Final Results

Eurasia Mining PLC
14 May 2002

PRELIMINARY ANNOUNCEMENT OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2001



2001 HIGHLIGHTS



Urals Alluvial Platinum Project

  • Feasibility studies started at Vissim
  • New licences awarded; others under application
  • 2002 budget doubled to US$1.2 million



Urals Hard Rock PGM Programme

  • Palladium - gold discovery at Kluevsky
  • 330 sq km new licence at Baranchinsky



South African Bushveld Platinum Project

  • 3,900 hectare mineral rights option secured
  • Major drill target identified.



CHAIRMAN'S AND DEPUTY CHAIRMAN'S STATEMENT

'During 2001 Eurasia made major advances towards its objective of becoming a
producer of platinum and associated metals. As a result of our discovery of
potentially economic concentrations of platinum and chromite at Vissim, in the
Russian Urals, we have initiated feasibility studies. These will include the
definition of the size and grade of this resource together with the essential
mineral processing, marketing and permitting investigations. If the results
prove successful, we would anticipate being in production in 2003.



The Urals was the birthplace of the world's platinum mining in 1824 and has an
historic production of over 15 million ounces of platinum. In addition to the
discovery at Vissim we have significantly advanced other areas of our alluvial
platinum joint venture with Anglo Platinum. Following on the results of our
reconnaissance work, we secured two exploration licences in 2001 and have
applications being processed for additional areas which we expect to obtain in
2002. We take considerable pride in the fact that Anglo Platinum, the world's
largest platinum producer, is fully funding these projects to maintain its 50%
interest and has approved a further doubling of the agreed budget for 2002. Each
of these projects will be subject to drill testing during 2002.



We have also diversified our Platinum Group Metals projects and strengthened our
exploration base by securing option rights over the 3,900 hectare Kliprivier
Project on the Bushveld Complex of South Africa. The Bushveld is the source of
over 70% of the world's platinum production. We regard involvement in this area
as an essential supplement to our Russian programme. The large area that we have
been able to secure through negotiation with over 80 individual minerals rights
holders provides the basis for a potentially large-scale production. We look
forward to our first drill tests of the significant targets that our field-work
and airborne magnetic surveys have defined, in 2002. We are continuing to work
to increase our holdings in the area.



Finally, the discovery of potentially economic grades of palladium and gold over
substantial widths at Kluevsky in our Russian Urals hard rock exploration
programme has confirmed the potential for this area to host open pit mining
projects. We increased our landholdings in the area to over 360 square
kilometres and instituted a search for areas within the belt with similar
geology. Exploration of this type is a long term process and ideally calls for
the testing of many similar targets. Because of the potential cost and duration,
your Board has decided to seek a major partner to fund this project and at the
time of writing is in discussions with potential candidates.



In summary, the benefit of the tight focussing of our programmes and the
strengthening of our technical direction, instituted at the start of 2001, is
now clearly evident. The progress achieved in 2001 in acquiring additional
ground and completing exploration work is impressive, and provides a solid and
broad base on which we intend to build.



Operating Environment



Platinum Group Metals prices have declined during 2001, in common with most
natural commodities. This has corrected the over-inflated prices occasioned by
the technology bubble. The prices of both platinum and palladium remain near
their rising long-term price trend. We remain confident in the future of these
metals, with their diversity of electronic and environmentally friendly
catalytic and jewellery uses.



The investment climate in Russia has continued to improve. During 2001 we have
seen further improvements in mineral law and regulation. Taxation levels have
also been moderated. We look forward to still further progress during 2002.



In South Africa we are also seeing major changes. A new mining law is expected
to require a move towards the vesting of minerals ownership in the State, as it
is in most other countries, on a 'Use it or Lose it' basis and the likely
requirement for 'Black Empowerment' participation in new developments.



In many ways these changes provide opportunities for mining exploration
companies such as Eurasia, but building on these opportunities will require
careful management. Eurasia operates at Kliprivier with a potential 'Black
Empowerment' partner, Marang Mining, which originally brought the Kliprivier
opportunity to our attention. They currently hold a 5% interest in the project.



Outlook and Future Development



Your Board has confidence that, building on the successes achieved in 2001,
Eurasia can move forward towards achieving its first production from its first
mine.



