West Kytlim Flanks License Received

RNS Number : 4510S

Eurasia Mining PLC

16 November 2021

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

16 November 2021

Eurasia Mining Plc

West Kytlim Flanks License Received

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that an additional exploration license has been granted at its West Kytlim project (the "Flanks License"). The Company applied for this license area in 2019 and the grant was expected.

Summary Highlights:

· The area of the Flanks License is adjacent to our current mining license and is largely intersecting with (as well as extending beyond) the initial exploration license that Eurasia owned via its former joint venture with Anglo American Platinum ("Anglo JV").

· Thus, the Flanks License area is largely known to Eurasia via the exploration work undertaken within the Anglo JV.

· The Flanks License is aimed at increasing the resource available and potentially extending the life of mine at Eurasia's West Kytlim project, where 2 additional plants have been launched this year (in addition to 1 plant operating in the previous years).

· This additional license area is to ensure long term resource for further scale ups of production, including the electrically powered draglines aimed to further improve our operational efficiency and our ESG credentials.

Christian Schaffalitzky, Executive Chairman of Eurasia commented: " The Directors are delighted that we continue expanding our presence in the Urals beyond our current mining license area and Typil exploration license area, including to the areas known to us through the work done within our former 15-year joint venture with Anglo American Platinum. Once again, we have demonstrated the capacity of our team to successfully obtain licenses and implement our strategy ".

James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are happy that we have once again delivered on the promise we made to obtain the Flanks License at our West Kytlim project, strengthening its position as the world's largest soft rock PGM project, as we continue to successfully execute on our plans ".

More information about the West Kytlim Flanks is set out in the Company's announcements of 15 March 2021, 25 August 2020, 17 Dec 2019 and 4 Dec 2019.

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements.

For further information, please contact:

Eurasia Mining Plc	[phone]
Christian Schaffalitzky / Keith Byrne
SP Angel (Nominated Advisor and Joint Broker) Ewan Leggat / David Hignell / Adam Cowl	[phone]
Optiva Securities (Joint Broker) Christian Dennis	[phone]

About Eurasia Mining Plc

Eurasia Mining plc is a palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium and nickel open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.

 

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