East Asia Minerals Completes Key Requirement of Production License FOR the Sangihe GOLD Project
East Asia Minerals Corporation
Corporate Office:
905 West Pender Street, Suite 210
Vancouver, BC Canada V6C 1L6
T +1-604-684-2183
F +1-604-357-1987
www.eastasiaminerals.com
News Release
EAST ASIA MINERALS COMPLETES KEY REQUIREMENT OF PRODUCTION LICENSE
FOR THE SANGIHE GOLD PROJECT
September 23, 2019 Symbol: EAS
Vancouver, British Columbia, East Asia Minerals Corporation (the “Company”) (EAS:TSX.V, EAIAF:OTCBB)
is pleased to announce that further to the news release from September 13, 2019, East Asia Minerals subsidiary,
PT. Tambang Mas Sangihe or “TMS” (the holder of the Sangihe CoW license) has had its detailed works
program & business plan (DWP & BP) approved by Ministry of Energy and Mineral Resources at an open
meeting attended by TMS and representatives of both Provincial and Central mines departments. The Ministry of
Energy and Mineral Resources and provincial mines department representatives showed strong support and
encouragement for the TMS project and confirmed their commitment to the development of the project.
To complete the license upgrade on our Sangihe project, to Operation Production status, the company must receive
approval of the DWP & BP and the completion of the Environmental Impact Assessment meeting (AMDAL)
which will authorize the issuance of the environmental permit.
In regard of the foregoing filings, the Company is not required to, nor will be filing a supporting technical report
with the securities regulator within 45 days of the date of this news release. The Company also cautions readers
that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral
reserves that demonstrates economic and technical viability and as such, there may be involved increased
uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
Once the AMDAL meeting is held, the remaining open item necessary to have the Operation Production License
issued, is the payment of a mining tax (Dead-rent). The license upgrade will enable the East Asia Minerals to begin
construction of the gold production facilities and infrastructure for the Sangihe project.
Sangihe Project
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an
existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces
of Gold as reported in 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 authored by Ian
Taylor, BSc Hons, MAusIMM(CP), MAIG and Anthony Woodward, BSc Hons, M.Sc., MAusIMM, MAIG.
Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic
viability. The Company’s 70-percent interest in the Sangihe-mineral-tenement contract of work (“CoW”) is held
through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percent interest in PTTMS is held by three
unaffiliated Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement
of the production phase of the project.
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.
On behalf of the Board of Directors of East Asia Minerals,
Per: “Terry Filbert”
Terry Filbert, Chairman and CEO
For further information, contact Mark Sommer at 1-604-684-2183, [email protected] or visit the
Company’s website at www.eastasiaminerals.com
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.