East Asia Minerals Receives Indonesia Government Approved IUP "Mining Licence" Confirming Tenure of Tangse Under New Mining La
Posted on: Tue, 01 Jun 2010 08:31:21 EDT
VANCOUVER, BRITISH COLUMBIA, Jun 01, 2010 (MARKETWIRE via COMTEX) --East Asia Minerals Corporation (TSX VENTURE: EAS | PowerRating) reports that in addition to the previously announced receipt of the Aceh Province Miwah, Barisan I, Barisan II and Takengon Ijin Usaha Pertambangan (IUP "Mining Licences"), the Company has received formal documents from the Directorate General of Mineral, Coal and Geothermal confirming the finalized conversion of its Aceh Province Tangse tenement to IUP. All of the Company's Aceh tenements are now converted to IUP.
At the Tangse porphyry copper project East Asia Minerals has mapped and sampled the area where historic exploration identified surface exposed supergene copper mineralization. The work has also distinguished younger fine grained diorite dykes clearly related to the main quartz diorite porphyry at Tangse. These dykes are widespread and are interpreted to represent apophyses of larger mineralized intrusive bodies at depth.
For the supergene enriched zones several plus 1% copper grades were obtained, including 2 metres with 2.65% copper, 2 metres with 2.15% copper, 2.6 metres with 4.86% copper and 2.5 metres with 2.85% copper. A 30-metre composite chip sample of one exposure returned 2.85% copper. Historic drilling located 200 to 400 metres east of the Company's identified high-grade copper zone intersected 16 to 27 metres of supergene copper enriched material. The Company will expand on this work.
For the underlying porphyry target, two to three-metre EAS rock channel samples taken from leached and oxidized rock adjacent to the diorite dikes typically assayed 0.04 to 0.1% copper, 40 to 200 ppm molybdenum and 0.1g/t gold. In general quartz diorite dykes assayed between 0.2 to 0.8% copper.
Previous limited historic drilling also outlined a large porphyry copper-molybdenum deposit with historical order of magnitude estimates (non-NI 43-101 compliant) of at least 600 million tonnes of lower grade material, including a higher grade zone of 30 million tonnes with grades between 0.3 and 0.8% copper, and 0.02 to 0.03% molybdenum.
The Tangse project has significant exploration upside and is sparsely drilled. In addition it has excellent logistics, being located only 100 kilometres to the southeast of the Provincial capital of Banda Aceh and adjacent to a main regional highway and the power grid.
Michael Hawkins, President and CEO of East Asia Minerals Corporation commented "The Tangse IUP is the final tenement in East Asia Mineral's impressive Aceh portfolio to be converted to the New Mining Law IUP system. We now have excellent long term security of tenure and fiscal stability throughout our Aceh portfolio where we are advancing our flagship Miwah property, and where drilling of our large size potential gold-copper porphyries will commence in Q3-2010. We see exceptional potential to add further value to the Company as we commence drilling our several porphyry assets, and advance exploration at Tangse and Takengon."
East Asia samples reported were assayed at Intertek assay laboratories in Jakarta. Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release.
About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE: EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 75,387,872 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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Contacts:
East Asia Minerals Corporation - Vancouver
Michael Hawkins
President and CEO
+1-604-684-2183
Hawkins@EAminerals.com
East Asia Minerals Corporation - Toronto
Nick Kohlmann
Corporate Communications
+1-416-792-8734
Kohlmann@EAminerals.com
www.EAminerals.com
SOURCE: East Asia Minerals Corporationmailto:Hawkins@EAminerals.com
mailto:Kohlmann@EAminerals.com
http://www.EAminerals.com
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