East Asia Minerals Update ON Production Licence
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 UPDATE ON PRODUCTION LICENCE
September 13, 2019 Symbol: EAS
Vancouver, British Columbia - East Asia Minerals Corporation (the “Company”) (EAS:TSX.V,
EAIAF:OTCBB) is pleased to announce that the Company has received Tata Ruang (Spatial Plan) approval at an
open meeting in Manado on Tuesday, September 11, 2019. The Agreement to the Tata Ruang was signed by a
number of government departments including Forestry, Environment, Finance, Mining, Tax and Community
Affairs. All of these departments were highly supportive of East Asia Minerals subsidiary PT. Tambang Mas
Sangihe the holder of the Sangihe CoW license.
To complete the license upgrade on our Sangihe project, to Operation Production status, the company must hold
the Indonesian Feasibility Study (IFS) meeting with the Indonesian Mining Department (ESDM) (which is
currently being scheduled) and the completion of the Environmental Impact Assessment meeting (AMDAL).
The Tata Ruang approval was the final step required prior to seeking approval of the Environmental Impact
Assessment (AMDAL).
Once the meetings are completed, 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 Company to begin
construction of the production facilities and infrastructure at the Sangihe project.
The company had targeted September, to receive the license but the approval process is taking longer than
originally anticipated. East Asia’s Indonesian staff is working closely with the Indonesian Mining department for
the IFS and the North Sulawesi government on the AMDAL to move these meetings forward as quickly as the
government has the ability to perform. The company will make additional announce when the timing of the
process becomes known.
The IFS is not a Feasibility Study as defined by CIM as required by NI 43-101 but is required under Indonesian
law in order to obtain a licence to construct a production facility. 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 viability and as such, there may be involved increased uncertainty and various
technological and economic risks outlined in the “forward looking statement” below.
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. 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.
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.