East Asia Minerals Restarts Indonesian Operations
EAST ASIA MINERALS RESTARTS INDONESIAN OPERATIONS
June 13, 2017 Symbol: TSXV: EAS
East Asia Minerals Corporation (TSXV:EAS) (the “Company”), CEO, Terry Filbert
provides a report after his initial trip to Indonesia.
A team has been secured to bring the Sangihe project to the production license
stage. Our efforts include the hiring of Frank Rocca as chief geologist. Mr. Rocca
previously worked on both the Sangihe and Miwah projects for the Company, which
allows the Company to immediately conduct the Feasibility Study and manage the
AMDAL environmental report process for the Sangihe project. Mr. Rocca has over 25
years of experience in international exploration and mine development, including
Indonesia, Australia, Africa, USA, and Chile. Mr. Rocca earned a Bachelor of Applied
Science in Geology from Curtin University of Technology, Perth, Western Australia.
Mr. Rocca is a member of the Australian Institute of Mining and Metallurgy with 12
years of experience in NI43-101 compliant Resources and Reserves reporting.
The Company has appointed two Indonesian resident directors, Mr. Juangga
Mangasi and Mr. Garry Killenstyn to the Board of Directors of our Indonesian
subsidiary, Tambang Mas Sangihe which hold’s the Company’s 70% interest in the
Sangihe project. Both Mr. Killenstyn and Mr. Mangasi have decades of mining
experience in Indonesia.
The Company has hired the initial employee team that will endeavor to bring the
Sangihe project towards a positive production decision, currently projected to be
early 2018.
The Company has retained the services of the Armila Law Offices, located in Jakarta,
to serve as the Company’s legal representative in Indonesia and its representative to
the Federal Indonesian Mining Department. Armila Law Offices is a leading
Indonesian mining law firm specializing in providing legal advice to mining
companies holding both IUP and CoW mining licenses and operations in Indonesia.
The Company has established its new Indonesian office headquarters at the Noble
House Office complex in the Mega Kumingan area of Jakarta.
The Company has successfully negotiated an agreement with RT. Resindo Mining, an
Indonesian consulting firm, to conduct the Feasibility study and manage the AMDAL
environmental report process for the Sangihe project. Once the Sangihe project
Feasibility Study and AMDAL Environmental reports are completed, and are
accepted by the MEMR, gold production can begin at the Sangihe project.
The Company cautions readers that the Company’s production decision may 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.
In furtherance of its efforts on the Miwah project, the Company held initial meetings
with the local partner on the Miwah project to discuss the process to bring Miwah
current and in compliance with both local and federal authorities.
Mr.Filbert stated, "The re-start of the Indonesian operation, after having been shut
down for over two years, has gone very well. With the securing of the team of
former East Asia employees and consultants, and new employees, most of whom I
have worked with in the past, we are re-establishing the Company’s operations
quickly in order to bring Sangihe into production. In addition, we are working with
our Indonesian partner on the Miwah project to do the same for that project. After
the production at the Sangihe project commences, the company will begin a drilling
program that will hopefully expand the projects’ resources."
In recognition of the quick progress on the Company’s efforts to re-establishment of
gold production at Sangihe, the Company has determined that it needs to strengthen
the Board of Directors’ mining expertise. In recognition of this, Mr. Kim Oishi has
volunteered to resign as a member of the Board of Directors in order to allow for the
appointment of Mr. Gary Kielenstyn to the Board of Directors. Mr. Kielenstyn has
three decades of mining experience in Indonesia and will not only provide support by
serving on the Board of Directors of Tambang Mas Sangihe, he will provide the Board
of Directors of the Company with his expertise as the current assets are moved into
operational status and potential future opportunities are evaluated.
Mr. Filbert stated, “I want to thank Mr. Oishi for his efforts on behalf of the Company
and his willingness to step aside so that the Company could bring on Mr. Kielenstyn.
I would like to thank Mr. Oishi for his valued and continued service as a consultant to
the Company providing his knowledge and experience with funding and the capital
markets.”
The Company also reports a correction of the finders’ warrants disclosed in its May 8,
2017 news release. Each finders’ warrant that was issued in connection to the private
placement that closed on May 8, 2017 (the “Offering”) entitles the holder to purchase
one unit (each, a “Unit”) at a price of $0.12 per Unit for a period of two years from the
closing of the Offering. Each Unit consists of one common share o f the Company ’s
stock and one-half of a share purchase warrant (each whole warrant, a “Warrant”).
Each Warrant entitles the holder to purchase one additional common share of the
Company’s stock (a “Warrant Share”) at a price of $0.50 per Warrant Share for a
period of five years from the closing of the Offering. The remaining material terms of
the Offering remain as announced on May 8, 2017.
The Company plans to provide shareholders with updates on a regular basis as we
move forward on our projects in Indonesia.
Frank Rocca BAppSc.(Geology), MAusIMM, Chief Geologist of East Asia Minerals
Corp. is the Qualified Person as defined under NI 43-101 and has reviewed and
approved the technical information presented in this news release.
For further information please contact:
Ward Kondas
778-918-8384
For further information, visit the Company's website at www. eaminerals.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.
East Asia Minerals Corporation
Terry Filbert, Chairman & CEO,