Your Board considers that Eurasia's skills lie primarily in the area of
identifying, securing and testing mineral targets based on a sound knowledge of
geology and mineral economics. Although Eurasia also has the personnel and
management skills needed to bring projects into production by itself, your Board
considers that the greatest value will be obtained by concentrating our funds
and management effort at the start of the discovery/ development process.
Participation of large platinum producing companies as partners, following
Eurasia's generation of ideas and acquisition of ground, can enable us to
undertake much larger scale projects than we could support alone. Such partners
may also have the ability to provide Eurasia with essential Platinum Group
Metals processing and, if needed, access to marketing.



In the light of the recent and sustained increase in the price of gold your
Board also considers that it is prudent to re-examine the Company's historic
gold assets and specifically its extensive Russian data base. The intention is
to determine whether value could be realised. Eurasia has no intention of
diverting effort away from its platinum investment.



Funding



During 2001 the Company raised £705,000 in two share placings. The funds have
been used to advance our Platinum Group Metals projects. It is the intention
that Eurasia's mining exploration programme in 2002 will be funded to a large
extent by joint venture partner contributions. This will be supplemented, where
necessary, by the placing of additional shares. It is our opinion that there is
at present inadequate appreciation of the progress that Eurasia has achieved in
its projects and specifically in the significance of the ground acquisition in
South Africa in comparison to the holdings of our peer group of platinum
explorers. We will be focussing on achieving that market recognition and the
share price that we consider that our projects justify. Progress towards the
start of production at our Vissim project and the eventual stream of cash flow
from its operations forms a key part of this plan.



Board and Staff



Your Board has been strengthened with the appointment in March 2002 of Charles
Hutson as a Non Executive Director. Charles Hutson brings to Eurasia depth of
experience in mining and mining finance, including highly relevant investment
banking expertise in the area of corporate finance. Mark St Giles will be
standing down as a Director at the Company's next Annual General Meeting. We
would like to thank Mark for his valuable contribution to the Company. His
services will continue to be available to us in a consulting capacity.



Finally we would again like to thank all Eurasia's staff, particularly those in
the field locations, who have created the opportunities that we have described.'


                                                                     14 May 2002



Listing:         Alternative Investment Market, London Stock Exchange

Code:            EUA

Web Site:        www.eurasia-mining.plc.uk

Email:           [e-mail]

For further information please contact:

Michael Martineau - Executive Deputy Chairman      Tel: + 44 (0) 20 7976 1222

Laurie Beevers - WH Ireland                        Tel: + 44 (0) 161 819 8724

Tim Blackstone - Blackstone Business CommunicationsTel: + 44 (0) 20 7251 2544


                      CONSOLIDATED PROFIT AND LOSS ACCOUNT

                      For the year ended 31 December 2001



                                                                                2001               2000
                                                                                   £                  £

Administrative expenses                                                    (433,906)          (506,602)

Termination payment to former director                                      (75,000)                  -

Impairment of assets                                                       (101,782)        (3,721,489)

Total administrative expenses                                              (610,688)        (4,228,091)

Operating income                                                                 ---                  -

                                                                          __________      _____________
Operating loss                                                             (610,688)        (4,228,091)

Interest receivable & similar items                                          108,291            284,645

Loss on ordinary activities before taxation                                (502,397)        (3,943,446)

Taxation                                                                           -                  -

Loss on ordinary activities after taxation                                 (502,397)        (3,943,446)

Minority interest                                                            (1,621)                481

Retained loss for the financial  year                                      (504,018)        (3,942,965)

Loss per share                                                               (1.57)p           (17.10)p


                          CONSOLIDATED BALANCE SHEET

                              At 31 December 2001


                                                                                  2001              2000
                                                                                     £                 £
Fixed assets

Tangible - Exploration, development and                                      2,988,423         2,341,148
production interests

Tangible - Other                                                               129,381           233,242

Investments                                                                     68,631            66,859

Total fixed assets                                                           3,186,435         2,641,249

Current assets

Debtors                                                                        124,495            95,574

Cash at bank                                                                   333,784           504,266

Total current assets                                                           458,279           599,840

Creditors - amounts falling due within one year                              (830,710)         (215,441)
(including convertible loan stock)                                        ____________      ____________



Net current (liabilities)/assets                                             (372,431)           384,399

Total assets less current liabilities                                        2,814,004         3,025,648

Creditors - amounts falling due after more than one year                     (110,263)         (951,223)
(including convertible loan stock)

Net assets                                                                   2,703,741         2,074,425

Capital and reserves

Called-up share capital                                                      1,810,986         1,391,942

Share premium account                                                        6,573,225         5,792,289

Capital redemption reserve                                                   3,539,906         3,539,906

Profit and loss account                                                    (9,237,361)       (8,671,698)

Equity shareholders' funds                                                   2,686,756         2,052,439

