Extension of Monchetundra Licence

RNS Number : 8568U

Eurasia Mining PLC

04 January 2013

 



Eurasia Mining plc

("Eurasia" or the "Company")

Extension of Monchetundra Licence

Eurasia is pleased to announce that its exploration licence at Monchetundra in the Kola Peninsula in Russia has been extended for a further year to December 2013. This will enable the Company to continue to progress the exploration work at the site with the objective of applying for a production licence by the end of 2013.

To summarise the exploration results obtained and announced by the Company, on 7 April 2010, 15 December 2010, and 29 March 2011, two 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 and palladium over intercepts of 10 to 30 metres have been intersected, from surface to a depth of 150 metres. At West Nittis, some nine kilometres to the north-northwest of Loipishnyun, a stratiform zone grading 2 to 15 grams per tonne gold, palladium and platinum over 1 to 13 metres is cut by a vertical zone with much higher grades, the best being 1 metre at grades of 12.28 gold, 6.52 platinum, 98.8 palladium with accompanying base metal grades of 2.13% nickel and 0.15% copper.  In this area, the mineralization remains open both on strike and down dip.

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: "Now that the exploration licence has been extended for a further year, we aim to complete an application for one if not two areas for mining within the Monchetundra licence area."

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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