Final Results

RNS Number : 1631N
Eurasia Mining PLC
07 June 2010
 



 

Eurasia Mining plc

("Eurasia" or the "Company")

 

Annual Results for the Twelve Months Ended 31 December 2009

 

 

Chairman's statement

 

 

At the time of writing, your company awaits the granting of a production licence at its West Kytlim project in the Urals in Russia. This will be the culmination of many years of exploration work on this alluvial platinum project. When granted, it will allow us to develop a mine that could pay back the many years of investment quickly, with minimal capital investment. The scale and profitability of the mine is dependent on the terms of the production licence and shareholders will be briefed on this most important development as soon as we are sure of the final grant. Meanwhile, you are referred to the Business Review where we have described the alluvial platinum business in more detail so that you will be familiar with the expected next steps.

 

At our Kola projects, we completed drilling at both Volchetundra and Monchetundra last year. At Monchetundra, a new potentially mineralized zone was identified during review of all the data obtained. A drilling program is planned for 2010.

 

Finally, I would like to thank the directors and staff for their perseverance and patience in keeping the show on the road, especially as we get ever closer to mining. I look forward to the coming year's developments and next year's Annual General Meeting, hopefully with some platinum on the table!

 

Dr. Michael Martineau

Chairman

 

For more information please contact:

 

Eurasia Mining

 

Christian Schaffalitzky / Michael de Villiers

 

Tel: +44 (0) 207 932 0418

Katy Mitchell, WH Ireland Limited

Tel: +44 (0) 161 832 2174



 

 

Operations report

Urals

The West Kytlim project

Eurasia Mining plc holds a 50% interest in Urals Alluvial Platinum Limited, owned jointly with Anglo Platinum. It in turn owns 75% of a Russian holding company that holds the West Kytlim exploration licence, with an area of 171.3 km2.  Yuzhno-Zaozersky Priisk, a local mining company, holds the remaining 25% interest.

 

As previously announced in September 2009, application was made to convert the exploration licence into a production licence and a decision on this is still awaited. A further announcement will be made when the decision concerning the licence is known.

As the Company nears potential production, this report provides a background to alluvial platinum deposits so that the exploration results at West Kytlim can be placed in context.

Alluvial Deposits

As alluvial platinum exploitation is different from bedrock platinum mining, the Board is providing the following explanation as to its operations in the area and alluvial mining generally to enable shareholders to put the exploration results into context.

 

Alluvial platinum exploitation principally involves the washing of river sediments to produce heavy mineral concentrates, from which platinum is extracted. Such deposits, referred to as placers, can be present in

active river channels as well as older river-beds and terraces.

 

There are a number of ways such deposits are exploited; we have opted for the so-called 'dry mining' approach. Where the placer occurs in steep sided valleys this involves bulldozers pushing the platinum bearing sediments, comprising sands and gravels, towards a washing plant. Coarser boulders and rocks are removed while the finer sediments are washed in specialized sluices that capture the heavier mineral fractions.

 

Where the placer occurs in broader flat lying areas, any barren material above the platinum bearing sediments (termed 'overburden') is often removed using a dragline excavator which may also be used to mine the productive layers.

 

For both methods, the "black sand" concentrate from the sluices is bagged and then further concentrated to produce a platinum rich product, which is sold directly to any one of three refineries in Russia.

 

The Directors of Eurasia anticipate that further capital commitment needed will be modest. Until the mining licence is granted, it is not possible to calculate the detailed economics for the operation.

Alluvial platinum in the Urals

Alluvial platinum has been produced continuously in the Urals since its first discovery in 1824. Prior to the discovery of the Bushveld complex in South Africa, the region was the world's largest producer of Platinum. Russian sources, estimate that some 500t (16Moz) have been produced. Much of this appears to have come from two river complexes, Vissim (160t) and Issovsky (250t). It is estimated that the Kytlim river complex, where the licence is located, has produced some 50t platinum.

