Eurasia Mining

Just in case some missed this one:


"London (Platts)--30Dec2004
The UK-listed junior gold miner, Peter Hambro Mining is to turn its back on
the Ametistovoye Deposit in Kamchatka, located in the Russian Far East having
spent some $300,000 on the project to date, the miner told Platts Thursday.
PHM signed a memorandum of understanding and paid $200,000 in June to acquire
an option to buy the company that holds the license for the Russian mine which
was reputed to have resources of 1.7-mil oz of gold and 5.3-mil oz of silver.

"It was a question of priorities and we have 13 projects under review at the
moment," Peter Hambro, CEO told Platts Thursday, adding: "We spent $200,000 on
an option plus what it cost us in our own due diligence. Overall some $300,000
was spent entirely on the project." Back in June, Platts revealed that
Koryakgeoldobycha (Koryak Geological Mining), the Russian mining company which
holds the license for the Ametistovoye gold deposit had a previous joint
venture deal with Eurasia.

In June 2004 Eurasia sources told Platts that, according to a review of a
feasibility study in February 2003, the proposed joint venture partners
believed the deposit reserves amounted to 1.4-mil oz, some 21% less than the
figures used by PHM. Eurasia later pulled out of its exclusive agreement with
Koryakgeoldobycha.

PHM was expected to pay some $25-mil for the mine which it estimated had total
annual production of some 150,000oz of gold, with a lifespan of eight to nine
years from current reserves. "The top priority now is the development of
Pioneer and continued work at Pokrovskiy," Peter Hambro concluded. PHM has a
production target of 204,000oz of gold for 2004. A trading statement from
Peter Hambro Mining is expected at the end of January 2005."

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