia. This arc hosts the Mesel and Lanut Gold
Mines in Sulawesi, and the Tampakan porphyry-epithermal (900Mt at 0.75% Cu,
0.3g/t Au, including 300 Mt at 1.05% Cu, 0.4g/t Au) and Boyongan porphyry
deposits in Mindanao, Philippines. The Sangihe project was explored in the
1980-90s when Ashton Mining (Australia) drilled over 5,000 metres in the
Bawone and Binabase epithermal prospects. Historical studies (1998) indicate
the potential to discover 1-2 million ounces of gold in this area alone.
Bawone and Binebase are intermediate to high sulphidation epithermal gold
prospects located three kilometres apart and probably contiguous in the larger
overall system. At Bawone, mineralization is well defined by an IP anomaly
that continues beyond the drill tested zone. Historic drilling encountered
significant mineralization, open along strike and to depth, including:
Bawone 91.3m (29.2m to 120.5m) with 2.45g/t gold, 0.42% copper and
67.8m (50.3m to 118.1m) with 1.5g/t gold and 0.41% copper
81.9m (38.0m to 119.9m) with 1.3g/t gold and 0.28% copper
20.2m (21.8m to 42.0m) with 3.97g/t gold, 0.47% copper and
Binebase 36.4m with 1.72g/t gold
28.1m with 1.05g/t gold
14.0m with 2.0g/t gold
Other partially tested Sangihe prospects include Kelapa where trenches
contain impressive historical results, including: 14m with 34.8g/t gold; 10m
with 9.11g/t gold and 6m with 9.19g/t gold.
"We are pleased to have secured a second advanced project in our
Indonesia gold-copper portfolio", commented Lyndon Bradish, East Asia's
President and CEO. "We are very encouraged by the signing of this agreement
with our Indonesian partners and the support received from the various levels
of government in Indonesia in our efforts to advance this high potential
A field team has been mobilized to the project and environmental baseline
studies have already been completed. Planned 2007 drilling at Sangihe will
confirm existing mineralization and step out along strike where historical
trenching and geophysics, and EAS re-sampling indicate extensions to
mineralization. Initial efforts will also include mapping, trenching, further
re-sampling, extension of the induced polarization survey and target
generation in areas such as Kelapa.
Mike Hawkins, M.Sc., MAusIMM, the designated QP within the meaning of
43-101, has reviewed and approves the content of this release. EAS has not
verified the classification of historic resource references and is not
treating it as a NI 43-101 defined resource verified by a QP. Although this
historical reference of resource potential is relevant to recognizing the
potential of the Sangihe Property, it should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals is an Asian-based Canadian mineral exploration company
with uranium, gold and copper assets and acquisition targets in the East Asia
Region. The Company owns six uranium properties in Mongolia highlighted by the
Ooshiin Govi tenements. In Indonesia it has a 75% interest in the Takengon
gold project, a 70% interest in the Sangihe gold project, and is finalizing
agreements for additional advanced gold and gold-copper projects. In Mongolia
EAS also owns a 75% interest in the Khok Adar copper oxide discovery. East
Asia currently has 42,863,868 shares outstanding. Its shares are listed for
trading on the TSX Venture Exchange under the symbol "EAS".
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For further information:
For further information: visit the Company's website at
www.EAminerals.com, or contact: Lyndon Bradish, President and CEO, T: +852
2719-1551 (Hong Kong), E: Bradish@EAminerals.com; Nick Kohlmann, Corporate
Communications, T: (416) 792-8734 (Toronto), E: Kohlmann@EAminerals.com