Interim Results

Eurasia Mining PLC
27 September 2002

Eurasia Mining PLC
Interim Report 2002


Interim report statement

The Company has made considerable progress in both its exploration work and in
its negotiation of agreements over new properties. At the same time there have
been substantial and constructive changes to the minerals legislation in both
South Africa and Russia. Whilst we view the changes as positive, agreements need
to be fashioned to fit the new conditions. During this time fieldwork has been
delayed in South Africa. In parallel with work on existing projects the Company
is in negotiation to acquire more advanced properties that already host defined
and indicated resources. We will announce details on these transactions as they
are completed over the coming months.

South Africa

At Kliprivier several segments of the farm are held on a 50:50 basis with Anglo
Platinum. The Company has been holding discussions with Anglo Platinum designed
to consolidate these interests. These discussions have taken longer than
expected due to issues raised for Anglo Platinum's mine development under the
new minerals legislation. Eurasia through its Masedi Platinum subsidiary holds
the Prospecting Licence for both sole and jointly owned properties and should
the negotiations not be completed soon we will proceed with exploration alone.
In the meantime the Company has completed further mapping and fixed the location
of the initial drill-holes. Our focus will be on the Kliprivier Farm and
negotiations on optioned adjacent properties to the South have been terminated.

Negotiations are at an advanced stage and terms have been agreed for an option
over an additional property on which PGM resources have already been established
by drilling; further properties of quality are being sought.

In parallel, Eurasia has entered into an agreement with a South African 
'empowerment' group, on an equal participation and funding basis, whereby both
parties will seek and bring to the Joint Venture minerals properties of merit in
Southern Africa with the emphasis on Platinum Group Metals and Gold.

Russia

116 drill holes including 11 large diameter holes and 19 pits have been
completed on the jointly owned Eurasia-Anglo Platinum Vissim project. The
Eurasia designed and commissioned laboratory and bulk processing facilities for
the recovery of fine-grained platinum and chromite has worked well. Obtaining
results from a single large diameter hole is a lengthy process as truck loads of
samples are generated for analysis. Although many results are still outstanding
bulk chromite values averaged over mineable blocks (as opposed to single
drill-holes) have been in the range of 15-30 kilograms per cubic metre with
preliminary platinum grades not exceeding 150 milligrams per cubic metre. These
averaged grades are lower than hoped for and work is proceeding to determine the
size, shape and possible viability of higher grade blocks within these areas. It
is important to emphasise that this is the initial work on the first project in
this Anglo Platinum funded regional joint venture which will be testing several
such targets. Negotiations concerning the issuing of the licence covering the
second area have taken longer than anticipated due to changes in the licencing
process but the necessary planning to undertake work during the autumn and
winter season has been completed.

Drilling at Kluevsky, Eurasia's Palladium-Gold discovery described in the annual
report has resumed with three holes completed at the time of writing. Assays are
awaited and will be reported in early October as received.

The Company is actively seeking to participate in the development and mining of
substantial high-grade Platinum Group Metals and Gold deposits in Russia.
Projects have been identified and discussions and research into these are at an
early stage.

Outlook

The demand for Platinum Group Metals continues to look good. We have established
a potentially important link with a respected 'empowerment' group to join us on
key projects in Southern Africa in conformity with the spirit of the new
minerals legislation. We will be drilling shortly on our most important project
in the Bushveld Platinum province. We are establishing a train of more advanced
projects in both South Africa and Russia. Despite delays we have used the time
to set in place a stronger future.

John Mitchell
Chairman

27 September 2002

Consolidated Profit and Loss Account
For the six month period ended 30 June 2002


                                                         6 month period to 6 month period to  12 month period to
                                                              30 June 2002      30 June 2001    31 December 2001
                                                               (unaudited)       (unaudited)           (audited)
                                                                         £                 £                   £

Administrative expenses                                          (170,884)         (237,766)           (433,906)
  Termination payment to former director                                 -          (75,000)            (75,000)
Impairment of assets                                                     -                 -           (101,782)
Operating Loss                                                   (170,884)         (312,766)           (610,688)
Interest receivable (net)                                            1,601             8,302             108,291
Interest payable                                                         -             (453)                   -
Foreign exchange (loss)/gain                                     (158,161)           243,695                   -
Loss from continuing activities before taxation                  (327,444)          (61,222)           (502,397)
Taxation                                                                 -                 -                   -
Loss on continuing activities after taxation                     (327,444)          (61,222)           (502,397)
Minority interest                                                    7,542           (6,386)             (1,621)
Retained loss for the period                                     (319,902)          (67,608)           (504,018)

Loss per share                                                      -0.87p            -0.22p              -1.57p



Consolidated statement of total recognised gains and losses
For the six month period ended 30 June 2002

                                                                      6 month period to 30 12 month period to 31
                                                                                 June 2002         December 2001
                                                                               (unaudited)             (audited)
                                                                                         £                     £


Loss for the period                                                              (319,902)             (504,018)
Exchange adjustments on foreign currency net investments                            27,332              (61,645)

Total recognised gains and losses for the period                                 (292,570)             (565,663)


Consolidated Balance Sheet
As at 30 June 2002

                                                                           30 June 2002         31 December 2001
                                                                            (unaudited)                (audited)
                                                                                      £                        £

Fixed Assets

Tangible - Exploration, development and production interests                  3,035,878                2,988,423
Tangible - Other                                                                110,715                  129,381
Investments                                                                      65,166                   68,631

Total fixed assets                                                            3,211,759                3,186,435

Current Assets

Debtors                                                                         111,742                  124,495
Cash at bank                                                                    274,061                  333,784


Total current assets                                                            385,803                  458,279
Creditors - amounts falling due within one year
Convertible loan stock                                                        (532,453)                        -
Other creditors and accruals                                                  (135,677)                (830,710)

Net current (liabilities)/assets                                              (282,327)                (372,431)

Total assets less current liabilities                                         2,929,432                2,814,004
Creditors - amounts falling due after more than one year

Other creditors                                                               (104,688)                (110,263)

Net assets                                                                    2,824,744                2,703,741

Capital and reserves

Called-up share capital                                                       1,967,549                1,810,986
Share premium account                                                         6,838,431                6,573,225
Capital redemption reserve                                                    3,539,906                3,539,906
Profit and loss account                                                     (9,529,931)              (9,237,361)


Equity shareholders' funds                                                    2,815,955                2,686,756
Minority interest                                                                 8,789                   16,985

                                                                              2,824,744                2,703,741



Notes

1 No dividend is proposed to be paid in respect of the period.
2 The results for the period are all derived from continuing activities.
3 The calculations of loss per share have been based on the retained loss after
taxation for the period and on a weighted average of 36,911,711 ordinary shares
in issue during the period.
4 The unaudited results have been prepared on a going concern basis and on the
basis of the accounting policies adopted in the audited accounts for the year
ended 31 December 2001.
5 The interim report is unaudited and does not constitute Statutory Accounts as
defined in section 240 of the Companies Act 1985. A copy of the Group's 2001
Statutory Accounts has been filed with the Registrar of Companies. The auditors
opinion was unqualified, but drew attention to the fundamental uncertainty as to
the adequacy and availability of funding to the Group.
6 The Interim Report for the six months to 30 June 2002 was approved by the
Directors on 26 September 2002.


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