Extension to Licence

RNS Number : 3586F

Eurasia Mining PLC

08 October 2008

 



Eurasia Mining plc

('Eurasia' or 'the Company')

Eurasia Mining plc awarded extension to West Kytlim licence

Eurasia announces that it has been awarded a two year extension to its 171.3 sq km West Kytlim exploration licence in the Central Urals, Russia, where it has a Joint Venture agreement with Anglo Platinum.  Pursuant to the extension the licence will now expire on 30th December 2010.

In addition, Eurasia has had its first stage TEO (Russian feasibility study) approved for an area on the Bolshaya Sosnovka River located in the West Kytlim licence area.  The Company is currently submitting a resource and reserve statement (the 'Statement') to the relevant authorities for approval and registration, as part of the process for obtaining a comprehensive mining licence. The Statement is prepared in accordance with the national Russian standard on mining and minerals and a further update will be provided when the Statement is approved.

The Joint Venture is ready to commence mining on receipt of all the regulatory requirements; a process, which has been held up during 2008 due to the introduction of new mining laws in Russia. Under the terms of the Joint Venture, all exploration work up to the completion of a bankable feasibility study at West Kytlim is being funded by Anglo Platinum.

Exploration drilling is continuing to expand the area of reserves and potential resources in a number of areas within the licence area. In addition, bulk samples have been processed as a check of grades obtained by drilling as well as for metallurgical test work.  

For more information please contact:

Eurasia Mining Plc
Christian Schaffalitzky/ Michael de Villiers	Tel [phone]
W H Ireland Ltd
David Youngman/Katy Mitchell	Tel [phone]
Tavistock Communications
Alan Piper/ Paul Young	Tel [phone]

 

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