East Asia Minerals Announces Receipt of Environmental Licence , Application to Upgrade Sangihe Contract of Work and Warrant Acceleration Notice
News Release
East Asia Minerals Corporation
Corporate Office:
9
th
Floor – 1021 West Hastings
Vancouver, BC V6E 0C3
T +1-604-684-2183 F +1-604-357-1987
www.eastasiaminerals.com
September 29, 2020 Trading Symbol: “EAS: TSX.V | EAIAD:US”
EAST ASIA MINERALS ANNOUNCES RECEIPT OF ENVIRONMENTAL LICENCE ,
APPLICATION TO UPGRADE SANGIHE CONTRACT OF WORK
AND WARRANT ACCELERATION NOTICE
East Asia Minerals Corporation (the “Company”, “East Asia” or “EAS”)(TSX -V) Further to the
news release dated September 2, 2020 , the Company is pleased to announce that it has received
the environmental permit and has applied for the up grade of the Sangihe gold project’s Contract
of Work (CoW) from exploration and feasibility licence to a full production and export licence.
On September 25, 2020, East Asia Mineral’s subsidiary, PT. Tambang M as Sangihe or “ TMS”
(the holder of the Sangihe Contract of Work (CoW)) has submitted an application to the Ministry
of Energy and Mineral Resources of North Sulawesi, Indonesia. The licen ce will upgrade
Sangihe’s current CoW licen ce from exploration and development/ feasibility study level to a
fully certified operation, export, and refinery status.
The CoW is an agreement sig ned with the federal government of Indon esia. This type of
agreement is generally considered superior to the current IUP licen ces issued by the provinces.
The CoW grants the operator 30 years of access to the project, and with a renewal application, an
additional 20 ye ars of access. The CoW encompasses 42,000 hectares of land, of which
geological work has discovered that 25,000 hectares are potentially gold bearing. The Sangihe
project has expansion and bluesky potential with over 23,000 hectares o f the 25,000 hectares that
are still open for detailed exploration. EAS plans to start further exploration once production at
Sangihe commences and cashflow has stabilized.
Subject to the Indonesian Government Operations Production Licen ce being granted, t he
Company in tends to proceed to production w ithout the benefit of first establishing mineral
reserves supported by a fe asibility study. The Company cautions readers that the any production
decision made by the Company will not be based on a NI 43 -101 feas ibility study of mineral
reserves that demons trates economic and technical viability and as such, there may be involved
increased uncertainty and various technological and economic risks such as the interpretation of
drill results; the geology, grade and c ontinuity of mineral deposits; the possibilit y that future
exploration, development or mining resu lts will not be consis tent with our expectations;
commodity and currency price fluctuation; failure to obtain adequate financing; regulatory,
recovery rates, refinery cost s, 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 wil l not be salable at a price that will cover the proje ct’s operating and
maintenance costs.
WARRANT ACCELERATION NOTICE
Also, for those investors who recently participated in the p rivate placement that closed on May
12, 2020 , please note that there are 4,779,228 warrants exercisable at $0.06 that have an
accelerated exercise clause.
If for any ten (10) consecut ive trading days the closing price of the Shares on the TSX
Venture Exchang e (the “Exchange”) exceeds $0.12 at any time commencing after (4)
months after the Closing Date and until the expiry date of the warrants, then the remaining
term of the warrants will be reduced to thirty (30) days, commencing after the end of s uch
ten (10) consecutive trading day period.
The stock price has been above $0.12 since September 14, 2020. The Company hereby notifies all
the warrants holders that the warrants have accelerated and the new expiry date for the warrants
issued on May 12, 2020 will be October 27, 2020.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold -copper project is located on the island of Sangihe off the northern coast of
Sulawesi and has an existing Nation al Instrument 43 -101 inferred mineral resource of 114,700
indicated and 105 ,000 inferred ounces of gold as reported i n the Company's "Independent
Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits,
Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing
area has been explored. Readers are cautione d that mineral resources that are not mineral
reserves do not have demonstrated economic viability. The Company's 70 -percent interest in th e
Sangihe-mineral-tenement contract of work ("CoW") is held through PT Tamb ang Mas Sangihe
(TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The
term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase
of the project.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior g old developer with NI43 -101 gold resources in
Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and
permit Sangihe in near term and raise funds for a heap leach operation . East Asia has a team of
mining professionals in North America and locally in Indonesia with extensive experience in
starting and operating small-scale gold and coal assets. With the team in place, East Asia plans to
raise capital and market awareness to develop it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals
Corp. is the Qualified Person as defined under NI 43 -101 who has reviewed and approves the
content of this release.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
+1-206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibilit y 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 u nder applicable Canadian securities law. These statemen ts 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 expecta tions; commodit y 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 profe ssional advice before making any investment decision.
Accordingly, rea ders should n ot 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.