Drilling Commences at Monchetundra

RNS Number : 6410V

Eurasia Mining PLC

11 August 2015

 

Eurasia Mining plc

("Eurasia" or the "Company")

Drilling Commences at Monchetundra

Eurasia Mining plc, the Russia focused PGM exploration and development company, is pleased to announce the commencement of drilling at the Company's Monchetundra PGM licence area.

It is anticipated that this work will add reserves and resources to the project for incorporation into a Mining Licence application, but further announcements will be made as the drilling programme progresses. The Company is entitled to apply for a Discovery Certificate and Mining Licence after the successful discovery of two open-pit target PGM deposits (West Nittis and Loipishnune).

The drilling programme, totalling 4,000 metres, is planned to add and detail the reserves and resources at the West Nittis PGM deposit. Further drilling on the other PGM deposit at Loipishnune is also under consideration.

This work forms a part of the plan to lodge a Mining Licence application, which would follow a similar route that the Company completed successfully for the Mining Licence covering its platinum project at West Kytlim in the Urals.

For reference, background information on the Monchetundra project that has the potential for several times more PGM reserves and resources than West Kytlim, can be reviewed in the Company's last announcement dated 29 July, 2015.

Christian Schaffalitzky Managing Director of Eurasia Mining said: "After success in receiving the Mining Licence for West Kytlim, we are pleased to be back working on this exciting project at Monchetundra.

The significant progress at West Kytlim has overshadowed other projects and this work announced today should, we believe, significantly increase the value of Monchetundra. Furthermore, our commitment to progress work at Monchetundra and move the project up the value chain enables us to build project value whilst finalising discussions with third parties who have expressed interest in the project recently.

In overview Eurasia now has two projects of material substance, both advancing. The Eurasia team look forward to accelerating progress and reporting material events, on a regular basis, as and when they occur."

Consent for release

EurGeol Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the reporting of these results.

Enquiries:

Eurasia Mining Plc

Christian Schaffalitzky/Michael de Villiers

[phone]

WH Ireland Limited

Katy Mitchell/Liam Gribben

[phone]

Beaufort Securities

Elliot Hance

[phone]

Loeb Aron

John Beresford-Peirse

[phone]

 

END

 

 

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