Eurasia Mining PLC Receipt of Discovery Certificate (1731L)
July 17 2017 - 1:00AM
UK Regulatory
TIDMEUA
RNS Number : 1731L
Eurasia Mining PLC
17 July 2017
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Receipt of Discovery Certificate for Monchetundra Reserves and
Resources
Eurasia, the platinum production and gold exploration company,
is pleased to announce that it has now been granted a discovery
certificate for its Monchetundra Project's 1.9 million ounce
palladium equivalent (platinum and palladium) global Reserves and
Resources. This follows its official application for a discovery
certificate, announced on 15 June 2017.
Eurasia, through its local subsidiary Terskaya Mining Company,
has now been officially credited as the discoverer of these
Reserves and Resources and holds an exclusive right to apply for
and receive a mining licence for their extraction.
Overview:
-- The Discovery Certificate has been processed quicker than had
been anticipated, being awarded just under a month after Eurasia
submitted its application.
-- State approved Reserves and Resources within the Monchetundra
Project comprise Russian standard C1 and C2 categories of 55.9
tonnes (1.9 million ounces) palladium equivalent.
-- The Company expects to submit an application for a Mining
Licence at Monchetundra in the near future.
-- Eurasia intends to progress the development of Monchetundra
using a similar model to that which has proven successful at its
West Kytlim mine.
-- The Company has further advanced talks with refineries in the
country with regards to concentrates such as those produced from
Monchetundra.
-- At West Kytlim, production has commenced from two production units.
Christian Schaffalitzky commented: "Once again, a heart-felt
thank you to our team in Russia for advancing the project through
to this stage. The rate of progress at Monchetundra, from
submission of our Feasibility Study, through Reserves Approval to
issue of a Discovery Certificate, has been impressive by any
international standard. We look forward to progressing our Mining
Licence application as we move towards development of this major
asset."
As previously announced, global, state approved Reserves and
Resources within the Monchetundra Project comprise Russian standard
C1 and C2 categories of 55.9 tonnes (1.9 million ounces) palladium
equivalent (palladium and platinum) at two open pittable locations,
West Nittis and Loipishnune. These open pits also contain
significant gold and base metal credits including 2.0 tonnes of
gold, 28,124 tonnes of copper and 30,410 tonnes of nickel. The full
Reserves and Resource Statement is set out in the announcement
dated 31 May 2017.
To note, for the purposes of correlating the scale of this
deposit to other international Platinum Group Minerals ("PGM") and
Base metal mines, the total in-situ metal value of these Reserves
and Resources, before metal recoveries and all costs, is calculated
as 1.7 billion USD at today's metal prices. However, there is no
guarantee that this figure will be achieved by Eurasia.
The Discovery Certificate has been processed quicker than had
been anticipated, a testimony to the efficiency of the officials at
Rosnedra, the Federal Agency for subsoil use. The documents and
articles relating to the application for a Mining Licence have been
progressed and the Company expects to submit this in the near
future.
It remains Eurasia's stated intention to progress the
development of the Monchetundra Project using a similar model to
that which has proven to be successful at West Kytlim, which is by
contracting a suitably qualified operator and selling operating
costs for a share in the top line sales.
In addition, Eurasia have further advanced talks with refineries
in the area and note a growing appetite for lower Sulphur PGM and
base metal concentrates such as those at Monchetundra and the
Kevitse project, recently purchased by Boliden for a cash
consideration of $712m.
Meanwhile at West Kytlim, the Company's operating alluvial
platinum mine with gold credits, located in the Ural Mountains,
production has commenced from two production units (washplants). A
larger washplant commissioned by our operating contractor is now in
production in parallel with Eurasia's own smaller washplant.
Further updates will be provided in due course, as appropriate
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/James Sinclair-Ford
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
Blytheweigh
Tim Blythe/Camilla Horsfall
+44 (0)207 138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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