EAST ASIA MINERALS IN FINAL STAGES OF AMDAL APPROVAL FOR SANGIHE GOLD PROJECT, INDONESIA, AND $100,000 FINANCING East Asia Minerals Corporation (”EAMC” or “The Company”) is ple ased to announce that the final environmental assessment study (AMDAL) has been submitted to th e relevant environmental of
News Release
East Asia Minerals Corporation
Corporate Office: #210-905 West Pender St
Vancouver, BC V6C 1L6
T +1-604-684-2183 F +1-604-357-1987
www.eastasiaminerals.com
July 16, 2020 Trading Symbol: “EAS: TSX.V | EAIAF:US”
EAST ASIA MINERALS IN FINAL STAGES OF AMDAL APPROVAL FOR SANGIHE
GOLD PROJECT, INDONESIA, AND $100,000 FINANCING
East Asia Minerals Corporation (”EAMC” or “The Company”) is ple ased to announce that the final
environmental assessment study (AMDAL) has been submitted to th e relevant environmental office
in the Province of North Sulawesi. EAMC is anticipating the app roval of the AMDAL and it to be
issued by the authority within two weeks of this submission.
The approved AMDAL, together with the Indonesian Feasibility St udy (IFS) from August 2018
which has been approved and completion of financial obligation to the government, are the
requirements to upgrade the Sangihe Gold Project license to production operation stage.
Once EAMC obtains the production operation license, anticipated to be in Q3 2020, the Company
will start on production financing and next steps to bring the Sangihe Gold project to operation.
NON-BROKERED $100,000 FINANCING FOR AMDAL
In support of the preparation of t he AMDAL permit, the Company will issue 909,091 worth of
shares at $0.11 unit price for proceeds of $100,000 (the ”offer i n g ” ) t o t o p u p A M D A L r e l a t e d
professional fees, mining reclamation planning process at Sangi he, and working capital
expenditures relating to the AMDAL.
The units will be taken by long- term EAS stakeholders and inves tors and is expected to close by
July 27, 2020. Each unit is comprised of one (1) common share and one (1) shar e purchase warrant
exercisable for a term of two years for the purchase of an addi tional common share at the prices of
$0.15 per common share.
The exercise of the warrants shall be subject to the following acceleration provision: if for any ten
(10) consecutive trading days the closing price of the Shares o n the TSX Venture Exchange (the
“Exchange”) exceeds $0.19 at any time commencing (4) months after the Closing Date and until the
expiry date of the warrants, the n the remaining term of the war rants will be reduced to thirty (30)
days, commencing after the end of such ten (10) consecutive tra ding day period. The Issuer will
notify warrant holders by way of a press release that the warra nts have accelerated and provide new
expiry dates in such press release. This clause may not be used to extend the expiry date of the
warrants.
ISSUE OF STOCK OPTIONS
The Company announces that it has granted an aggregate amount o f 1,000,000 stock options to a
consultant of the company in accordance of the provisions of th e company's stock option plan,
subject to approval of the TSX Venture Exchange. Each option en titles the holder to purchase one
common share of the company at an exercise price of $0.10 for a five-year period.
The foregoing transactions are subject to approval of the Exchange
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-copper project is located on the island of San gihe off the northern coast of
Sulawesi and has an existing National Instrument 43-101 inferre d mineral resource of 114,700
indicated and 105,000 inferred ounces of Gold as reported in th e Company’s “Independent
Technical Report on the Mineral Resource Estimates of the Bineb ase and Bawone Deposits,
Sangihe Project, North Sulawesi, Indonesia ” dated May 30, 2017 Readers are cautioned that
mineral resources that are not mineral reserves do not have dem onstrated economic viability. The
Company’s 70-percent interest in the Sangihe-mineral-tenement c ontract of work (“CoW”) is held
through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percen t 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.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with two assets totaling combined resources
of 3.3 million ounces NI 43-101 gold resources in Indonesia, on e of the leading gold producer
countries in the world. EAS pla ns to advance and permit Sangihe in near term and raise funds for a
1,000 ounces per month heap leach operation. With cashflow from operations, the plan is to further
expand resources through drilling of the Company’s projects . The Company 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 vi ability and as such, there may be involved increased
uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
East Asia has a team of mining professionals in North America a nd locally in Indonesia with
extensive experience in operating small scale gold and coal ass ets, working diligently to develop
it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist o f East Asia Minerals Corp.
is the Qualified Person as defin ed under NI 43-101 who has revi ewed 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 S ervices 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 hi storical 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 timin g 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 cer tain underlying assumptions, known and unk nown risks and uncertainties and other
factors which may cause actual results, pe rformance or events to be materially d ifferent 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 expl oration, development or mining results will not be consistent
with our expectations; commodity and currency price fluctuat ion; failure to obtain adequate financing; regulatory,
recovery rates, refinery costs, and othe r relevant conversion factors, permitting and licensing risks; general market and
mining exploration risks and production and economic risks related to desi gn and engineering, manufacturing,
technological processes and test procedures and the risk that the project’s output w ill not be salable at a price that will
cover the project’s operating and maintenance costs. Forward-l ooking 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 inve stment decision. Accordingly, readers should not place
undue reliance on any forward-looking st atement. Except as required by ap plicable securities laws, the Company
disclaims any obligation to update or revi se any forward looking statements to re flect events or changes in circumstances
that occur after the date hereof.