East Asia Minerals Corp has entered into a conditional sale and purchase agreement with Core Mining Pte Ltd of Singapore which may result in the sale of the Sangihe Gold Project in Indonesia.
The agreement contemplates the sale of 100% of East Asia’s shares in Sangihe Gold Corp (SGC) to Core. SGC holds a 70% interest in PT Tambang Mas Sangihe, which owns the Sangihe project. The transaction’s purchase price is US$762,500.
The new agreement follows an East Asia announcement earlier in June that share purchase agreements for the disposition of the company’s equity interest in SGC entered into with PT Arsinali and Filbert Gold Holding Ltd had lapsed and were therefore considered terminated.
The Sangihe tenement consists of two blocks covering Taluad and Sangihe islands, located between the northern tip of Sulawesi Island in Indonesia and the south tip of Mindanao in the Philippines.
East Asia has a 70% working interest in the tenements and is the operator with three Indonesian companies owning the remaining 30% interest combined. East Asia’s focus has been on Block II, known as the Sangihe project and covers 42,000 hectares. This includes the Bawone, Binebase prospects on the eastern part of the island and Taware prospect in south-central region with infrastructure in place.