Initial Kola results

Eurasia Mining PLC
02 August 2004

    Initial exploration results underline promise of Russia's Kola Peninsula



Eurasia Mining plc is pleased to announce encouraging initial exploration
results from two licences on the Kola Peninsula in north-west Russia.



The results come from the Volchetundra and West Imandra licence areas, where
Eurasia will hold initial interests of 81% for five-year periods dating from
mid-2003 and the spring of 2004, respectively.



Eurasia Managing Director Christian Schaffalitzky said: 'We are extremely
encouraged by these early successes, which provide a sound basis for the further
early exploration work now continuing. We believe the Kola region holds highly
promising potential for Eurasia.'



Eurasia announced last year it was planning a major platinum group metals (PGMs)
exploration program on three areas on the Kola Peninsula, under an exclusive
agreement with local companies and in collaboration with the Central Kola
Expedition (CKE).



At Volchetundra, new trenching work has now identified ore grades of 0.7 grams
per tonne (g/t) of PGMs over a thickness of 10 metres, and 4.7g/t of platinum,
4.6g/t of palladium and 2g/t of gold over a thickness of 2.6 metres. The area
covers a major intrusion with a strike length of 40 kilometres.



The 229 square-km West Imandra licence covers a large intrusion hosting
important layered units of chromitite towards the base and magnetite with
anorthosite towards the top, often associated with PGM mineralization. A drill
hole on a chromitite unit has assayed platinum at 1g/t. A recent trench on
anorthosite below the magnetite layers gave 2.94g/t of PGMs over a 1 metre-thick
zone.



The Kola region has a long history of mining and metal refining, principally of
nickel and copper with PGM as by-product, but PGM exploration has only been
carried out in recent years. The target for this activity is a major group of
ultramafic and mafic rock intrusions of the kind that are the main geological
host for PGM mineralisation worldwide, including the commercially-productive
Bushveld Complex of South Africa.



Administrative changes and a large backlog in the licensing procedures have
delayed completion of the final agreement, which will include a third licence
area, and which Eurasia wishes to put in place before commencing full-scale
exploration





For further information contact:



Christian Schaffalitzky, Eurasia Mining PLC:           [phone]
Allan Piper, First City Financial Public Relations:    [phone]
                                                       [phone]




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