Joint venture agreement

Eurasia Mining PLC
22 October 2002





Eurasia acquires second platinum project in South Africa



October 22, 2002: Eurasia Mining PLC, the AIM quoted mineral exploration company
active in South Africa and Russia, has secured an option over a second platinum
property in the Bushveld Complex of South Africa, the world's biggest source of
platinum group metals.



The company has agreed a joint venture with Randgold & Exploration Company
(Randgold) whereby it may acquire an interest of up to 75% in platinum group
metals rights over the Doornbosch property on the eastern margin of the Bushveld
Complex. Randgold would retain a 25% interest.



Dr Michael Martineau, Executive Deputy Chairman said 'The acquisition of the
Doornbosch mineral rights is an important first part of Eurasia's strategy of
gaining entry into properties with near-term development potential in both South
Africa and Russia.'



Dr Martineau added 'It is important to emphasise that the potential grade of
Doornbosch is excellent, that the ore-horizon is shallow dipping, can be
accessed from surface and that there is the potential to ship crude ore to
adjacent mines for processing. All these factors would have a favourable impact
on capital and operating costs. We propose to initiate a systematic drilling
campaign to define the resource as soon as the prospecting permit is granted and
subject to results complete a feasibility study within the option period of 21
months. In conjunction with our Empowerment Partner we will seek to negotiate
entry into nearby properties to increase the available resource base'



The Doornbosch property, which covers an area of approximately 3,629 hectares,
lies immediately east of the Maandagschoek Platinum mine development of Anglo
Platinum. Platinum bearing reefs (UG2 and UG1) outcrop over a distance of
approximately 1.2 kilometres. Based on published data from surrounding
properties Randgold have estimated a Platinum Group Metals content of 349,000
ounces grading at least 6.2 gm/t in the UG2 reef plus 334,000 ounces grading 3.4
gm/t in the UG1 reef. Chromite reefs lower in the sequence, which have a much
greater strike extent within the property, are reported to contain platinum
group metals in the general area will also be investigated.



The agreement requires that Eurasia drill a minimum of four holes in the first
six months after the granting of a Prospecting Permit. On completion of this
drilling and on payment of Rand 112,000 in option fees Eurasia will have earned
a 25% interest in a special purpose company established for the purposes of
developing the property. The additional 50% interest may be acquired on payment
of US$1.2 million following continued exploration and feasibility studies over a
further 12 to15 month period and on payment of Rand 300,000 in option fees.



For further information contact:



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











                                             Issued by First City Financial Ltd




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