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East Asia Minerals Announces Receipt of Environmental Licence, Application to Upgrade Sangihe Contract of Work and Warrant Acceleration Notice
(TheNewswire) September 29, 2020 - TheNewswire - Vancouver, BC - East...
About this update from Baru Gold Corp
[{"type":"text","content":"East Asia Minerals Announces Receipt of Environmental Licence, Application to Upgrade Sangihe Contract of Work and Warrant Acceleration Notice\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n September 29, 2020 -\n \n \n TheNewswire -\nVancouver, BC -\n \n \n East Asia\nMinerals Corporation (the \"Company\", \"East Asia\"\nor \"EAS\")\n \n \n (TSXV:\n \n \n EAS\n \n \n ) (OTC:EAIAD)\n \n \n Further to the news release dated September 2, 2020, the Company is\npleased to announce that it has received the environmental permit and\nhas applied for the upgrade of the Sangihe gold project's Contract of\nWork (CoW) from exploration and feasibility licence to a full\nproduction and export licence.\n \n \n \n \n On September 25, 2020,\n \n \n East Asia Mineral's subsidiary, PT. Tambang\nMas Sangihe or \"TMS\" (the holder of the Sangihe Contract of\nWork (CoW)) has submitted an application to the Ministry of Energy and\nMineral Resources of North Sulawesi, Indonesia. The licence will\nupgrade Sangihe's current CoW licence from exploration and\ndevelopment/feasibility study level to a fully certified operation,\nexport, and refinery status.\n \n \n \n \n The CoW is an agreement signed with the\nfederal government of Indonesia. This type of agreement is generally\nconsidered superior to the current IUP licences issued by the\nprovinces. The CoW grants the operator 30 years of access to the\nproject, and with a renewal application, an additional 20 years of\naccess. The CoW encompasses 42,000 hectares of land, of which\ngeological work has discovered that 25,000 hectares are potentially\ngold bearing. The Sangihe project has expansion and bluesky potential\nwith over 23,000 hectares of the 25,000 hectares that are still open\nfor detailed exploration. EAS plans to start further exploration once\nproduction at Sangihe commences and cashflow has stabilized.\n \n \n \n \n Subject to the\nIndonesian Government Operations Production Licence being granted, the\nCompany intends to proceed to production without the benefit of first\nestablishing mineral reserves supported by a feasibility study.\n \n \n The Company\ncautions readers that the any production decision made by the Company\nwill not be based on a NI 43-101 feasibility study of mineral reserves\nthat demonstrates economic and technical viability and as such, there\nmay be involved increase...