Toronto, Ontario–(Newsfile Corp. – April 12, 2018) – Southeast Asia Mining Corp. (“SEA” or the “Company”) announces that it has entered into two Letters of Intent for properties located in southern Chile.
The properties are referred to as the JOY West and JOY East properties (“JOY Properties” or the “Properties”) and together represent a land package of approximately 3,450 hectares, or approximately 34.5 km2. The JOY Properties host numerous structurally-controlled quartz veins that have been mapped over an area of approximately 12 km in length and 4 km wide. The veins form part of an extensive polymetallic Au-Ag vein and breccia system.
The terms of the Letters of Intent are as follows:
JOY East Property Option
Option terms to earn 85% interest in four exploitation licenses are as follows: US $30K August 5, 2018, US $120K August 5, 2019, US $100K August 5, 2020, US $100K August 5, 2021, US $250K February 2022. At the commencement of a feasibility study the optionor must fund 15% of all project related expenditures or elect to convert to a 2% Net Smelter Royalty (“NSR”). If the optionor elects to convert to a NSR, the NSR is buyable by the Company at any time for US $500K per annum over four years (total US $2 million).
JOY West Property Option
Option terms to earn 100% interest in the several mineral exploration licenses are as follows: US $40K June 15, 2018, US $60K December 15, 2018 which earns 85%. To earn an additional 15%, or 100% in total the additional option terms are as follows: US $100K December 15, 2019 and a 1% NSR which is buyable by the Company for US $750,000 four years subsequent to earning 100%, or US $1 million thereafter.
The Company has also made mineral exploration license applications with the state regulator Sernageomin for the Roy and Quilvo properties located in Southern Chile. The ROY Property is approximately 1,800 ha and is a porphyry copper target and the QUILVO Property is approximately 1,600 ha and is a polymetallic Au-Ag vein breccia system.
Mr. Michael Corey P.Geo., Member of the Association of Professional Geoscientists of Ontario (APGO), Vice President of Exploration and Director of Southeast Asia Mining Corp. and a qualified person as defined by NI 43-101 has reviewed the contents of this press release. Mr. Corey is not considered independent due to his position as an officer and director of the Company. In addition to reviewing this report, Mr. Corey is responsible for management and supervision of the Company’s exploration programs in Chile.
About Southeast Asia Mining Corp.
Southeast Asia Mining Corp. has options on two exploration properties located in southern Chile. The projects are referred to as the JOY West and JOY East properties and together represent a land package of approximately 3,450 hectares, or approximately 34.5 km2. The Company has 79,570,640 shares outstanding, is a reporting issuer under certain provincial security commissions and is not currently traded on an exchange.
For more information, please contact:
Brian Jennings, President and CEO at 416-616-4230