East Asia Minerals Corporation (the “Company”) – Further to the Company’s news release dated July 16, 2020, the Company is pleased to announce the completion of the private placement offering in the amount of $109,999.89 to be used for costs related to the environmental licence (AMDAL) and the preliminary mining reclamation planning process at the Sangihe project,. The units have been taken by long-term EAS stakeholders and investors.
The securities distributed under the offering will be subject to a four month and one day hold period expiring on November 29, 2020.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange
Additionally, with the recent rise in gold prices to historical highs and interest in the sector, EAS is pleased to report that in the last week almost two million warrants have been exercised. The Company anticipates more exercises through to the end of 2020 as there are over 16 million warrants expiring between September 13th and November 13th 2020.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with 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 1,000 ounces per month heap leach operation. With cashflow from operations, the plan is to further expand resources through drilling of the Company’s projects. 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