Eurasia Mining PLC West Kytlim DFS Approved (4646M)
January 21 2021 - 4:28AM
UK Regulatory
TIDMEUA
RNS Number : 4646M
Eurasia Mining PLC
21 January 2021
21 January
EURASIA MINING PLC
("Eurasia" or "the Company")
West Kytlim DFS Approved
Eurasia Mining plc, the 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 open pit deposits
near base metal and PGM processing facilities and close to the town
of Monchegorsk on the Kola Peninsula, is pleased to announce the
approval of the West Kytlim definitive feasibility study ("DFS") by
a formal meeting of the Russian State Committee on Reserves.
Approval of the Definitive Feasibility Study
The DFS is the final stage feasibility study that starts with
the concept/scoping study, then develops into preliminary
feasibility study/studies ("PFS") followed by feasibility
study/studies ("FS") and finally by DFS.
As previously announced, the DFS was prepared by
GeoInvestProject ("GIP"), an independent technical and engineering
consulting company.
The DFS formal approval is a step change in the development of
West Kytlim, eliminating single asset risk by allowing production
at several open pits concurrently, thereby increasing production
volumes in comparison to a sequential mining approach.
In addition, the DFS allows for year-round stripping, earth
moving and ore stockpiling in advance of the ore processing.
Ongoing Operations
The stripping and earthmoving activities are ongoing and
unaffected by COVID-19 (zero cases to date thanks to the mechanised
open pit nature of the operations and the strict prevention
measures implemented) and are set to continue uninterrupted until
the spring when running water will allow the resumption of ore
beneficiation, which will run concurrently with mining
operations.
The cash position of the company is over $7m after significant
CAPEX made into production expansion and after rehabilitation of
the areas already mined at West Kytlim.
Comments
Christian Schaffalitzky, Executive Chairman commented: "The
Directors are pleased with the DFS approval, aimed at production
increases, and confirming West Kytlim's position as the world's
largest operation of this type. After significant capital
investment at West Kytlim into the production scale up and into the
rehabilitation, the cash position of Eurasia is robust with over
$7m, while the Company is pursuing its strategy as previously
reported. Further announcements will be made in due course".
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
ENQUIRIES:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
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END
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