EAST ASIA COMMENCES DRILLING

2017-10-10 16:13 ET - News Release

Mr. Terry Filbert reports
EAST ASIA COMMENCES DRILLING AND GEOTECHNICAL SURVEY, PROVIDES UPDATE ON FEASIBILITY STUDY, ENVIRONMENTAL REPORT FOR INDONESIAN GOLD PROPERTY
East Asia Minerals Corp. has provided an update on current exploration activities relating to the continuing Indonesian feasibility study (IFS), Amdal environmental report status, and geotechnical and metallurgical work being conducted at its Sangihe gold property in Indonesia.
The company's focus is on completing Indonesian Feasibility Study (IFS) and AMDAL Environmental reports as once they are submitted and accepted by the Indonesian Mining Department (MEMR), construction of the mining facilities and infrastructure can begin at the Sangihe project. The company anticipates gold processing and production to begin by mid 2018. The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101. The Company cautions readers that the any production decision made by the Company will probably 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.

The IFS, which is being conducted by Resindo Resources and Energy, an Indonesian consulting firm, is well underway and comprised of several elements: Drilling of new geotechnical core samples commenced on September 25, 2017 as part of the required components for Indonesian Feasibility Study (IFS) in order to provide the most up to date and accurate core sample for pit wall design. Hydro-geological surveying is underway and is designed to help locate and identify the water table level in the pit design and best water sources needed for upcoming drilling, heap-leaching and ultimately gold production. The Company anticipates completion of surveying by the end of October, 2017.

Metallurgical surveying has been undertaken to identity the most suitable heap-leaching locations Drilling of the Metallurgy holes to provide the samples required for all of the Metallurgical test work required for the IFS commenced on October 5th and is anticipated to be completed by mid October 2017. The entire Sangihe exploration camp and crew quarters have been completely renovated and are now fully operational.

Town-hall meetings are being conducted with the environmentalist team and local villagers in conjunction with the AMDAL environmental report. The baseline study is expected to be completed by November, 2017 and the AMDAL environmental report by December, 2017.
The Company has expanded local administration, accounting staff and logistical systems in anticipation of developing the Sangihe project from the feasibility stage into full production, slated for mid-2018.

Sangihe Project
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 266,000 ounces of Gold. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percent interest in PTTMS is held by three unaffiliated Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.

Full Story