Extension of West Kytlim Lice

RNS Number : 2508V

Eurasia Mining PLC

29 October 2010

 



Eurasia Mining plc

("Eurasia" or the "Company")

Extension of West Kytlim Licence

Eurasia is pleased to announce that its exploration licence at West Kytlim in the Urals in Russia has been extended for a further two years to December 2012.

As previously announced, Eurasia holds an interest in this licence through its 50% holding in Urals Alluvial Platinum Limited ("UAP"), owned jointly with Anglo Platinum. UAP in turn owns 75% of a Russian holding company that holds the West Kytlim exploration licence. The majority of the exploration work to date has been funded by Anglo Platinum with Eurasia acting as manager and operator.

The original exploration licence was granted to UAP in 2002 and was due to expire in December 2010. This licence has now been extended. Eurasia continues to work on finalizing a production permit application within the licence area.

Work during the two year extension will target continuing expansion of the total resource base at West Kytlim based on further exploration in additional identified prospective areas within the 171 km² licence area. This work will be conducted in parallel with mine preparatory work which will commence immediately on approval of Eurasia's production licence area application.

Commenting on the extension, Christian Schaffalitzky, MD, said: "We are delighted that the licence has been extended. It will allow us to fully explore further discoveries made in the area. We are now looking forward to the granting of a production licence, which would allow us to begin platinum production at West Kytlim next summer".

For more information please contact:

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

 

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