East Asia Minerals Corporation has finalized the sale of the Ooshiin Govi uranium property in Mongolia to Compagnie Française de Mines et Metaux, a subsidiary of Areva NC, for Can$83 million.

The transaction has been facilitated through the sale of its wholly owned Mongolia subsidiary, EAM Energy, and includes the Bayan Uul, Elgenii, Ikh Khet and Airag-1 uranium tenements.

The company intends to provide a cash payment to its registered shareholders of at least 85% of the after-tax proceeds of sale.

Phase one drilling at the Ingiin-Nars uranium property in Mongolia has been completed and phase one validation drilling is underway at the Ulaan Nuur uranium property.

Meanwhile drilling at East Asia's Sangihe epithermal gold property in Indonesia continues to progress well. A third hole has encountered a wide interval of mineralized and altered rock similar to that drilled in the first two holes.

The first phase drill program is designed to validate significant historic drilling results, and to test for gold mineralized extensions discovered in trenching.