East Asia minerals acquires Sangihe gold project

TSX-Venture Exchange-listed mineral explorer East Asia Minerals Corporation (EAS) announced on Thursday it has signed the Joint Venture Agreement (JVA) with PT.Sangihe Mineral and PT Amsya Lyna to explore and develop the Sangihe gold-copper project in North Sulawesi.

Under the terms of the JVA, EAS has a 70% starting equity in the 42,000 hectare property which encompasses numerous drill-ready epithermal gold and porphyry copper-gold prospects. Field teams have been mobilized to the Sangihe project, located on Sangihe Island, North Sulawesi Province.

The Company has now received all necessary approvals in principle from the Government, and has been granted a preliminary exploration permit (SIPP) whilst it continues its negotiations for the grant of a Contract of Work (CoW), modelled on a 7+ generation template.

The Sangihe project was explored in the 1980-90s when Ashton Mining (Australia) drilled over 5,000 metres in the

Bawone and Binabase epithermal prospects. Historical studies (1998) indicated the potential to discover 1-2 million ounces of gold in this area alone, said the company.

East Asia Minerals is an Asian-based Canadian mineral exploration company with uranium, gold and copper assets and acquisition targets in the East Asia Region. In Indonesia it has a 75% interest in the Takengon gold project, a 70% interest in the Sangihe gold project, and is finalizing agreements for additional advanced gold and gold-copper projects.(alex)