East Asia Minerals finalizes private placement terms

Vancouver-based firm East Asia Minerals Corporation announced on Tuesday the terms of a non-brokered financing. The Company will raise up to $4.64 million through the issuing of up to 9.1 million units at $0.51 per unit.

"This proposal by third parties for a non-brokered Private Placement into East Asia Minerals is welcomed as the Company continues to push forward with its impressive Indonesia gold portfolio, led by the Miwah Gold Project, Aceh" stated Michael Hawkins, President and CEO of East Asia Minerals. "This investment into East Asia Minerals provides further testament to the exciting growth potential of the Company, in the near-term with drilling of the large Miwah Gold Project and into the future with its prolific portfolio of epithermal and porphyry projects."

East Asia Minerals will use the proceeds of the offering for further exploration of the Miwah Gold Project, including the initial drill program, advancement of its Indonesia gold and copper portfolio, and unallocated working capital.

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 advanced to define NI 43-101 compliant resources. (alex)