Application lodged for Reserves at West Kytlim

RNS Number : 0118O

Eurasia Mining PLC

16 September 2013

 



Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Application lodged for Reserves approval at multiple sites within the discovery area at West Kytlim

The Company wishes to advise that it has lodged a Russian standards compliant report (TEO), providing technical and economic substantiation for the approval of reserves within the discovery area of the Tylai Kosvinsky Placer on its West Kytlim Licence. The associated economic calculations in this reserves approval application demonstrate the feasibility of production at West Kytlim from multiple sites concurrently.

This development represents the progress referred to in previous announcements, in which it was reported that continuing successful exploration conducted while awaiting issue of our first Production Licence, had successfully established a reserves base sufficient to sustain production from multiple sites rather than production from a single operational site as was initially contemplated.

The application has been submitted for the State Reserves Commission (GKZ). Approval will provide  opportunities to enhance project economics through more efficient utilization of equipment and infrastructure as well as benefitting from cost reductions associated with economies of scale at higher production levels.  

Eurasia is focused on developing PGM mining projects in Russia and the F.S.U. West Kytlim is one of the two licences the company operates in Russia.

Christian Schaffalitzky, MD at Eurasia comments.

"Applications for approval of reserves are made with associated financial parameters for their economic development. This is Eurasia's first application for reserves approval which demonstrates the economics of production from multiple sites concurrently; this is the preferred means of production of the state reserves commission, and certainly Eurasia. It is this impasse that has partly hampered previous applications for a production license. We are hopeful that 2014 may provide the breakthrough to platinum production for Eurasia."

Consent for release

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

For more information please contact: 

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers WH Ireland Limited	Tel: [phone]
Katy Mitchell	Tel: [phone]

 

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