EAS gets okay to transfer assets to subsidiary

Vancouver-based metal exploration firm East Asia Minerals Corporation (EAS) reported on Monday that it has received final regulatory approvals in Indonesia to complete the transfer of its equity interest in the Barisan I, Barisan II and Takengon projects to Barisan Gold. Barisan Gold is to become a gold-copper porphyry exploration company focused on Indonesia.

Barisan Gold will initially hold East Asia Minerals' 80% equity interest in the Barisan gold-copper porphyries (including the Abong epithermal gold deposit) and East Asia Minerals' 75% equity interest in the Takengon gold-copper project, all located in Aceh Province.

EAS is in the process of spinning off its assets other than Miwah gold project in Aceh by setting up three new wholly owned subsidiaries.

Sangihe Gold Corporation is to become a precious metals exploration company focused on Eastern Indonesia. It will initially hold East Asia Minerals' 70% equity interest in the Sangihe gold project in North Sulawesi, Barisan Gold Corporation is to become a gold-copper porphyry exploration company focused on Indonesia and East Asia Energy Corporation is to become a Mongolian mining and energy company. It will initially hold all of East Asia Minerals' Mongolian assets, which consist of early stage uranium and phosphate projects.(alex)