East Asia Minerals Corporation announces agreement for sale of equity interest in Sangihe Gold Corporation

East Asia Minerals Corporation announces agreement for sale of equity interest in Sangihe Gold Corporation June 22, 2016

East Asia Minerals Corporation (the “Company”) has entered into a conditional sale and purchase agreement dated June 16, 2016 with Core Mining Pte. Ltd. (“Core Mining”), a Company existing under the laws of Singapore (the “SPA”). The SPA contemplates the sale of 100% of the Company’s shares (the “Sale Shares”) in Sangihe Gold Corporation (“SGC”) to Core Mining. SGC holds a 70% interest in PT Tambang Mas Sangihe (the “Project Company”) which in turn owns the Sangihe mining project (the “Project”). The aggregate purchase price of US$762,500 to be paid for the Sale Shares (“Consideration”) shall be paid by way of an upfront US$50,000 refundable advance payment and US$712,500 on the completion date. The completion of the purchase and sale of the sale shares shall follow satisfaction of customary conditions related to the purchase and sale of shares of a private company among others, no misleading or untrue representations and warranties by the company as at the completion, satisfactory of the Core Mining on due diligence (including tax, accounting, technical and legal) on SGC and the Project Company, and the attainment of third party consents and assurances, including approvals by the shareholders of the company and the TSX Venture Exchange. In the event any of the conditions precedent set out in the SPA are not fulfilled or waived within four months from the date of the SPA, the SPA shall lapse and cease to have effect. Further, subject to the completion, the company agrees to provide technical assistance to the project company for two years following the commencement of production of the project, and in return the company shall earn US$2,000,000 million paid by the Project Company in equal and quarterly instalments following such commencement of production of the Project.

EAST ASIA MINERALS CORPORATION

Per: “Edward Rochette”

Edward Rochette, Director

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.