Final Results

Eurasia Mining PLC
30 April 2004


Eurasia Mining PLC
30 April 2004


PRELIMINARY ANNOUNCEMENT OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2003


2003 HIGHLIGHTS


RUSSIA

  • Agreement to acquire three new platinum group metal projects on the Kola
    Peninsula
  • Additional targets identified on the Urals Platinum Projects
  • New platinum targets on Baranchinsky licence area in the Urals
  • Well advanced assessment studies for the acquisition of Russian gold
    projects


SOUTH AFRICA

  • Prospecting permit awarded for Kliprivier platinum project on the Bushveld
    Complex.
  • Drilling commenced in 1st Quarter, 2004


CORPORATE

  • Strengthened Balance Sheet and institutional shareholder base


Chairman's Statement

Following successful actions during 2003 to consolidate its financial position
and strengthen its institutional shareholder base, your Company has moved into
2004 well placed to build on its existing portfolio of opportunities. In Russia,
the Board's new development strategy has already progressed positively. We have
expanded into other highly prospective mineral belts outside the Urals region,
with new interests being acquired in platinum group metals. The Company is now
also well positioned to exploit opportunities likely to arise as Russia moves
away from State funding in the mineral exploration sector. There has been
positive progress, too, in South Africa, where, despite some delays, drilling
has commenced on Eurasia's promising Kliprivier project. Institutional
shareholders now account for about 35% of your Company's equity.


Russia

In northwest Russia, three new PGM projects were identified during the year on
the Kola Peninsula and now form part of an agreement being finalised for
exploration and later development. This agreement marks a very significant step
forward for our Company. Eurasia believes that the region, where some important
new discoveries have been made over the past three years, could become an
important PGM producer over the coming decade.

The target is for PGM mineralization in a major group of ultramafic and mafic
intrusive rocks that occur in several areas within the Kola region. Similar
intrusions are the main geological host for PGM mineralization worldwide,
including the Bushveld Complex of South Africa and the Norilsk Complex of Russia
that together contain 90% of the world's resources of PGM's.

The areas examined by Eurasia and selected for exploration work comprise at
least three large intrusions. One of the licensed areas includes drill holes and
targets containing PGM mineralization which will be a major focus of our work in
the coming months. The two other licences are situated on large intrusions that
have strong indications of PGM potential and work has commenced on one of these.

Exploration has continued on the Urals Alluvial Platinum project in the central
Urals, which is 100% funded by Anglo Platinum. We are pleased to acknowledge the
continued support of Anglo for the Urals project and in this regard we
formalised the joint venture with them in early 2004. Work on our principal
project at West Kytlim has been severely delayed by administrative requirements
to amend conditions of the Exploration Licence. Under instruction by the Federal
Ministry for Natural Resources, application for extension of the Licence has
been made and the reissue is awaited. Positive results from the limited works
completed to date however continue to highlight the West Kytlim area as most
prospective for rapid development. Test mining is planned for 2004 in parallel
with commencement of feasibility studies for a larger project.

Also in the Urals, strong platinum geochemical anomalies in soils on the 75%
controlled, 365 sq. km Baronskoye/Baranchinskoye licence areas have been tracked
to a bedrock target. Follow up drilling is planned in 2004 on this new target as
well as at Kluevsky nearby, where previous drilling has indicated the potential
for bulk mineable, near surface PGM-Gold mineralization.



A well-explored gold project at Ametistovoye in the Russian Far East was
optioned for purchase and while not proceeded with, discussions are continuing.
Assessment of a number of additional gold development opportunities is well
advanced in Central and Eastern Russia. Projects under review include deposits
with existing gold resources. The key to our assessment will be to establish a
solid foundation for early gold production with longer-term development
potential.



As a mark of the ongoing transition towards private sector rather than state
financing and development of mineral deposits in Russia, state funding for
mineral exploration at project scale has declined rapidly over the last two
years. The trend is contributing to freeing up of projects for acquisition as
well as an increased incentive for holders of advanced exploration and
development projects to work with foreign partners. Through Eurasia's well
established presence and experience in working in Russia, the Company is well
equipped to seek out new project opportunities in both the platinum group metals
and gold sectors in the country.



South Africa

In South Africa a prospecting permit for drilling on the Company's 90%
controlled Kliprivier project on the Bushveld Complex, source currently of more
than 70% of world platinum production, was issued in December 2003. Drilling
commenced in the first Quarter of 2004.



The Kliprivier mineral rights cover a potential 7.5 km strike length of shallow
UG2 reef. The area lies southwest of the farm hosting the Everest South deposit
which is currently at the feasibility stage for a 200,000 ounce per annum PGM
operation.

The deposit is located in a fold or basin like structure near the base of the
Bushveld Complex. Two similar basinal targets have been identified on the
Kliprivier farm based on surface mapping and confirmed by geophysical surveys.
These structures will be targeted in the first phase of drilling. A prospecting
permit for Doornbosch, Eurasia's second Bushveld project, is still under
application.



Corporate

On the corporate front, a major shareholder, Framlington Russian Investment Fund
(FRIF), was wound up in 2003 and was obliged to sell its 29% interest in the
company. At the beginning of the year FRIF also held a convertible loan of
£399,123. Such a large interest in the company limited the options of management
to expand the shareholder base until this situation was resolved. Last November
the Company, with the assistance of its brokers, WH Ireland, arranged the
placing of this interest as well as providing a financing of £1 million. This
transaction not only replaced the FRIF position but resulted in new and existing
institutional shareholders representing about 30% of the issued equity.



