Release: Northern Miner apologizes to East Asia and retracts incorrect statements
Saturday, August 7 2010 - 12:57 AM WIB
The Northern Miner posted on their website the following statements;
"In the online story "East Asia Minerals unresponsive about protected forest issue" published on July 29, 2010, we incorrectly stated that East Asia Minerals had not disclosed to its shareholders that a large portion of its tenements in Indonesia is on land designated as protected forest.
In fact, the company wrote in its August 2007 information circular to shareholders that "almost the entire Miwah tenement is in Protected Forest Area" and that "a special permit from the Indonesian Department of Forestry is required to conduct exploitation in such an area."
As such, there is no imputation whatsoever by The Northern Miner that any management or directors of East Asia Minerals personally benefited from withholding this information from shareholders.
While it's widely agreed that Indonesia has its challenges with respect to corporate governance, there is also no imputation that a company must engage in illegal activities in order to acquire a special exploitation permit in a protected forest in Indonesia.
A similar correction notice will appear in the next paper issue of The Northern Miner, vol. 96, no. 26.
We apologize for and regret any embarrassment, inconvenience or damage resulting from publication of the story."
About East Asia Minerals Corporation
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 NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 75,503,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS". (end of release)