August 20, 2020 –
East Asia Minerals Corporation (“EAMC” or “The Company”) (TSXV:EAS) (OTC:EAIAF) is pleased to announce that it has retained Martin Jati Lawyers for land survey and land acquisition service of the mining area located within the PTTambang Mas Sangihe’s Contract of Work in the North Sulawesi Province. The area covered is a maximum 77 (seventy seven) hectares.
The services provided will include, preparation of working maps based on definitive coordinates of the Concession Area; conducting orientation survey to the mining area; conducting temporary poles establishment for the mining area; conducting land inventory for crops, trees, any vegetation, and survey for the appropriate pricing for the land, crops, trees and vegetation that will be compensated within the mining area; mapping of land use, administrative, occupants, and land price estimation within the Concession Area; preparing a progress report, the final report, and recommendations based on the preliminary land survey; verify the Concession Area to determine legal standings of prospective participants of the land release program; providing assistance with land release program socialization; collection and verification of personal data and land documents provided by prospective participants; providing assistance during negotiation; preparation of the land release documentation and coordination with administrative village officers of land offices’; providing assistance to facilitating payments based on completion of land release documents through cash or bank transfers; and delivery of land acquisition documents and maps.
Mr. Terry Filbert, CEO of EAMC, comments, “This contract provides us with complete support and guidance to ensure a smooth land acquisition process that will provide fair and accurate compensation to all landowners. The land acquisition will be a 20-year lease with government set compensation based on an analysis of the land, crops, trees and vegetation in accordance with the Martin Jati survey. This is a detailed process that is expected to take two to three months to complete.”
AMDAL ENVIRONMENTAL PERMITS UPDATE
Further to the update provided on July 31st, 2020, the Company is pleased to announce that the necessary steps required to update the AMDAL environmental assessment study (the “AMDAL”) report have taken place and the meeting of government and community has been scheduled for August 28, 2020. Delays in scheduling the meeting were due to the new COVID-19 quarantine requirements and a week of Indonesian government holidays, causing a backlog of similar government meetings. After approval of the AMDAL, the Company intends to apply for upgrade of the licence to 30-year operation production status and complete the acquisition of the construction financing.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and permit Sangihe in near term and raise funds for a heap leach operation. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
East Asia has a team of mining professionals in North America and locally in Indonesia with extensive experience in operating small-scale gold and coal assets, working diligently to develop it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
647-725-3888 ext 702