Finally, I would like to thank the Company's Board and staff for their work and
contributions during 2003. Our thanks, in particular, go to Charles Hutson who
retired as a Director as a result of ill-health. The Board would like to thank
him for his important contributions and wish him well for the future.



In summary, I am delighted to be able to report that Eurasia starts 2004 with an
extensive portfolio of PGM projects, a strong shareholder base, experienced
management team and sufficient working capital to provide ongoing results and
news flows from exploration and development work. The Company is committed to
advancing rapidly its existing project portfolio as well as actively seeking to
expand our resource base through acquisition of additional platinum group metals
and gold projects in Russia.


John Mitchell
Chairman


                        CONSOLIDATED PROFIT AND LOSS ACCOUNT

                         For the year ended 31 December 2003



                                                                              Audited            Audited
                                                                                 2003               2002
                                                                                    £                  £
                                                                                    
Administrative expenses                                                     (472,406)          (350,223)

Impairment of assets                                                         (52,337)          (667,760)

Total administrative expenses                                               (524,743)        (1,017,983)

Operating loss                                                              (524,743)        (1,017,983)

Net interest (payable) / receivable &
similar items:
                                                                                 
Net interest receivable                                                          649              2,393

Exchange gains and (losses)                                                (103,934)          (510,774)

                                                                           (103,285)          (508,381)

Loss on ordinary activities before taxation                                 (628,028)        (1,526,364)

Taxation                                                                            -                  -

Loss on ordinary activities after taxation                                  (628,028)        (1,526,364)


Minority interest                                                              18,563             16,281

Loss for the financial  year                                                (609,465)        (1,510,083)

Loss per share                                                                (1.01)p            (3.82)p



All amounts relate to continuing activities. There is no difference between the
historical cost profits and losses and the profits and losses as presented in
the profit and loss account above.


                              CONSOLIDATED BALANCE SHEET

                                  At 31 December 2003



                                                                                 Audited           Audited
                                                                                    2003              2002
                                                                                       £                 £
Fixed assets
Tangible - Exploration, development and                                        2,803,835         2,583,316
production interests
Tangible - Other                                                                  94,320           110,740
Investments                                                                        1,108             1,231
Total fixed assets                                                             2,899,263         2,695,287
Current assets
Debtors                                                                           85,662           147,866
Cash at bank                                                                   1,005,632            74,786
Total current assets                                                           1,091,294           222,652
Creditors - amounts falling due within one year                                (225,959)         (531,820)
(including convertible loan stock)                                          ____________      ____________


Net current assets/(liabilities)                                                 865,335         (309,168)
Total assets less current liabilities                                          3,764,598         2,386,119
Creditors - amounts falling due after more than one year                        (89,638)          (99,675)
Net assets                                                                     3,674,960         2,286,444
Capital and reserves
Called-up share capital                                                        4,210,586         2,338,575
Share premium account                                                          7,092,374         6,826,671
Capital redemption reserve                                                     3,539,906         3,539,906
Profit and loss account                                                     (11,150,416)      (10,418,862)
Equity shareholders' funds                                                     3,692,450         2,286,290
Minority interest                                                               (17,490)               154
                                                                               3,674,960         2,286,444



                        CONSOLIDATED CASH FLOW STATEMENT

                        For the year ended 31 December 2003


                                                                               Audited           Audited
                                                                                  2003              2002
                                                                                     £                 £
Cash flow from operating activities                                          (306,994)         (373,367)
Returns on investments and servicing of                                            649             2,393
finance
Capital expenditure and financial                                            (489,760)         (414,444)
investment
                                                                          ____________      ____________
Cash outflow before use of liquid                                            (796,105)         (785,418)
resources and financing
Financing:

      Issue of ordinary shares                                               1,726,951           526,420




Increase/(decrease) in cash in the period                                      930,846         (258,998)
Reconciliation of net cash flow to movement in net debt

Increase/(decrease) in cash in the period                                      930,846         (258,998)
Change in net debt resulting from cash                                         930,846         (258,998)
flows
Translation difference                                                           4,142            49,551
Conversion of loan stock to equity                                             394,981           231,615
Movement in net debt in the period                                           1,329,969            22,168
Net debt at 1 January 2003                                                   (324,337)         (346,505)
Net debt at 31 December 2003                                                 1,005,632         (324,337)




                                    Notes

1.  The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 December 2003 or 2002 but is derived
from those accounts.  Statutory accounts for 2002 have been delivered to the
Registrar of Companies, and those for 2003 will be delivered following the
Group's Annual General Meeting.  The auditors have reported on those accounts;
their reports were unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985.



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.



Whilst the Directors are confident that the Group will be able to secure
additional funding to enable it to continue to meet its debts 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.



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


                                                           2003             2002
                                                          £'000            £'000

Operating loss                                            (525)          (1,018)
Depreciation and impairment charges                          59              675
Profit on disposal of tangible fixed assets                   -              (7)
Decrease/(increase) in debtors                               62             (23)
Increase in creditors                                        96                -

Net cash outflow from operating activities                (307)            (373)



4.  Copies of the Annual Report and Accounts for the year ended 31 December
2003 will be posted to the shareholders by 10 May 2004 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 the date of their posting.





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