Uranium Newco spin offVANCOUVER, Sept. 27 /CNW/ - East Asia Minerals Corp. (TSXV-EAS) announces that the Board of Directors has approved a plan whereby its Mongolian uranium properties will be placed into a new, energy focused Company. The restructuring will provide shareholders a more focused Company which willcontinue to pursue their primary focus of gold and copper gold opportunities, while at the same time giving them the potential to benefit from other commodity opportunities. The Company will seek professional guidance as to the proper structure and initiate the process with respect to obtaining appropriate Exchange and other regulatory approvals to potentially spin-out an energy focused commodity company.
"Given our recent success in Mongolia at the Khok Adar copper oxide discovery and the large area in which East Asia Minerals operates, the broadening commodity focus was a potential concern with shareholders" stated Lyndon Bradish, the president and CEO of East Asia Minerals. "We are aggressively pursuing large advanced gold and copper gold opportunities not only within Mongolia, but in the Philippines, China and PNG as well. Our restructuring plan will better position the company to maintain its initial focus while at the same time provide an effective mechanism to pursue energy projects that may also benefit the shareholder."
The company has optioned 4 uranium properties in Mongolia, announced previously and is assessing coal exploration possibilities. East Asia Minerals will continue to consider uranium and coal opportunities and undertake preliminary exploration activities on existing properties in support of the Board's decision.