Tuesday, August 3, 2010

Mining PRs and the Ottotrans™, Part 22

Today we have East Asia Minerals (EAS.v) at its NR out today. Well, better said just one section of the NR as it is seems to be directly related to the questions we asked last Friday about this company that followed on from a Northern Miner report.

This is what they said:

On the corporate front, East Asia Minerals directs interested readers to its website (www.EAminerals.com) where it has added a discussion of the overall positive nature of Indonesia, and in particular Aceh Province, for investment. This discussion is under the Indonesian section and located at Projects / Indonesia / Overview.

In commenting on the investment climate in Indonesia, Michael Hawkins, President and CEO of East Asia Minerals, states that "Indonesia is possibly one of few countries in the world where conditions for mining investment are arguably improving, rather than deteriorating. Whilst as discussed on the website Indonesia is not without challenges, the Company notes that overlapping laws and regulations are not unique to Indonesia. Every project in the world is confronted by a broad range of potential challenges such as environmental, Indigenous peoples, competing land use (such as agriculture), social, NGOs, etc., and the Company notes that there have been potential mines in supposedly low-risk jurisdictions such as Canada that have not gone forward because of "local" resistance. It is more important to note that Indonesia is mining friendly, with a process and a path forward in place for exploration and mine development. Additionally the Company believes it is very important to engage proactively, in a confidential and sensitive way, all potential stakeholders in the areas where it works. In these matters, and with a strong Indonesian experience base, the Board of Directors and Senior Management are confident that the Company is progressing well."

And this is what is means:

That hatchet job by Northern Miner was a one-sided piece of market-scaring bullshit and a pretty disgraceful example of what passes for journalism these days from a publication that used to be known as "The Bible" in mining circles but has gone way downhill since then.