East Asia Minerals Corporation (TSX-V:EAS) announces that announces that it has closed a non-brokered private placement of 27,519,668 units of the Company at $0.12 per Unit for gross proceeds of approximately $3,302,360.

Each Unit consists of one common share in the capital of the Company and one-half of a share purchase warrant. Each Warrant entitles the holder to purchase one additional common share in the capital of the Company at a price of $0.50 per Warrant Share for a period of five years from the closing of the Offering.

The Company has paid eligible finders a cash commission in the aggregate amount of approximately $208,695 and 1,739,127 finders warrants on the Offering within the amount permitted by the policies of the TSX Venture Exchange. Each Finders Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.12 for a period of two years from the closing of the Offering. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The net proceeds of the Offering after payment of commissions will be used by the Company to pay expenses related to the Company’s properties in Indonesia, settle payables and for working capital.

“We are very pleased to close this financing which provides East Asia Minerals with the resources needed to complete the regulatory reports required to bring Sangihe current. In addition, our team has taken initial steps towards addressing the legal and forestry issues of Miwah” said Terry Filbert, CEO of East Asia Minerals Corp. “We look forward to updating shareholders as we progress.”