Extension of Monchetundra Licence

RNS Number : 9574Q

Eurasia Mining PLC

21 October 2013

 



Eurasia Mining plc

("Eurasia" or the "Company")

Extension of Monchetundra Licence

Eurasia is pleased to announce that its licence at Monchetundra in the Kola Peninsula in Russia is being extended for three years to December 2016.

Two priority areas of PGM and base metal mineralization have been identified in the licence area: Loipishnyun and West Nittis. In the first area, mineralization occurs within two north-northwest striking lodes. Consistent grades of 1 to 1.3 grams per tonne platinum plus palladium over intercepts of 10 to 30 metres have been intersected, from surface to a depth of 150 metres. At West Nittis, some four kilometres to the north-northwest of Loipishnyun, a stratiform zone grading 2 to 15 grams per tonne gold, palladium plus platinum over 1 to 13 metres is cut by a vertical zone with much higher grades; the best being the previously reported intersection of 1 metre at grading 12.28 g/t gold, 6.52 g/t platinum, 98.8 g/t palladium with accompanying base metal grades of 2.13% nickel and 0.15% copper. The mineralization at West Nittis remains open both along strike and down dip. Both areas offer potential open cut mining opportunities.

As previously announced, Eurasia holds a 60% interest in this licence through its 40% holding in Urals Alluvial Platinum Limited ("UAP"), owned jointly with Anglo Platinum, the balance of 20% being held by Eurasia alone.

Managing Director Christian Schaffalitzky said: "The three year extension gives the company ample time to develop the project and extend the resources that we have discovered from our successful exploration".

EurGeol Christian Schaffalitzky, FIMMM, PGeo, CEng, 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.

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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