 

The West Kytlim licence, which covers the Tylai- Kosvinsky Platinum Placer, has seen some past production, including dredging, underground mining in coarse gravels, and artisanal scale washing. Eurasia's discovery at the West Kytlim area followed from some preliminary pitting which identified buried placers below the overburden alongside some previously mined placers. In addition, early mining and dredging can be inefficient, and the Directors believe that potentially viable platinum grades exist in tailings from the older operations.

Exploration for alluvials

It is generally accepted that it is difficult to quantify reserves for alluvial deposits from drill hole data alone, as the location of the heavy minerals is extremely variable due to both the irregular distribution and the size of the platinum grains (this can be known as the Nugget Effect). Two samples side by side may give radically different results, whereby one has a high value and it's neighbour, none. The Company believes, therefore, that the key to exploring for alluvials is understanding what the average production grade might be from a specific area or "polygon". Drilling is used to establish the presence of placers before a more systematic sampling progamme is utilized.

 

For its drill programmes, Eurasia has used a drill-rig that takes disturbed samples as it cuts through the target sediments. This first-stage sampling method aims to identify the presence or absence of platinum within in the sediments. Presence of platinum grains provides encouragement to continue sampling by trenching and pit sampling. In the latter, samples as large as several tonnes will be processed.

 

Drilling and Sampling method

Reconnaissance drilling is undertaken on profiles, spaced between 1.2 and 1.6 kilometres apart, which allows for a first stage appraisal of the presence or absence of platinum in addition to the depth and thickness of potential mineralized zones. In many of the prospective parts of the licence area no more detailed work has been done, and will not be done until mining is planned. At that stage detailed pitting will be carried out. This work will precede actual production mining by 1-3 years and will ultimately test the viability of each area outlined at the reconnaissance stage.

 

Rigorously applied drill hole sampling methodology does not compensate for the large errors that result from the Nugget Effect. However the confidence of the exploration team is based on the experience of over a century of work on alluvial platinum in the Urals.

 

Eurasia utilized a Russian rig to undertake its drill work, sampling in uncased or open holes. The diameter of most of the holes is 172mm but 198mm, and on some occasions, 151mm have also been used. The wet samples are bagged and analyzed in the laboratory.

 

The last stage of the analysis is hand picking of the individual platinum grains from the final heavy fraction concentrate; these are then weighed. This process permits equating the platinum weight to the measured volume of sample to determine its grade which in turn is used for estimating platinum grade per cubic metre of gravel.

 

The weighed platinum comprises mainly grains of isoferroplatinum, which contains 75-78% platinum metal and is referred to as "Raw Platinum". The actual Platinum metal grade in the sample, as well as in concentrates recovered from production, can only be determined at the refining stage. For this reason the State Reserves Commission requires that "Raw Platinum" grades are reported for all alluvial platinum exploration in Russia. This applies to all Platinum grades reported by Eurasia for West Kytlim.

 

Exploration results at West Kytlim

The key data sets required to provide confidence for commercial exploitation are drilling, trenching, pitting and bulk sampling. More detailed sampling has been carried out in several locations within the licence area but the Directors believe it would prove too expensive to sample the entire area at this stage. For this reason, no formal resource estimates to JORC standards have yet been produced. Nevertheless the geologists working on the project, who are experienced in alluvial sampling, are hopeful that economic deposits are present in many other areas within the licence area.

 

The Directors do not believe drilling information on its own is sufficient to allow calculation of in-situ resources and indeed drill hole values for the mineralized intervals are composited in assessing the economic potential of an area. In some cases, Eurasia has undertaken pitting instead of, or as well as, drilling and these results can be more reliable. To date, Eurasia has explored nine areas within the Tylai-Kosvinsky Placer. A detailed exploration update, setting out the results, on these areas, will be made by the Company shortly.

