East Asia Minerals Announces Corporate Goverance Update and Information Circular Non-Auditor Fees Clarification
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/12 -- East Asia Minerals Corporation (TSX VENTURE: EAS) ("East Asia Minerals") announces that in furtherance of its commitment to establish appropriate corporate governance practices, the Board of Directors of the Corporation (the "Board") has established a standing audit committee (the "Audit Committee") comprised of Messrs. Ed R. Flood, Peter U. Sederowsky and David M. Stein, each of which are independent directors of East Asia Minerals.
The Board, through its Audit Committee, examines the effectiveness of the Company's internal control processes and management information systems. The Board consults with the external auditor and management of the Company to ensure the integrity of these systems. The external auditor submits a report to the Audit Committee each year on the quality of the Company's internal control processes and management information systems.
The following disclosure from the 2012 Information Circular is amended and restated as follows:
"External Auditor Service Fees
The Audit Committee has reviewed the nature and amount of the non-audited services provided by KPMG LLP, Chartered Accountants, of Vancouver, British Columbia to the Company to ensure auditor independence. Fees incurred with KPMG LLP, Chartered Accountants, of Vancouver, British Columbia for audit and non-audit services in the last two fiscal years for audit fees are outlined in the following table.
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Nature of Services Fees Paid to Auditor Fees Paid to Auditor
in Year ended in the prior
August 31, 2011 Fiscal Year
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Audit Fees(1) $105,300 $40,800
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Audit-Related Fees(2) Nil Nil
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Tax Fees(3) $14,240 Nil
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All Other Fees(4) $363,445 Nil
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Total $482,985 $40,800
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(1) "Audit Fees" include fees necessary to perform the annual audit and
quarterly reviews of the Company's consolidated financial statements. Audit
Fees include fees for review of tax provisions and for accounting
consultations on matters reflected in the financial statements. Audit Fees
also include audit or other attest services required by legislation or
regulation, such as comfort letters, consents, reviews of securities filings
and statutory audits.
(2) "Audit-Related Fees" include fees for services that are traditionally
performed by the auditor. These audit-related services include employee
benefit audits, due diligence assistance, accounting consultations on
proposed transactions, internal control reviews and audit or attest services
not required by legislation or regulation.
(3) "Tax Fees" include fees for all tax services other than those included
in "Audit Fees" and "Audit-Related Fees". This category includes fees for
tax compliance, tax planning and tax advice. Tax planning and tax advice
includes assistance with tax audits and appeals, tax advice related to
mergers and acquisitions, and requests for rulings or technical advice from
tax authorities.
(4) "All Other Fees" include all other non-audit services, inclusive of
services provided by Auditor in connection with the review and audit of
financial statements and related disclosure prepared in connection with the
spin-out transactions carried out during the fiscal year ended August 31,
2011."
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About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE: EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in three advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns six uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 110,221,582 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
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.
Contacts:
East Asia Minerals Corporation
Vancouver
+1-604-684-2183
Info@EAminerals.com
www.EAminerals.com
