New Palladium Discovery

Eurasia Mining PLC
9 February 2001


NEW PALLADIUM DISCOVERY IN BARONSKOYE PROJECT

Reconnaissance drilling of surface geochemical anomalies East of the
previously known Baronskoye target has discovered wide zone of disseminated
palladium mineralisation persisting both at depth and along strike. Table 1
lists the preliminary results which range up to 40 m meters assaying 0.5 g/t
Pd.

                Table 1. Baronskoye Gabbro Breccia Zone Assays

Hole £ Depth    Base line       Az        Dip     From   To   Width Grade Grade
                  coords
                                                                     Pd    Au
 B 30  103.60    640N/92E    90degrees    - 45    12.00 18.00  6.00  0.61  0.09
                                        degrees
                                                  42.40 82.20 39.80  0.47  0.06
                                       including: 64.50 74.75 10.25  0.70  0.09
                                                  77.70 82.20  4.50  0.90  0.09

 B32   72.00    720N/190E       270       - 45    48.70 68.25 19.55  0.30  0.04
                              degrees   degrees


Whilst clearly still below economic levels the widths, continuity and
associated rock types represent an important new target type for the Urals
that appears to have strong similarities to the large open pittable ore
occurrences at the Lac des Isles Palladium mine in Canada. Specifically the
mineralisation is hosted in olivine gabbro breccias and shear zones lying
along the contact with the pyroxenites that host the previously known narrow
vein occurrences in the Baronskoye Central Zone (see below). Exploration is
still at a very early stage but already broader and stronger anomalies have
been identified at Kluyevsky two kilometers to the Southeast of Baronskoye.
Two preliminary orientation holes in the same general area, but within an
earlier defined weak anomaly, have intersected similar broad persistent
mineralisation
(Table 2).


Drilling in spring will test the recently defined, stronger anomalous zones at
Kluyevsky.

                   Table 2.  Kluyevsky Gabbro Breccia Zone

Hole £ Depth    Base line       Az        Dip     From   To   Width Grade Grade
                  coords
                                                                     Pd    Au
 K 1   103.50    000/104W    90degrees    - 45     4.42  15.0 10.58  0.46  0.05
                                        degrees
                                                  26.33 34.70  8.37  0.46  0.05
 K 2   76.50    400S/120W       270       - 45     2.70 48.25 45.55  0.33  0.05
                              degrees   degrees
                                       including:  2.70 18.00 15.30  0.59  0.10


The objective of future work will be to define the extent of this new deposit
type as rapidly as possible, both within these and other similar zoned
intrusions. Above all it will be essential to identify the most intense area
of this type of mineralisation that may overlie substantial economic deposits.
The Baranchinsky Exploration Licence area represents the first aspect of this
major programme and contains a strike length of at least 10 kms of similar
contact zone geological environment.

Broad spaced traverse-drilling during the summer of 2000 prior to the above
discovery has extended the vein style mineralisation within the pyroxenites.
The mapping and sampling has shown that mineralisation is not stratiform and
confined to visually recognisable units as previously thought but rather is
strongly associated with discordant hydrothermal alteration. This new
understanding will require additional sampling of previously untested zones
within existing drill holes before the true extent of the mineralisation is
understood. Results received to date are listed in Table 3.


Table 3. Baronskoye


Hole £ Depth    Base line       Az        Dip     From   To   Width Grade Grade
                 coords
                                                                     Pd    Au
B11    129.0    160N/95W     90degrees    - 45    66.55 67.35  0.80  2.08  0.08
                                        degrees
B17    61.14    480N/000     90degrees    - 45    60.40 61.14  0.74  1.93  0.24
                                        degrees
B21    58.50    080N/10W     90degrees    - 45    25.50 27.55  2.05  0.80  0.10
                                        degrees
B22    34.50    080N/7.5W       270       - 45    10.50 13.50  3.00  1.70  0.18
                              degrees   degrees
                                                  18.00 19.50  1.50  0.90  0.03
                                                  25.50 26.85  1.35  1.50  0.26
B24    39.00                 90degrees    - 60    17.35 18.00  0.65  5.50  0.37
                                        degrees
B25    73.50    040N/7.5W       270       - 45    38.70 40.70  2.00  1.11  0.11
                              degrees   degrees
B26    60.00    060N/7.5W       270       - 45    21.35 21.80  0.45  0.85  0.13
                              degrees   degrees
B27    75.00     120S/4E        270       - 45    39.40 40.30  0.90  3.36  0.26
                              degrees   degrees
B29    75.00    120S/13W     90degrees    - 45    47.20 47.70  0.50  1.80  0.10
                                        degrees
                                                  57.00 58.50  1.50  1.10  0.04

B14    91.67    240N/20W     90degrees    - 45
                                        degrees
B15    30.00    240N/20W     90degrees    - 60           ASSAYS AWAITED
                                        degrees
B18    75.00    320N/65W     90degrees    - 45
                                        degrees
B19    96.15    400N/45W     90degrees    - 45
                                        degrees


Dr Michael Martineau, Eurasia's Executive Deputy Chairman, said 'The discovery
of this new ore type is a major advance that offers the potential for large
open pittable palladium mineralisation in addition to the potentially large
platinum alluvials that we are exploring with Amplats. The objective for
future work will be to locate the most intensely mineralised areas that may
represent mineable ore bodies as well as to further expand and consolidate our
ground holdings. To this end we are strengthening our management and
exploration team'.

'In addition, the Company is evaluating options to install facilities on site
to expedite sample preparation and avoid the delays that occurred during the
recent programme.'