Friday 2nd December 2022 Font size:

East Asia Minerals

Monday, September 24th, 2007

East Asia Minerals Corporation is pleased to announce it has closed the sale of the Ooshiin Govi uranium property to Compagnie Francaise de Mines et Metaux (“CFMM”), a subsidiary of Areva NC, for a cash payment of CAD$83 million. The transaction has been facilitated through the sale of its wholly owned Mongolia subsidiary, EAM Energy LLC (EAME), and includes the Bayan Uul, Elgenii, Ikh Khet and Airag-1 uranium tenements. Details of the properties can be found on the East Asia web site at and in previous news releases.
The Company intends to provide a cash payment to its registered shareholders of at least 85% of the after-tax proceeds of sale. The final calculated cash payment will be subject to net corporate tax considerations, transaction costs, and the Board of Directors’ determination of the Company’s future capital requirements. Notice of the value of this payment, the setting of a record date and additional details shall be provided shortly, upon approval of the notice filing by the TSX-Venture Exchange.
The Company also reports that drilling in Indonesia at its Sangihe epithermal gold property continues to progress well. A third hole is near completion after encountering a wide interval of mineralized and altered rock similar to that drilled in the first two East Asia holes (October 18, 2007 news release). Assays are pending. This first phase drill program is designed to validate significant historic drilling results, and to test for gold mineralized extensions discovered in trenching.
Phase one drilling at the Ingiin-Nars uranium property in Mongolia (July 3 and August 1, 2007 news releases) has been completed, and the drill rig is being moved to commence phase one validation drilling at the Ulaan Nuur uranium property (May 3, 2007 news release). Results from the Ingiin-Nars program will be reported on upon receipt of assays and completion of data compilation.

< go back