Oro East Mining, Inc. (OTCBB:OROE) entered into a binding letter of intent to acquire mining claims and mineral rights in Mariposa County from Yan Ming Wu for $1.9 million on December 12, 2014. Under the terms of the agreement, Oro East Mining agreed to a consideration of $2 million paid in part with 20 million restricted shares of company stock and paid in part with a convertible promissory note and convertible note purchase agreement to Yan Ming Wu in the sum of $1 million. The transaction is subject to due diligence inspections.

Oro East Mining, Inc. (OTCBB:OROE) cancelled the acquisition of mining claims and mineral rights in Mariposa County from Yan Ming Wu on December 12, 2015.