East Asia advised of lawsuit withdrawal

By Peni Pedriawan

East Asia Minerals Corporation (EAMC) said that it has received notice from panel of judges that civil case claim filed by PT Atlas Mineral Exploration (AME) against the company in the Central Jakarta District Court in December 2011 has been revoked by the plaintiff.

"Accordingly, this claim has now been officially withdrawn," it said in the statement.

Previously, Barisan Gold Corporation also informed its shareholders that it had been advised that EAMC, PT Linge Mineral Resources (LMR) and PT Gayo Mineral Resources (GMR) had been named as defendants and Barisan Gold as a co-defendant in a civil case claim filed by AME.

AME is an Indonesian company that owns a 12% direct equity interest in each of LMR and GMR.

Barisan Gold is the majority shareholder of LMR and GMR with an 80% direct equity interest in each company. AME is majority owned by a relative of a previous consultant to EAMC who left EAMC in October 2010.

AME approached GMR and LMR asking that its 12% equity interest in both companies be acquired. When Barisan Gold and AME could not agree on reasonable terms, including a price fair and reasonable to Barisan Gold for the sale of the interests held by AME. Atlas Mineral Exploration then filed this action.

The claim filed by AME purported to challenge the asset transfer process by which EAMC transferred its 80% direct equity interest in LMR and GMR to its wholly owned subsidiary, Barisan Gold.

Editing by Adianto P. Simamora