Gold Exploration Deal

Eurasia Mining PLC
17 February 2003

Eurasia Mining plc is to undertake the joint exploration of a large gold licence
in Kamchatka in the Russian Far East. The area, known as Kumroch, includes
several gold prospects and covers some 435 square kilometres. It is located
about 400 kilometres north of the regional capital Petropavlovsk and about 40
kilometres inland from the Pacific Ocean. It is also some 650 km south-west of
the Ametistovoye project where Eurasia has announced heads of agreement for
planned development work.

Kumroch was the subject of exploration work during the 1990s.  Eurasia is now
planning a 2003 drilling programme to follow up the earlier results.

Commenting on the Kumroch project, Eurasia's Managing Director Christian
Schaffalitzky said: 'This is a very attractive exploration project which we
believe has the potential to host a large gold deposit. The licence area also
includes several targets which have not yet been assessed. Developed gold
deposits in Kamchatka have good economic parameters and we look forward to
building on the excellent early stage results'.

Under the agreement, Eurasia has the right to earn an initial 50% interest in
the Kumroch project by funding a feasibility study in the project area. The
licence covering the Kumroch area was issued in 1999 and is held by the
Bystrinskaya Mining Company (BMC), part of the CJSC Koryakgeoldobycha group of
companies.

Epithermal gold mineralization at Kumroch has been identified in five vein
systems measuring up to 20 m wide. Previous exploration has comprised stream
sediment, rock chip, trench and channel sampling, and diamond drilling. Surface
channel sample results to date include a 16.4m section of 2.5 grams per tonne (g
/t), an 11.4m section of 6.3g/t, a 6.75m section of 8.0g/t, a 1.3m section of
33.2g/t and a 1.0m section of 104.7g/t.

In 2000, BMC completed a six-hole initial drilling programme in the vicinity of
this sampling. Due to access limitations the drill holes were not systematically
located.  The results included intersections of 20.4m of 5.4g/t, 6.8m of 7.0g/t,
and 3.0m of 6.0g/t in hole C2; 4.6m of 4.9g/t in hole C3; and 7.6m of 9.6g/t in
hole C5. They create a number of immediate follow-up targets. There are several
additional prospects defined by excellent surface chip sample results elsewhere
on the licence which require drilling.

For further information contact:

Michael Martineau/Christian Schaffalitzky, Eurasia Mining PLC:     [phone]
David Youngman, W H Ireland:                                       [phone]
Allan Piper, First City Financial Public Relations:                [phone]
                                                                   [phone]




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