East Asia Minerals Provides Update on Miwah Project IUP Renewal
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/03/12 -- East Asia Minerals Corporation (TSX VENTURE: EAS) has now obtained verbal confirmation of the grant of an additional 2 (two) years extension i.e. up to 2014 for its mining business licenses at its Miwah project in Indonesia, which was due to expire as of November 30, 2012. The confirmation has been received from both its local partner and the Bupati of Pidie Regency, who is the local Indonesian governmental official with the authority over the mining business licenses.
EAM fully expects the necessary documentation on the extensions to be signed shortly.
East Asia Minerals Corporation had previously received an updated title opinion with regard to Miwah project from its legal counsel in Indonesia confirming that the holders of the mining business licenses granted in relation to the Miwah project are the valid and legitimate parties over the Miwah project, which allow the holders of the licenses in the Miwah project access rights to conduct exploration activities of gold and its associated minerals on the Miwah project. The exploration activities are limited until additional permits are received. Further, the legal counsel in Indonesia has also confirmed that so long as the underlying mining business licenses at Miwah project are validly and legally extended, the cooperation agreements which establish the Company's interest in the Miwah project in Indonesia are valid and that the counsel was not aware of any material defects in such agreements for its Miwah project.
East Asia Minerals has outlined an exploration plan to move forward on the Miwah project during 2013 and 2014.
Ed Rochette, the CEO of the Company, states, "This is great news, as we have worked diligently to achieve this extension of time for the business licenses and now the company can focus its attention on the exploration of the areas and the issues involving further access in the areas under the forestry classification."
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. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
FOR FURTHER INFORMATION, visit the Company's website at www.EAminerals.com.
On Behalf of East Asia Minerals Corporation:
Edward Rochette, Chairman & CEO
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Contacts:
East Asia Minerals Corporation
+1 604-684-2183
Info@EAminerals.com
www.EAminerals.com
