EAS acquires CC stake to create ?green? mining

Canadian-listed metal exploration firm East Asia Minerals Corporation (EAS) announced Tuesday it has entered into an MoU to acquire up to 50 percent stake at an Australia-based firm Carbon Conservation Pty Ltd. for US$500,000 and 2,500,000 shares of EAS.

In addition, EAS will support the continued maintenance and preservation of the forests, communities and biodiversity in the conservation area with an emphasis on the conservation areas surrounding the Miwah project copper-gold project in Aceh.

?The company sees this as a way of diverting revenue generated from the Miwah project into Acehnese communities, as well as helping to preserve unique Aceh ecosystems,? EAS said.

CC is a high profile company currently involved in the internationally recognised UluMasen Ecosystem Carbon Conservation project in the Aceh Province of Indonesia. The conservation project was the world's first carbon project to achieve validation under the Climate Community and Biodiversity Alliance Standards for its program for reduced emissions from deforestation and degradation and is being developed in conjunction with the Aceh provincial government and various conservation non-governmental organisations.

?Working with CC the Company aims to create the greenest mining operation and pioneer Aceh Green Gold in line with the Governor of Aceh's vision for a Green Aceh by offsetting the impact of development of its Miwah project, and other projects in Aceh province, amongst other things,? it added.

Through the acquisition of a 50% equity interest in CC, the Company will develop a "green" mining project which will use carbon and biodiversity offsets and the latest in environmentally friendly mining practices. In the process, the Company will participate in developing a "green" brand for its Miwah project which will potentially allow it to command a premium for its product in the market as well as to potentially facilitate a smoother process for approval of, and support for, mining permits.

?The Company notes that there are precedents of large retail jewellers boycotting gold taken from mines that are not engaged in environmentally friendly practices, or that extract gold from environmentally sensitive areas,? it said.

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. (alex)