Progress Report on West Kytlim Exploration

RNS Number : 8388R

Eurasia Mining PLC

23 November 2012

 



Eurasia Mining plc

("Eurasia" or the "Company")

Progress Report on West Kytlim Exploration

Eurasia is pleased to announce that its 171 Km² exploration licence at West Kytlim covering the Tylai-Kosvinsky Placer in the Urals Region of Russia (the "License Area") has been extended for a further two years to the end of December 2014.

Highlights

·     Exploration License extension granted for a further two years

·     Further exploration is required in several additional areas for longer term ore reserves  

·     A number of areas within the placer on the licence area have been explored to the required level for ore reserve qualification.

·     Planned work program is fully funded

·     Production license applications are being processed

Granting of the two-year licence extension should provide security for the completion of exploration work on the Licence Area in parallel with commencement of the eventual production on certain tenements within that Licence Area, subject to the relevant Production and Discovery Licences being issued.

Since the initial discovery of a layered platinum placer in the Bolshaya Sosnovka Valley in the north east of the licence area, exploration for extensions of the Tylai-Kosvinsky Placer has been focused along the terraces of the Tylai and Kosva Rivers and their tributaries over an approximate length of 18 kilometres. Since 2010, detailed traverse drilling has mainly focused on defining reserves within an 8 kilometre stretch of the Tylai River extending from the discovery area continuously to Ust-Tylai located near the junction of the two rivers. In 2012 reserve drilling has been extended to the western Tylai terraces. The objective of this ongoing drilling is to define multiple work sites that can be operated concurrently within the Placer, and further announcements with the results of this programme will follow.

Managing Director Christian Schaffalitzky said: "Now that the exploration licence has been extended, we are also pleased that our applications for mining licences are progressing after a long effort. We look forward to moving into the development planning stage that, subject to timely granting of the additional permitting, could lead to our first platinum production in 2013".

For more information please contact:

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
Katy Mitchell, WH Ireland Limited	Tel: [phone]

 

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