East Asia Minerals Corporation (TSXV:EAS) (the “Company”), CEO, Terry Filbert provides a report after his initial trip to Indonesia.
A team has been secured to bring the Sangihe project to the production license stage. Our efforts include the hiring of Frank Rocca as chief geologist. Mr. Rocca previously worked on both the Sangihe and Miwah projects for the Company, which allows the Company to immediately conduct the Feasibility Study and manage the AMDAL environmental report process for the Sangihe project. Mr. Rocca has over 25 years of experience in international exploration and mine development, including Indonesia, Australia, Africa, USA, and Chile. Mr. Rocca earned a Bachelor of Applied Science in Geology from Curtin University of Technology, Perth, Western Australia. Mr. Rocca is a member of the Australian Institute of Mining and Metallurgy with 12 years of experience in NI43-101 compliant Resources and Reserves reporting.
The Company has appointed two Indonesian resident directors, Mr. Juangga Mangasi and Mr. Garry Killenstyn to the Board of Directors of our Indonesian subsidiary, Tambang Mas Sangihe which hold’s the Company’s 70% interest in the Sangihe project. Both Mr. Killenstyn and Mr. Mangasi have decades of mining experience in Indonesia.
The Company has hired the initial employee team that will endeavor to bring the Sangihe project towards a positive production decision, currently projected to be early 2018.
The Company has retained the services of the Armila Law Offices, located in Jakarta, to serve as the Company’s legal representative in Indonesia and its representative to the Federal Indonesian Mining Department. Armila Law Offices is a leading Indonesian mining law firm specializing in providing legal advice to mining companies holding both IUP and CoW mining licenses and operations in Indonesia.
The Company has established its new Indonesian office headquarters at the Noble House Office complex in the Mega Kumingan area of Jakarta.
The Company has successfully negotiated an agreement with RT. Resindo Mining, an Indonesian consulting firm, to conduct the Feasibility study and manage the AMDAL environmental report process for the Sangihe project. Once the Sangihe project Feasibility Study and AMDAL Environmental reports are completed, and are accepted by the MEMR, gold production can begin at the Sangihe project.
The Company cautions readers that the Company’s production decision may 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.
In furtherance of its efforts on the Miwah project, the Company held initial meetings with the local partner on the Miwah project to discuss the process to bring Miwah current and in compliance with both local and federal authorities.
Mr.Filbert stated, “The re-start of the Indonesian operation, after having been shut down for over two years, has gone very well. With the securing of the team of former East Asia employees and consultants, and new employees, most of whom I have worked with in the past, we are re-establishing the Company’s operations quickly in order to bring Sangihe into production. In addition, we are working with our Indonesian partner on the Miwah project to do the same for that project. After the production at the Sangihe project commences, the company will begin a drilling program that will hopefully expand the projects’ resources.”
In recognition of the quick progress on the Company’s efforts to re-establishment of gold production at Sangihe, the Company has determined that it needs to strengthen the Board of Directors’ mining expertise. In recognition of this, Mr. Kim Oishi has volunteered to resign as a member of the Board of Directors in order to allow for the appointment of Mr. Gary Kielenstyn to the Board of Directors. Mr. Kielenstyn has three decades of mining experience in Indonesia and will not only provide support by serving on the Board of Directors of Tambang Mas Sangihe, he will provide the Board of Directors of the Company with his expertise as the current assets are moved into operational status and potential future opportunities are evaluated.
Mr. Filbert stated, “I want to thank Mr. Oishi for his efforts on behalf of the Company and his willingness to step aside so that the Company could bring on Mr. Kielenstyn. I would like to thank Mr. Oishi for his valued and continued service as a consultant to the Company providing his knowledge and experience with funding and the capital markets.”
The Company also reports a correction of the finders’ warrants disclosed in its May 8, 2017 news release. Each finders’ warrant that was issued in connection to the private placement that closed on May 8, 2017 (the “Offering”) entitles the holder to purchase one unit (each, a “Unit”) at a price of $0.12 per Unit for a period of two years from the closing of the Offering. Each Unit consists of one common share of the Company’s stock and one-half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company’s stock (a “Warrant Share”) at a price of $0.50 per Warrant Share for a period of five years from the closing of the Offering. The remaining material terms of the Offering remain as announced on May 8, 2017.
The Company plans to provide shareholders with updates on a regular basis as we move forward on our projects in Indonesia.
Frank Rocca BAppSc.(Geology), MAusIMM, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 and has reviewed and approved the technical information presented in this news release.
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For further information, visit the Company’s website at www.eastasiaminerals.com
East Asia Minerals Corporation
Terry Filbert, Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.