East Asia Minerals Announces Completion of $8 Million Brokered Private Placement and $5 Million Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2011) -

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES

East Asia Minerals Corporation (the "Company") (TSX VENTURE:EAS) is pleased to announce the completion of the private placements previously announced on October 7, 2011 and November 7, 2011. Through a syndicate of agents led by RBC Capital Markets and including Jennings Capital Inc. and Cormark Securities Inc. (collectively the "Agents"), 16,000,000 units of the Company (each, a "Unit") were issued and sold on a "best efforts" agency basis at a price of $0.50 per Unit for aggregate gross proceeds of $8,000,000 (the "Brokered Offering"). Concurrently, 10,000,000 Units were issued pursuant to a non-brokered private placement at a price of $0.50 per Unit for aggregate gross proceeds of $5,000,000 (the "Non-Brokered Offering"). The net proceeds of the Brokered Offering and Non-Brokered Offering will be used for general working capital purposes.

Each Unit consists of one common share in the capital of the Company and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share at a price of $0.78 until December 15, 2013.

As consideration for their services in connection with the Brokered Offering, the Agents were paid a cash commission of $250,000 and received 500,000 Warrants.

In addition, the Company has issued 3,450,000 share purchase warrants to investors who participated in its private placement that was completed on July 13, 2011 (the "July Private Placement") on the basis of one full share purchase warrant for every share purchased in the July Private Placement (the "Warrant Transaction"). Each share purchase warrant issued pursuant to the Warrant Transaction will allow the holders thereof to subscribe for one common share at an exercise price of $1.17 per share until December 15, 2013.

All of the securities issued pursuant to the Brokered Offering, Non-Brokered Offering and the Warrant Transaction are subject to a hold period expiring on April 16, 2012.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The shares and warrants to be distributed have not been approved or disapproved by any Canadian or U.S. regulatory authority.

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About East Asia Minerals Corporation

East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns nine uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".

Caution Regarding U.S. Publication of Information in this News Release

The information contained herein is not for publication or distribution into the United States. The materials set forth herein is for informational purposes only and is not intended, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.

There is no intention to register any portion of the securities to be distributed pursuant to the proposed transactions in the United States or to conduct a public offering of securities in the United States.