Final Approval Received for Monchetundra Mine

RNS Number : 9521H

Eurasia Mining PLC

20 November 2018

 

Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Final Approval Received for Monchetundra Mine

Eurasia Mining plc (AIM: EUA), the PGM and gold producing company, is delighted to announce that the office of the Prime Minister of the Russian Federation has approved the issue of a mining permit at the Monchetundra PGM and base metals project.

The Monchetundra project comprises 1.9 million ounces of palladium-led reserves and resources with platinum, gold, copper and nickel with a gross in-situ value of $2.11 billion, as detailed in the RNS announcements dated 21 May 2017 and 02 February 2018. A contract for engineering, procurement and construction and financing is in place with Sinosteel for the development of the mine.  This announcement, made public through official government channels earlier today, 20 November 2018, concludes the extensive permit application process. The formal procedure involves the issue of the licence together with details of the advance royalty payment, to follow shortly.

Speaking after the announcement, Christian Schaffalitzky, Chairman said: " we are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed. We are also pleased that the Company is debt-free as it prepares to develop Monchetundra. A more detailed announcement will follow in due course with the details of the licence and an update on the project."

Eurasia Mining PLC Christian Schaffalitzky / Keith Byrne	Tel: [phone]
WH Ireland Limited (Nominated Adviser & Broker) Katy Mitchell / James Sinclair-Ford	Tel: [phone]
First Equity Limited (Joint Broker)	Tel: [phone]
Jason Robertson

Optiva Securities (Joint Broker)                                     Tel: [phone]

Christian Dennis                                                                            

 

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