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Message: EAS Provides Update On Spin-offs
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June 10, 2011 East Asia Minerals Provides an Update on Spin-Off of Subsidiaries |
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| For Immediate Release, June 10, 2011 TSXV: EAS VANCOUVER, B.C. -- Friday, June 10, 2011 -- East Asia Minerals Corporation (TSXV-EAS) ("East Asia Minerals") is pleased to report on the progress with regards to the proposed distribution by way of dividend-in-kind to eligible East Asia Minerals shareholders of all the shares in Sangihe Gold Corporation ("Sangihe Gold"), Barisan Gold Corporation ("Barisan Gold") and East Asia Energy Corporation ("East Asia Energy") held by East Asia Minerals. East Asia Minerals has been working diligently with authorities in Indonesia and Mongolia to complete the transfer of assets from East Asia Minerals to Sangihe Gold, Barisan Gold and East Asia Energy. In Indonesia, approvals have been received from local and provincial regulators. The approval process with federal regulators in Indonesia and Mongolia is well advanced and is anticipated to be completed in the next few weeks. Upon receipt of approvals for the asset transfers at the federal level, East Asia Minerals will declare the dividend-in-kind and a record date will be set as early as seven days thereafter for such dividend-in-kind. East Asia Minerals will update shareholders on progress in early July. East Asia Minerals now anticipates to complete these transactions during the summer 2011 due to the slightly longer than anticipated asset transfer processes in Indonesia and Mongolia. 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. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The shares and the rights to be distributed have not been approved or disapproved by any Canadian or U.S. regulatory authority nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus. To receive or stop receiving EAS news via email, please email [email protected] and state your preference in the subject line. FOR FURTHER INFORMATION, visit the Company's website at www.eaminerals.com, or contact: Michael Hawkins, President and CEO Vancouver T: +1 604 684 2183 E: [email protected] Nick Kohlmann, Corporate Communications Toronto T: +1 416 792 8734 E: [email protected] Mark Patchett, Investor Relations Vancouver T: +1 604 637 8154 E: [email protected] About East Asia Minerals Corporation East Asia Minerals (EAS-TSXV) 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. The Company owns seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 77,962,872 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS". Caution Regarding Forward Looking Statements 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. When used in this News Release, such statements use words such as "may", "will", "expect", "intend", "anticipate" and other similar terms. These statements reflect management's current assumptions and expectations regarding future results, performance or events as of the date hereof 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. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement. Forward looking statements in this News Release include, among other things, statements regarding the proposed internal reorganization, dividend-in-kind and rights offerings, and the proposed terms, conditions, structure and consequences thereof to the Company and its security holders; the timing and receipt of approvals and consents; future exploration activities; and the adequacy of financial resources, among others. Forward looking statements are based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The Company believes that the assumptions and expectations reflected in such forward looking statements are reasonable. Assumptions have been made regarding, among other things, the Company's ability to reorganize its properties and interests to permit it to carry out the proposed transactions in an effective and reasonable manner; the Company's future exploration and development activities; timely receipt of third party or regulatory approvals; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used and that these factors and assumptions may be incomplete or incorrect. Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Those risks include the interpretation of drill results and the estimation of mineral resources and reserves; 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, permitting and licensing risks; and general market and mining exploration risks. 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. 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. Caution Regarding U.S. Publication of Information in this News Release The information contained herein is not for publication or distribution into the United States. The materials set forth herein is for informational purposes only and is not intended, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. There is no intention to register any portion of the securities to be distributed pursuant to the proposed transactions in the United States or to conduct a public offering of securities in the United States. |
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