Minority interest                                                               16,985            21,986

                                                                             2,703,741         2,074,425



                       CONSOLIDATED CASH FLOW STATEMENT

                      For the year ended 31 December 2001

                                                                                   2001             2000
                                                                                      £                £

Net cash flow from operating activities                                       (396,360)        (816,488)

Returns on investments and servicing of                                          11,885           28,358
finance

Capital expenditure and financial                                             (590,757)        (379,379)
investment
                                                                           ____________     ____________
Cash outflow before use of liquid                                             (975,232)      (1,167,509)
resources and financing

Financing
     Issue of ordinary shares                                                   804,750        1,875,001
     Repayment of loan stock                                                          -        (224,936)


(Decrease)/increase in cash in period                                         (170,482)          482,556

Reconciliation of net cash flow to movement in net debt

(Decrease/increase) in cash in the                                            (170,482)          482,556
period

Cash outflow from debt                                                                -          224,936

Change in net debt resulting from cash                                        (170,482)          707,492
flows

Translation difference                                                         (31,797)         (93,698)

Conversion of loan stock to equity                                              302,731        1,394,994

Movement in net debt in period                                                  100,452        2,008,788

Net debt at 1 January 2001                                                    (446,957)      (2,455,745)

Net debt at 31 December 2001                                                  (346,505)        (446,957)



Notes

1.     The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2001 or 2000 but is derived
from these accounts.  Statutory accounts for 2000 have been delivered to the
registrar of companies, and those for 2001 will be delivered following the
Company's Annual General Meeting.  The auditors have reported on those accounts;
their reports were unqualified and did not contain statements under section 237
(2) (regarding adequacy of accounting records and returns) or section 237(3)
(provision of necessary information and explanations) of the Companies Act 1985.
However, the auditors' report for the year ended 31 December 2001draws attention
to the following disclosure regarding the uncertainties inherent in the going
concern assumptions:

'In common with many exploration companies, the Company raises finance for its
exploration and appraisal activities in discrete tranches to finance its
activities for limited periods only.  Further funding is raised as and when
required.

The Directors are of the opinion that the Company will require to raise
additional financial resources to enable the Group to undertake an optimal
programme of exploration and appraisal activity over the next twelve months.
Accordingly, the Directors intend either to raise further funds or to engage an
additional funding partner as appropriate during the course of the next twelve
months.

In addition the Company has convertible debt which falls due for repayment in
October 2002.  To the extent to which it is not converted into Shares, some or
all of such debts may therefore fall to be repayable in cash. The Company may
require additional funding at such time to meet any cash repayment.

Whilst the Directors are confident that the Group will be able to secure
additional funding to enable it to continue to meet its debt as they fall due
and to undertake the programme described above for at least the next twelve
months from the date of approval of these financial statements, there can be no
guarantee that this will be the case. '



2.         The financial information has been prepared under the historical cost
convention and in accordance with applicable accounting standards.

In common with many exploration companies, the Company raises finance for its
exploration and appraisal activities in discrete tranches to finance its
activities for limited periods only. Further funding is raised as and when
required.

The Directors are of the opinion that the Company will require to raise
additional financial resources to enable the Group to undertake an optimal
programme of exploration and appraisal activity over the next twelve months.
Accordingly, the Directors intend either to raise further funds or to engage an
additional funding partner as appropriate during the course of the next twelve
months.

In addition, the Company has convertible debt which falls due for repayment in
October 2002.  To the extent to which it is not converted into Shares, some or
all of such debt may therefore fall to be repayable in cash.  The Company may
require additional funding at such time to meet any cash repayment.

Whilst the Directors are confident that funding will be available to the Group,
there can be no guarantee that this will be the case.  The financial statements
do not include any adjustments, particularly in respect of tangible fixed
assets, stocks, investments, loans and provisions for winding up which would be
necessary if the Company and Group ceased to be an ongoing concern.



3.        Reconciliation of operating loss to operating cashflows


                                                                                    2001             2000

                                                                                   £'000            £'000

Operating loss                                                                     (611)          (4,228)
Depreciation and impairment charges                                                  118            3,737
(Increase) in debtors                                                               (29)             (33)
Increase/(decrease)/ in creditors                                                    126            (292)

Net cash outflow from operation activities                                         (396)            (816)



4.        Copies of the Annual Report and Accounts for the year ended 31
December 2001 will be mailed to the shareholders by 22 May 2002 and will be
available, free of charge from the Company's registered office at 14-16 Regent
Street, London SW1Y 4PH for a period of 14 days from that date.



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