Award of Discovery Certificate

RNS Number : 9267U

Eurasia Mining PLC

22 October 2014

 



Award of Discovery Certificate

Eurasia Mining plc

("Eurasia" or the "Company")

Eurasia Mining plc is pleased to announce that it has been granted a Discovery Certificate for a 21.5km² area of alluvial platinum reserves on the Tylai-Kosvinsky Placer at its West Kytlim exploration licence in the Urals, Russia. The Discovery Certificate is awarded for a new discovery of platinum (with minor gold) and gives Eurasia exclusive rights to apply for and obtain a production licence.

Eurasia has been developing its West Kytlim project since 2003. In 2008, Eurasia was granted a Discovery Certificate that covered a single area of reserves near the original discovery site at Bolshaya Sosnovka. A mining licence, if issued for that area, would have covered reserves sufficient only for a single site operation, despite the recognised potential for further reserves within the known Placer. For this reason, the Company decided to continue exploration and since 2008 has considerably increased reserves at West Kytlim, allowing for multiple site production and an extended life of mine.

The Mining Licence application is fully prepared and is now being lodged. It contains a description of financing arrangements and a demonstration of the capacity of the Company and contracted technical specialists to plan and implement the necessary works.

Commenting on the news, Christian Schaffalitzky said: "We are delighted that we have received this award as it provides us with a secure base on which to build our mine. In receiving this certificate, it allows the company to attribute value to the project for the first time. We look forward to advancing the permitting over the coming months and plan to keep shareholders updated on progress.  We are still hopeful that we can break ground next summer".

Contacts:

For more information please contact:

Eurasia Mining:

Christian Schaffalitzky / Michael de Villiers

Tel: [phone]

Katy Mitchell, WH Ireland Limited

Tel: [phone]

 

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