More EAS newsSorry to post the EAS news but this can only help CTN once we launch.
The more attention to the Sumatra area the better.
East Asia Minerals Corporation
TSX VENTURE:
EAS
Feb 05, 2010 08:34 ET
East Asia Receives IndonesiaGovernment Approved IUP "Mining Licences", Confirms Tenure of Barisan 1and Takengon Under New Mining Law
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5,2010) - East Asia Minerals Corporation (TSX VENTURE:EAS) reports that in addition to the previouslyannounced receipt of the Aceh Province Miwah Ijin Usaha Pertambangan (IUP"Mining Licence"), the Company has received formal documents from theDirectorate General of Mineral, Coal and Geothermal confirming the finalizedconversion of its Aceh Province Barisan I and Takengon tenements to IUP.
The Barisan I tenement contains the flat-lyingnear-surface Abong gold project where the Company has completed 130 drill holesand is working towards completion of an initial NI43-101 compliant resourceestimate. This large epithermal gold deposit lies within a 3 by 1.5 kilometrecorridor within which EAS has defined gold mineralization over a +2 kilometresby up to 800 metres area. It remains open along strike in both directions.
The Takengon property comprises the Collins epithermalgold project, the Semelit porphyry copper-gold project, and the West Semelitgold-copper skarn project. The Collins project is a large partially exposedmultistage gold-bearing quartz vein swarm where East Asia channel samples gave11.0 metres at 22.20 g/t gold, and 11.0 metres at 14.99 g/t gold. At theSemelit project, porphyry potential is indicated by supergene porphyry outcropswith +2% copper and +2 g/t gold.
"This is another significant step for East AsiaMinerals", commented Michael Hawkins, President and CEO of East Asia MineralsCorporation. "The Barisan I and Takengon IUP's give us 5 years within which tocomplete exploration and deliver a feasibility study. Thereafter underIndonesian Law, there is automatic conversion of the licences to developmentlicences for an initial 20 year term, renewable for a further 20 years. Animportant feature of these and the Miwah IUP is that once approved, theautomatic conversion to a development licence applies to the deposit for whichthe feasibility is completed, whilst the remaining areas of the tenementcontinue under exploration status. We see the ongoing delivery of IUP's for ourtenements, and the excellent long term security of tenure and fiscal stabilitythey provide, as further validation that the New Mining Law of Indonesia isglobally attractive."
About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE:EAS) is anAsian-based, Canadian mineral exploration company with gold and copperexploration properties in Indonesia, and uranium exploration properties inMongolia. In Indonesia the Company has a 70 to 85% interest in six advancedgold and gold-copper properties located in Aceh Province, Sumatra, and SangiheIsland, North Sulawesi. Three of these, the Miwah, Sangihe (Binebase-Bawone)and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101compliant resources. The Company owns eight uranium properties, including theadvanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphateproperties in Mongolia. East Asia currently has 71,127,372 shares outstanding.Its shares are listed for trading on the TSX Venture Exchange under the symbol"EAS".