Exploration Update - West Ky

RNS Number : 2487K

Eurasia Mining PLC

15 April 2010

 



Eurasia Mining plc

("Eurasia" or the "Company")

Exploration Update  - West Kytlim

The West Kytlim project is an alluvial platinum exploration licence area in the Central Urals. The area has been the main area of exploration by Eurasia in the Urals since 2007. The Licence is owned 75:25 by the Joint Venture between Eurasia and Anglo Platinum of South Africa, and one of the best established local alluvial gold and platinum producers, Yuzhno-Zaozeorsky Priisk.Most of the funding to date has been provided by Anglo Platinum under the joint venture agreement. Alluvial platinum has been mined for over 150 years in the central Urals, with some 16 million ounces estimated to have been produced to date.

Discovery certification of alluvial platinum on our exploration licence at West Kytlim was formerly awarded in March 2009. This discovery forms part of a larger river system, the Tylai-Kosvinsky, where exploration has concentrated over the past three years. This certification represented a major step forward as it provided exclusive rights for the Joint Venture to apply for a production licence for the development of a mining operation in the area. This application involves a multi-stage approval process that has been underway since 2009. There is no statutory time-line for the granting of a production licence and until such is granted, the company has no title to the asset and therefore no rights to mine the deposit..

Currently the precise contours of the part of the area initially subject to conversion are being established.

Continuing exploration, conducted in parallel with this work has successfully confirmed potentially economic extensions of the Tylai-Kosvinsky river system at various locations within the exploration licence area. This ongoing work is directed at a continuous expansion of the resource base at West Kytlim.

For more information please contact:

Eurasia Mining Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
John Wakefield, WH Ireland Limited	Tel: [phone]

 

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