May 9, 2011 / 7:29 PM / 7 years ago

East Asia shares tumble after resource estimate

* East Asia outlines resource estimate for Miwah project

* Shares fall 17 percent in afternoon trading

TORONTO, May 9 (Reuters) - Shares of exploration company East Asia Minerals (EAS.V) fell 17 percent on Monday after a resource estimate for its Miwah gold project in Indonesia failed to meet investor expectations.

The Vancouver, British Columbia-based company outlined a gold resource of between 2.68 million ounces and 3.28 million ounces, depending on cut-off grades. That estimate is contained within the main zone of the project and remains open for expansion, the company said in a statement.

Shares of the company fell 83 Canadian cents to C$4.05 by mid afternoon on the TSX Venture Exchange.

Jennings Capital analyst Alka Singh wrote in March that the company will likely report an initial resource estimate of over 4 million ounces of gold at Miwah. RBC RBC Capital Markets analyst Michael Curran said the initial resource estimate could be 3 to 5 million ounces. (Reporting by Euan Rocha; editing by Janet Guttsman)

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