 

Kola

 

Eurasia holds two projects in the Kola Peninsula in northwest Russia. Anglo Platinum Limited earned a 40% interest in the project by expending $10 million on exploration works from 2006 to 2009. Eurasia is seeking a new partner for the projects but is also considering a drill program for 2010. The mineralization comprises platinum group metals (PGM), mainly platinum and palladium.

 

At Kola, we completed drilling at our two Kola projects at Monchetundra and Volchetundra, where a number of mineralized zones were identified.

 

On the Monchetundra licence, 16,121m of drilling have been completed, with most of the drilling during 2009 focused on an interpreted ore structure in the Loipishnyun sub-area. PGM occur within two north-northwest striking lodes, the northernmost lode being cut by a 50m wide tectonic zone and is interpreted to occur as parallel bodies. To the south, mineralisation is interpreted to only occur as a single elongated body.

 

Exploration work on the Monchetundra Licence has advanced the project to the stage whereby we believe that it will support an application for a licence time extension, with the objective of eventually converting the exploration licence to a production licence. Further updates on this work, including a resource update, will be provided as soon as they become available. Furthermore, a drill program comprising 3,000 metres is being considered for later in the year.

 

At Volchetundra, 12,192m of drilling have been completed with the focus of drilling on two areas of mineralized contact at Olche and Yukspor, located approximately 3.5km apart. Recent drilling tested 2.6km strike length at the more northern Olche, whilst only 2km at Yukspor. The total strike length of prospective contact zone within the licence area exceeds 40kms.

 

As with Monchetundra, work has advanced to the stage for carrying out detailed exploration at Olche, in parallel with continuing exploration along the remainder of the prospective contact zone.

 

 

 

C. Schaffalitzky

Managing Director

 

Consolidated statement of comprehensive income

For the year ended 31 December 2009

 

Note

Year to

31 December 2009

Year to

31 December 2008

Year to

31 December 2007

 

 

£

£

£

 

 

 

 

 

Impairment loss

 

(1,116,921)

-

-

Administrative costs

 

(724,824)

(569,158)

(727,077)

Result from equity accounted investments

 

31

(737,826)

(32,894)

Finance income

 

49

13,038

24,926

Finance costs

 

(191,170)

(209,386)

(78, 637)

Other financial result

 

(223,443)

669,404

(71,266)

 

 

 

 

 

Loss before tax

 

(2,256,278)

(833,928)

(884,948)

Income tax expense

 

-

-

-

Loss for the period

 

(2,256,278)

(833,928)

(884,948)

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

Exchange differences on translation of foreign operations

 

46,273

(818,560)

122,399

Other comprehensive income/(loss) for the period, net of tax

 

46,273

(818,560)

122,399

Total comprehensive loss for the period

 

(2,210,005)

(1,652,488)

(762,549)

 

 

 

 

 

 

 

 

 

 

Loss for the period attributable to:

 

 

 

 

Equity holders of the parent

 

(2,159,149)

(900,114)

(879,442)

Minority interest

 

(97,129)

66,186

(5,506)

 

 

(2,256,278)

(833,928)

(884,948)

 

 

 

 

 

Total comprehensive loss for the period attributable to:

 

 

 

 

Equity holders of the parent

 

(2,106,417)

(1,714,744)

(758,082)

Minority interest

 

(103,588)

66,256

(4,467)

 

 

(2,210,005)

(1,652,488)

(762,549)

 

 

 

 

 

Loss per share

 

 

 

 

Basic and diluted loss (pence per share)

 

(0.92)

(0.64)

(0.62)

 

 

 

 

 

 

Consolidated statement of financial position

As at 31 December 2009

 

Note

31 December

2009

31 December

2008

31 December

2007

 

 

£

£

£

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

26,345

29,269

28,128

Intangible assets

 

-

1,272,982

863,348

Investments in equity accounted investees


35,003

50,498

 1,257,297

Other financial assets


262,766

135,396

125

Total non-current assets


324,114

1,488,145

2,148,898 

 


