East Asia Minerals to raise funds to finance exploration

Vancouver-based mineral exploration firm East Asia Minerals Corporation said on Friday it would raise up to C$18.85 million through the issuing of up to 2.5 million shares at $7.54 per share.

The Company will use the proceeds of the offering for further exploration of the Miwah Gold Project in Aceh, advancement of its other Indonesia gold and gold-copper portfolio, and unallocated working capital.

"This offer by third parties for a non-brokered Private Placement into East Asia Minerals is welcomed as the Company continues to advance the impressive Miwah Gold Project in Indonesia" stated Michael Hawkins, President and CEO of East Asia Minerals. "With this important investment into East Asia Minerals, we will be in the position to accelerate our diamond drill program at Miwah and to commence drilling other properties in our diversified and robust gold portfolio".

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)