East Asia Minerals Announces Termination of Negotiations With Austindo Resources for Interest in Cibaliung Gold Project, Indonesia
Tue Jun 3, 7:54 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2008) - East Asia Minerals Corporation (TSX VENTURE: EAS.V) announces that after discussions with its legal advisors, it was considered that a number of significant legal and technical issues identified during due diligence could not be resolved to the Company's satisfaction and the Company has decided to terminate its negotiations with Austindo Resources Corporation N.L. for a Definitive Agreement to earn-in a 71.8% equity interest in PT Cibaliung Sumberdaya, the owner of the Cibaliung Gold Project in Java, Indonesia. Accordingly, the Company will not proceed with the subscription receipts private placement announced on May 13, 2008.
About East Asia Minerals Corporation
East Asia Minerals 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 six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being drilled to define NI43-101 compliant resources. The Company owns ten uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and a 75% interest in the Khok Adar copper oxide discovery in Mongolia. East Asia currently has 55,645,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Michael Hawkins
East Asia Minerals Corporation - Vancouver
President and CEO
(778) 997-2183
Email: Hawkins@EAminerals.com
Nick Kohlmann
East Asia Minerals Corporation - Toronto
Corporate Communications
(416) 792-8734
Email: Kohlmann@EAminerals.com
Website: www.EAminerals.com |