 

 

 

Current assets


 

 

 

Inventories


1,375

1,369

-

Trade and other receivables


26,025

25,296

193,426

Cash and cash equivalents


137,757

594,321

106,729

Total current assets


165,157

620,986

300,155

 





Total assets


2,449,053






EQUITY


 

 

 

Issued capital


16,240,544

14,089,409

14,074,368

Reserves


3,077,523

3,267,032

3,696,209

Accumulated losses


(18,973,243)

(16,872,373)

(16,021,426)

Equity attributable to equity holders

of the parent


344,824

484,068

1,749,151

 


 

 

 

Minority interest


-

2,855

(59,401)

 


 

 

 

Total equity


344,824

486,923

1, 689,750

 





LIABILITIES





Non-current liabilities


 

 

 

Borrowings


-

332,609

80,341

Total non-current liabilities


-

332,609

80,341

 


 

 

 

Current liabilities


 

 

 

Trade and other payables


144,447

576,893

210,358

Borrowings


-

712,706

468,604

Total current liabilities


144,447

1,289,599

678,962

 


 

 

 

Total liabilities


144,447

1,622,208

759,303

 





Total equity and liability


2,109,131

2,449, 053

 

Company statement of financial position

As at 31 December 2009

 

Note

31 December

2009

31 December

2008

31 December

2007

 

 

 

£

£

ASSETS

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

1,695

2,529

2,149

Investments


324,744

324,744

324,744

Other financial assets


1,380,574

2,403,890

2,206,856

Total non-current assets


1,707,013

2,731,163

2,533,749

 


 

 

 

Current assets


 

 

 

Trade and other receivables


49,927

50,095

148,165

Cash and cash equivalents


135,722

591,801

96,483

Total current assets


185,649

641,896

244,648

 





Total assets


1,892,662

3,373,059

2,778,397






EQUITY


 

 

 

Issued capital


16,240,544

14,089,409

14,074,368

Reserves


3,767,933

4,010,174

3,624,721

Accumulated losses


(18,430,553)

(16,403,447)

(15,703,498)

 

Total equity


1,577,924

1,696,136

1,995,591

 


 

 

 

LIABILITIES





Non-current liabilities


 

 

 

Borrowings


-

211,785

-

Total non-current liabilities


-

211,785

-

 


 

 

 

Current liabilities


 

 

 

Trade and other payables


314,738

742,432

314,202

Borrowings


-

712,706

468,604

Total current liabilities


314,738

1,455,138

782,806

 


 

 

 

Total liabilities


314,738

1,676,923

782,806

 





Total equity and liability


1,892,662

3,373,059

2,778,397

 

 


 

Consolidated statement of changes in equity

 

Note

Share capital

Share premium

Deferred shares

Capital redemption and other reserves

Foreign currency translation reserve

Accumulated losses

Total attributable to owners of parent

Minority interest

Total



£

£



£

£

£

£

£

£

£

Balance at 1 January 2008


7,053,819

7,020,549

-

3,624,721

71,488

(16,021,426)

1,749,151

(59,401)

1,689,750

Issue of ordinary shares


15,041

-

-

-

-

-

15,041

-

15,041

Recognition of warrants issued in the period


-

-

-

290,951

-

-

290,951

-

290,951

Reversal of un-utilised equity component of convertible loan notes


-

-

-

(49,167)

-

49,167

-

-

-

Recognition of equity component of convertible loan notes


-

-

-

143,669

-

-

143,669

-

143,669

Transactions with equity holders


15,041

-

-

385,453


49,167

449,661


449,661

Loss for the period


-

-

-

-

-

(900,114)

(900,114)

66,186

(833,928)

Exchange differences on translation of

foreign operations


-

-

-

-

(814,630)

-

(814,630)

(3,930)

(818,560)

Total recognised income and expense for the period


-

-

-

-

(814,630)

