RE:September 29, 2020 9:09 AM AN OFFICIAL AGREEMENT dated and SIGNED by the PARTIES IN THE PRESENCE OF ONE OF THE OTHER, AGREEMENT in lieu of CONTRACT (COW) specified the CONDITONS and TERM which are attached to said COW.
Take good notes:
September 29, 2020 - TheNewswire - Vancouver, BC - East Asia Minerals Corporation (the "Company", "East Asia" or "EAS") (TSXV: EAS) (OTC: EAIAD) Further to the news release dated September 2, 2020 , the Company is pleased to announce that it has received the environmental permit and has applied for the upgrade of the Sangihe gold project's Contract of Work (CoW) from exploration and feasibility license to a full production and export license.
On September 25, 2020, East Asia Mineral's subsidiary, PT. Tambang Mas Sangihe or "TMS" (the holder of the Sangihe Contract of Work (CoW)) has submitted an application to the Ministry of Energy and Mineral Resources of North Sulawesi, Indonesia. The license will upgrade Sangihe's current CoW license from exploration and development / feasibility study level to a fully certified operation, export, and refinery status.
The CoW is an agreement signed with the federal government of Indonesia. This type of agreement is generally considered superior to the current IUP licenses issued by the provinces. The CoW grants the operator 30 years of access to the project, and with a renewal application, an additional 20 years of access. The CoW encompasses 42,000 hectares of land, of which geological work has discovered that 25,000 hectares are potentially gold bearing. The Sangihe project has expansion and bluesky potential with over 23,000 hectares of the 25,000 hectares that are still open for detailed exploration. EAS plans to start further exploration once production at Sangihe commences and cashflow has stabilized.