Eurasia Mining PLC Projects Update January 2017 (3912U)
January 17 2017 - 10:03AM
UK Regulatory
TIDMEUA
RNS Number : 3912U
Eurasia Mining PLC
17 January 2017
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Projects Update January 2017
The Company is pleased to update shareholders on progress at its
projects in early January 2017.
Monchetundra PGM Project, Kola Peninsula, NW Russia
As reported on 22 December 2016, a Feasibility Study "TEO"
(Technico Economicheskiye Obosnovaniye or Technical and Economic
Feasibility) was officially submitted on schedule, for approval at
the State Commission on Mineral Reserves ("GKZ"). The document is
now under review by a panel of experts who have responded with
requests for clarifications and additional information, as per the
standard process.
On 21 November 2016, it was announced that Canadian company
Lemuria Royalties Corporation ('Lemuria') were engaged in
considering a royalty structure for both the Monchetundra PGM mine
and West Kytlim Platinum and Gold Mine ('West Kytlim'). Lemuria,
preferring a focus on cash generating projects in their current
portfolio, expressed an interest in West Kytlim only, however
Eurasia have opted not to progress with Lemuria and to ensure the
development of West Kytlim by continuing to advance the project
with its existing partner.
West Kytlim Platinum and Gold Mine, Ural Mountains
A revision to the agreement (see RNS dated 25 May 2016) between
Eurasia's Russian subsidiary Kosvinsky Kamen ('KK') and OOO SK
Region Stroy ('SKRS') is currently being discussed to outline
additional responsibilities for both parties and it is anticipated
this could include further capital investment by SKRS. A meeting
between KK and SKRS is expected to occur in the last week of
January 2017 (in advance of the mining season), at which an
international alluvial mining specialist has been engaged to bring
additional expertise to the project teams. Items for discussion
include production scheduling for 2017 and a detailed schedule for
resource upgrade drilling. A further report will be released
following these meetings.
MD Christian Schaffalitzky commented: "It is encouraging to have
had an initial response from GKZ who are now actively working on
approval of the Monchetundra TEO/Feasibility Study. Our experience
in successfully attaining a Mining License at West Kytlim has
proven that good communication and information exchange between the
applicant and issuer is a good indication of a successful and
timely application.
Our working relationship with SKRS at West Kytlim throughout
2016 was both amicable and mutually beneficial. It is however
imperative from a KK point of view to ensure SKRS deploys the
necessary capital to allow the project to expand, in this the
second year of production. Whilst there can be no guarantee that
this will occur, we remain confident that there is interest on both
sides to reaching an agreement on this matter.
We wish a happy New Year to our shareholders and we look forward
to updating on further progress in the near term."
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Nick Prowting
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
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