RE: Coffin brothers getting a little more companyI've been picking away fro the last couple of weeks - this rise in price is somewhat annoying - but I pretty much filled my position. This is looking like one heck of a deal come spring with 2-3 drill pumping out core followed by assays.
Although it may have seemed the Coffins were a little lonely I had the benefit of attending several inverstor and cambridge shows lately - and at each successive one you could see that interest was building.
EAS is now my largest holding.
Ya Gotta Luv It !
Coastal.
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From Canaccord Adams Daily Letter (today)
East Asia Minerals Corp. | Wendell Zerb, P. Geol, 1.604.643.7485
EAS : TSX-V : C$2.09 | C$137.9M | Speculative Buy , Target C$4.00
Miwah shows potential; initiating coverage with a SPECULATIVE BUY rating and
a C$4.00 target price
Overview
East Asia's key asset is its 85%-owned Miwah project, located in Aceh Province, northern
Sumatra. EAS is led by President, Michael Hawkins. Mr Hawkins was previously the
Mongolia Manager for AngloGold Ashanti and Chief Geologist at Highland Pacific.
Chairman of the Board for EAS is Darren Pylot, CEO and Chairman of Capstone Mining.
Miwah represents a high-sulphidation epithermal gold environment with characteristic
vuggy silica alteration that spans more than 1 km2. EAS recently completed an initial 2,000metre (14-hole) program at Miwah. Initial drill holes have returned encouraging intercepts
of gold mineralization including: drill hole EMD003 which encountered 2.25 g/t Au over
142.9 metres, including 4.31 g/t Au over 51.0 metres. We believe the Miwah area
represents a large epithermal mineralized system that has potential to host multi-million
ounces of gold. The South Miwah and additional feeder structures could expand the scope
of mineralization to include a higher bonanza-grade component. The company has
initiated a 45-hole infill program at Miwah with the intention of outlining a NI 43-101
mineral resource by mid-2010.
Valuation
Given the relatively early stage of EAS’s project portfolio (no formal mineral resource or
economic study), we have based our valuation on an in situ gold methodology relating to
potential resources we estimate exist or will be outlined within 12 months at Miwah and
the surrounding area. We have applied a US$45/oz average in situ value to our current
estimate of gold which could be outlined at Miwah (4.19 million ounces Au attributable to
EAS). We also apply a discounted value of between US$25 and US$35/oz for resource
potential and resource expansion of other projects we anticipate could be realized within
12 months. We are initiating coverage of East Asia with a SPECULATIVE BUY
recommendation and a 12-month target price of C$4.00 (rounded).