(900,114)

(1,714,744)

(62,256)

(1,652,488)

Balance at 31 December 2008


7,068,860

7,020,549

-

4,010,174

(743,142)

(16,872,373)

484,068

2,855

486,923


Consolidated statement of changes in equity - continued

Note

Share capital

Share premium

Deferred shares

Capital redemption and other reserves

Foreign currency translation reserve

Accumulated losses

Total attributable to owners of parent

Minority interest

Total



£

£



£

£

£

£

£

£

£

Balance at 1 January 2009


7,068,860

7,020,549


4,010,174

(743,142)

(16,872,373)

484,068

2,855

486,923

Issue of ordinary shares for consulting services performed* and cancellation of consultants warrants under the same transaction


100,000

(70,000)


(12,574)

-

-

17,426

-

17,426

Share capital restructure


(7,025,483)

-

7,025,483

-

-

-

-

-

-

Issue of ordinary shares on conversion of loan notes


154,184

1,308,100

-

-

-

-

1,462,284

-

1,462,284

Issue of ordinary shares on exercise of warrants


51,276

534,075

-

(72,587)

-

-

512,764

-

512,764

Issue of ordinary shares for cash


7,500

67,500

-

-

-

-

75,000

-

75,000

Share issue cost


-

(1,500)

-

-

-

-

(1,500)

-

(1,500)

Recognition of equity component of convertible loan notes


-

-

-

21,726

-

-

21,726

-

21,726

Utilised equity component of convertible loan notes on conversion


-

-

-

(120,527)

-

-

(120,527)

-

(120,527)

Reversal of un-utilised equity component of convertible loan notes


-

-

-

(44,868)

-

44,868

-

-

-

Reversal of warrant valuation reserve on cancellation of warrants


-

-

-

(13,411)

-

13,411

-

-

-

Setting off minority shareholder loan


-

-

-

-

-

-

-

100,733

100,733

Transactions with owners


(6,712,523)

1,838,175

7,025,483

(242,241)

-

58,279

1,976,173

100,733

2,067,906

Loss for the period


-

-

-

-

-

(2,159,149)

(2,159,149)

(97,129)

(2,256,278)

Exchange differences on translation of

foreign operations


-

-

-

-

52,732

-

52,732

(6,459)

46,273

Total recognised income and expense for the period


-

-

-

-

52,732

(2,159,149)

(2,106,417)

(103,588)

(2,210,005)

Balance at 31 December 2009


356,337

8,858,724

7,025,483

3,767,933

(690,410)

(18,973,243)

344,824

-

344,824

 

* 2,000,000 of 5p ordinary shares issued for consulting services (prior to capital restructure.) when market value was 1.5p per share.  Market value adjustment was posted to share premium account.


Company statement of changes in equity

 

Note

Share capital

Share premium

Deferred shares

Other reserves

Retained loss

Total

 

 

£

£

£

£

£

£

Balance at 1 January 2008

 

7,053,819

7,020,549

-

3,624,721

(15,703,498)

1,995,591

 

 

 

 

 

 

 

 

Issue of ordinary shares

 

15,041

-

-

-

-

15,041

Recognition of warrants issued in the period

 

-

-

-

290,951

-

290,951

Reversal of un-utilised equity component of convertible loan notes

 

-

-

-

(49,167)

49,167

-

Recognition of equity component of convertible loan notes

 

-

-

-

143,669

-

143,669

Transactions with owners

 

15,041

 

 

385,453

49,167

449,661

Loss for the period

 

-

-

 

-

(749,116)

(749,116)

 

Balance at 31 December 2008

 

7,068,860

7,020,549

 

4,010,174

(16,403,447)

1,696,136


Company statement of changes in equity -continued

 

 

 

 

 

 

 

 

Note

Share capital

Share premium

Deferred shares

Other reserves

Retained loss

Total

 

 

£

£

£

£

£

£

Balance at 1 January 2009

 

