Vancouver, BC V6E 03C
News Release
East Asia Minerals Corporation
Corporate Office:
9
th
Floor – 1021 West Hastings St
Vancouver, BC V6E 03C
T +1-604-684-2183 F +1-604-357-1987
www.eastasiaminerals.com
September 3, 2020 Trading Symbol: “EAS: TSX.V | EAIAF:US”
EAST ASIA MINERALS RECEIVES AMDAL ENVIRONMENTAL PERMIT
APPROVAL FOR SANGIHE GOLD PROJECT
East Asia Minerals Corporation (the “Company” or “EAMC”) is pleased to announce
a meeting of North Sulawesi government and community representatives was held on
September 2, 2020, and the Company received notice of the approval of the AMDAL
environmental report (AMDAL) for Sangihe. In furtherance of the issuance of the final
permit, the Company is now attending to the preparation and submissio n of the necessary
filings to complete the process. The Company expects the permit will be issued in the
next few days. EAMC will immediately apply for an upgrade of the licence to 30 -year
operation production status.
Terry Filbert, Chairman and CEO of East Asia Minerals commented, “This is a milestone
achievement for EAMC, and I am very proud of the team for meeting all of the necessary
requirements to get the Sangihe project approved for the AMDAL licence. Since joining
EAMC in 2017, this has been my primary focus despite challenging markets for venture
mining.”
“The timing has been fortuitous and impeccable given the recent rising of gold prices.
The Company was able to take advantage of the delays we experienced waiting for the
AMDAL environmental meeting to be held to initiate many of the steps necessary to
secure the production licence, and prepare for construction.”
In the last few weeks, the Company s igned an a greement and commenced the land survey work
required for the land acquisition (as anno unced on August 20, 2020 ), c ompleted the mining
reclamation plan , p aid all of the ancillary financial obligations , and completed all regulatory
requirements to obtain the production licence.
Before the production licence is issued , the Company must pay US $400,000 for past and current
deadrent. Deadrent is the annual mining licence tax paid to the federal government based on a
cost per hectare for the area assigned in the contract ed Sangihe gold area. The Company plans to
use funds received from the current warrant exercises to pay this financial obligation . Subject to
the final environmental permit being issued as well the Indonesian Government Operations
Production License being granted, the Company intends to proceed to production without the
benefit of f irst establishing mineral reserves supported by a feasibility stud y. 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 such as 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 oth er relevant conversion
factors, permitting an d 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 th e project’s output will not be salable at a p rice
that will cover the project’s operating and maintenance costs.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast
of Sulawesi and has an ex isting 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 P roject, North Sulawesi, Indonesia" dated May 30, 2017.
Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral
resources that are not mineral reserves do not have demonstrated economic viability. The
Company's 70 -percent i nterest in the Sangihe -mineral-tenement contr act of work
("CoW") is held through PT Tambang Mas Sangihe (PTTMS). The remaining 30 -percent
interest in PTTMS is held by three 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 NI43 -101 gold resources in
Indonesia, one of the leading gold producer countries in the world. EAS plans to advance
and permit Sangihe in near term and raise funds for a heap leach operation. 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 demonstrat es economic
and technical viability and as su ch, 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 and locally in Indonesia
with extensive experience in starting and operating small-scale gold and coal assets. With
the team in place, East Asia plans to raise capital and market awareness to develop it’s
highly prospective project portfolio.
Frank Rocca, BAp pSc. (Geology), MAusIMM, MAIG, Chief Geologis t 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.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
Chairman & 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 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 a re 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 unknow n 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. . 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 relian ce 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.