Eurasia Mining PLC West Kytlim Mining Update (6190B)
September 24 2018 - 1:00AM
UK Regulatory
TIDMEUA
RNS Number : 6190B
Eurasia Mining PLC
24 September 2018
RNS Announcement: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
West Kytlim Mining update Sept 2018
Eurasia Mining, the PGM and gold production company, here
provides a further update from its West Kytlim Mine, the second
largest alluvial platinum mine in the world (after Konder in
Russia) which the company brought to industrial scale production in
May of this year. The mine continues to exceed Directors'
expectations in terms of daily production targets and run of mine
grades. Shipments of the mine product, a raw platinum concentrate,
to the Ekaterinburg precious metals refinery are ongoing,
commensurate with payments from sale of Platinum, Palladium,
Rhodium, Iridium and Gold.
Eurasia's subsidiary Kosvinsky Kamen, and the mine's contractor
Techstroy, have also jointly decided to progress with the much
larger Kluchiki open pit, 2 kilometres to the south west of Malaya
Sosnovka open pit. Forestry clearing began at Kluchiki in July
2018. Machinery and equipment were deployed to the site in August
2018, with full production following directly.
Overview:
-- Total production now stands at 141.5 kg (4,549 ounces total
raw platinum from 3 May to 19 September 2018).
-- Monthly production averaging greater than 30kg raw platinum.
-- Mining ongoing at Kluchki open pit, with current state
approved reserves of 893,000m(3) of platinum and gold bearing
gravels.
-- The nature of platinum bearing gravels, sedimentary units,
clay and boulder content and the general mining scheme are largely
similar at Kluchiki Open Pit.
-- Grades continuing to exceed reserve grades by a considerable
margin. Total average grade from production to date circa 1g/m(3)
raw platinum.
Christian Schaffalitzky, company Chairman has highlighted: "We
are pleased to provide some further details on the production
performance at our West Kytlim Mine, which we believe has been a
great success story this year. We are clearly well ahead of our
internal target revenue for the year, and with two months of
production remaining in the season. Commencing work early on at
Kluchiki open pit means we believe we are in an excellent position
to ramp up to full scale production in 2019. Our contractor
Techstroy in cooperation with our own direct staff at site have
operated an efficient and safe worksite throughout the year.
The mining license application at the Monchetundra Project has
now reached the very final stage, and we now look to a successful
conclusion to the mine permit application. No administrative or
technical issues have been highlighted to the Company".
Kluchiki open pit - further details
Kluchiki open pit occurs within a few kilometres of Malaya
Sosnovka open pit, downstream in the Tylai river system and within
the West Kytlim mining license awarded to Eurasia's subsidiary
Kosvinsky Kamen, and which is valid until 2040. Reserves and
resources were identified in the area and achieved state approvals
as part of the feasibility study approved in early 2014 (see RNS
dated 22 April 2014). As per the 2014 feasibility study and
reserves report a total of 319kg raw platinum has been identified
at Kluchiki.
Further infill drilling was undertaken at Kluchiki in 2017 and
2018 as part of a broader and continuing reserves drilling program
at Kluchiki and also Bolshaya Sosnovka, an area targeted for
development after Kluchiki. A report on the drilling program will
follow shortly.
Russian standard C1 and C2 Reserves were recalculated for the
Kluchiki Area following the 2018 drilling program. In accordance
with the applicable laws and regulations complete reserves
statement will be provided on receipt of confirmation of the
reserves from the subsoil agency.
A further video blog is in process at Kluchiki site for release
in the week following this announcement.
Our shareholders are again directed to the company's media
outlets where coverage of the mine operation is ongoing. This
includes: twitter.com/eurasiamining and the company's Vimeo channel
at https://vimeo.com/user71951711
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
WH Ireland Limited (Nomad and Joint Broker)
Katy Mitchell / James Sinclair-Ford
+44 (0)161 832 2174
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLLLFIDALILFIT
(END) Dow Jones Newswires
September 24, 2018 02:00 ET (06:00 GMT)
Eurasia Mining (LSE:EUA)
Historical Stock Chart
From Apr 2024 to May 2024
Eurasia Mining (LSE:EUA)
Historical Stock Chart
From May 2023 to May 2024