7,068,860

7,020,549

 

4,010,174

(16,403,447)

1,696,136


 

 

 

 

 

 

 

Issue of ordinary shares for consulting services performed* and cancellation of consultants warrants under the same transaction

 

100,000

(70,000)

-

(12,574)

-

17,426

Share capital restructure

 

(7,025,483)

-

7,025,483

-

-

-

Issue of ordinary shares on conversion of loan notes

 

154,184

1,308,100

-

-

-

1,462,284

Issue of ordinary shares on exercise of warrants

 

51,276

534,075

-

(72,587)

-

512,764

Issue of ordinary shares for cash

 

7,500

67,500

-

-

-

75,000

Share issue cost

 

-

(1,500)

-

-

-

(1,500)

Recognition of equity component of convertible loan notes

 

-

-

-

21,726

-

21,726

Utilised equity component of convertible loan notes on conversion

 

-

-

-

(120,527)

-

(120,527)

Reversal of un-utilised equity component of convertible loan notes

 

-

-

-

(44,868)

44,868

-

Reversal of warrant valuation reserve on cancellation of warrants

 

-

-

-

(13,411)

13,411

-

Transactions with owners

 

(6,712,523)

1,838,175

7,025,483

(242,241)

58,279

1,967,173

Loss for the period

 

-

-

 

-

(2,085,385)

(2,085,385)

 

Balance at 31 December 2009

 

356,337

8,858,724

7,025,483

3,767,933

(18,430,553)

1,577,924

 

* 2,000,000 of 5p ordinary shares issued for consulting services (prior to capital restructure.) when market value was 1.5p per share.  Market value adjustment was posted to share premium account.

 

 

 


Consolidated statement of cash flows

For the year ended 31 December 2009

 

Note

Year to

31 December

2009

Year to

31 December

2008

Year to

31 December

2007

 

 

£

£

£

Cash flows from operating activities

 

 

 

 

Loss for the period

 

(2,256,278)

(833,928)

(884, 948)

Adjustments for:

 

 

 

 

  Depreciation of non-current assets

 

2,239

1,907

3,120

  Impairment of intangible assets

 

1,116,921

-

-

  (Profit)/loss on disposal of non-current assets

 

(129)

-

3,742

  (Profit)/loss on disposal of investments

 

-

(26,427)

4,338

  Share of loss of joint venture

 

-

603,341

30,025

  Share of loss of associates

 

(31)

134,485

2,869

  Net foreign exchange loss

 

223,572

(642,977)

63,186

  Investment income

 

(49)

(13,038)

(24,926)

  Finance costs

 

191,170

209,386

78,637

  Expense recognised in income statement in respect of

  equity-settled share-based payments

 

17,426

-

35,648

 

 

(705,159)

(567,251)

(688,309)

Movement in working capital

 

 

 

 

  Increase in inventories

 

(6)

(1,369)

-

  (Increase)/decrease in trade and other receivables

 

(740)

102,212

24,232

  (Decrease)/increase in trade payables

 

(430,673)

362,532

(336,357)

Cash outflow from operations

 

(1,136,578)

(103,876)

(1,000,434)

 

 

 

 

 

Interest paid

 

(9,679)

(32,088)

(26,586)

Net cash flow from operating activities

 

(1,146,257)

(135,964)

(1,027,020)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Proceeds from sale of investment securities

 

 

92,379

-

Advanced to joint venture

 

(139,694)

(135,223)

-

Purchase of property, plant and equipment

 

(971)

(2,708)

(2,825)

Proceeds from disposal of property, plant and equipment

 

609

370

829

Payments for intangible assets

 

(5,058)

(82,122)

(20,176)

Interest received

 

49

8,766

24,926

Net cash (used)/generated in investing activities

 

(145,065)

(118,538)

2,754

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from issue of equity shares

 

586,264

-

-

Net proceeds from issue of convertible loan notes

 

