August 20, 2020 – TheNewswire – 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
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.
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