Miwah gold secures IUP
East Asia Minerals Corporation reports that further to its comments on the new Indonesian Mineral and Coal Mining Law and implications for the Company, it has received formal documentation and licence confirming the completed conversion of the Aceh Province Miwah tenements to Ijin Usaha Pertambangan (IUP/ "Mining Licence").
The Miwah tenements comprise the Company's flagship Miwah Gold Zones which are progressing towards completion of NI43-101 resource estimates in 2010. To date East Asia has drilled more than 900 metres strike length along the shallow, laterally extensive 1.2 kilometre long Main Miwah Gold Zone, and has encountered wide intercepts of gold mineralization in all holes drilled. The Main Miwah Gold Zone remains open in all directions.
"This is a very significant step for Miwah", commented Michael Hawkins, President and CEO of East Asia Minerals Corporation in a statement to Toronto Stock Exchange yesterday.
"The IUP's give us 3 years within which to complete exploration and deliver a positive feasibility study, potentially extended to 5 years. Thereafter under Indonesian Law, there is automatic conversion of the licences to development licences for an initial 20 year term, renewable for a further 20 years. We see delivery of the IUP's as giving us excellent security of long term tenure with fiscal stability, and is further validation of our assessment that the New Mining Law of Indonesia is globally attractive."