247,500

738,250

-

Net cash proceeds from financing activities

 

833,764

738,250

-

Net (decrease)/increase in cash and cash equivalents

 

(457,558)

483,748

(1,024,266)

Effects of exchange rate changes on the balance of cash held in foreign currencies

 

993

3,844

14

Cash and cash equivalents at beginning of period

 

594,321

106,729

1,130,981

 

Cash and cash equivalents at end of period

 

137,757

594,321

106,729

 

 

 

 

 


Company statement of cash flows

For the year ended 31 December 2009

 

 

Year to

31 December

2009

Year to

31 December

2008

Year to

31 December

2007

 

 

£

£

£

Cash flows from operating activities

 

 

 

 

Loss for the period

 

(2,085,385)

(749,116)

(572,114)

Adjustments for:

 

 

 

 

  Depreciation of non-current assets

 

1,324

1,457

1,644

  Profit on disposal of non-current assets

 

(129)

-

-

  Profit on sale of investments

 

 

(26,427)

-

  Impairment loss / (reversal) on investments

 

1,184,162

-

(212,110)

  Net foreign exchange loss

 

296

30,938

7,354

  Investment income

 

(49)

(13,038)

(24,926)

  Finance costs

 

191,170

209,386

78,637

  Expense recognised in income statement in respect of

  equity-settled share-based payments

 

17,426

-

35,648

 

 

(691,185)

(546,755)

(685,867)

Movement in working capital

 

 

 

 

  Decrease in trade and other receivables

 

168

32,118

28,771

  (Decrease)/increase/(decrease) in trade payables

 

(414,137)

328,254

(324,536)

Cash outflow from operations

 

(1,105,154)

(186,383)

(981,632)

 

 

 

 

 

Interest paid

 

(9,679)

(32,088)

(26,586)

Net cash flow from operating activities

 

(1,114,833)

(218,471)

(1,008,218)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(970)

(2,207)

(1,901)

Proceeds from disposal of property, plant and equipment

 

609

370

-

Amounts advanced to related party

 

(160,846)

(197,034)

(25,380)

Proceeds from sale of investment securities

 

-

92,379

-

Interest received

 

49

13,038

24,926

Net cash used in investing activities

 

(161,158)

(93,454)

(2,335)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from issue of equity shares

 

586,264

-

-

Net proceeds from issue of convertible loan notes

 

247,500

738,250

-

Net cash proceeds from financing activities

 

833,764

738,250

-

Net increase in cash and cash equivalents

 

(442,227)

495,318

1,033,246

Effects of exchange rate changes on the balance of cash held in foreign currencies

 

(13,852)

(68,993)

(22,637)

Cash and cash equivalents at beginning of period

 

591,801

96,483

1,129,693

 

Cash and cash equivalents at end of period

 

135,722

591,801

96,483

 

 

 

 

 

 

 

 


1. General information

 

Eurasia Mining Plc (the "Company") is a public limited company incorporated and domiciled in Great Britain with its registered office and principal place of business at Suite 139, Grosvenor Gardens House, 35-37 Grosvenor Gardens, London SW1W 0BS. The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (the "Group") are related to the exploration for and development of platinum group metals, gold and other minerals in Russia.

 

Eurasia Mining Plc's consolidated financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.

 

The financial information contained in this document does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31 December 2009 have been extracted from the audited statutory financial statements. The financial statements for the year ended 31 December 2009 received an unqualified auditors' report which did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2. Annual Report and Notice of Annual General Meeting

 

The Annual Report and Accounts will be dispatched to shareholders on 07 June 2010 and will also be available on the Company's website from that date: www.eurasiamining.co.uk .

 

The Annual General Meeting of the Company has been convened at 11:00, on 30 June 2010, at Little Ship Club, Bell Wharf Lane, Upper Thames Street, London EC4R 3TB.

 


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR UBOKRROANRRR
UK 100

Latest directors dealings