Joint Venture budget doubled

Eurasia Mining PLC
4 March 2002

DOUBLED BUDGET TO ACCELERATE WORK ON EURASIA'S URALS PLATINUM JOINT VENTURE
PROJECTS



Eurasia Mining PLC is pleased to announce that its partner Anglo Platinum has
approved a 2002 budget of US$1.2 million for the 50:50 Alluvial Platinum Joint
Venture in the Urals of Russia, where last years work located a potentially
commercial deposit. Under the terms of the joint venture all the funding will be
provided by Anglo-Platinum.



The Urals constitute one of the world's largest Platinum containing regions with
a historic production of over 16 million ounces. Since the 1940's when
production from this area went into steep and almost terminal decline little
exploration has taken place. Eurasia and Anglo Platinum are able to apply new
concepts of exploration and new and improved PGM recovery techniques that can
revitalise former mining districts and lead to the discovery and development of
previously unmined deposits. Further the development of a large steel industry
in the Urals has provided a major local market for chromite, which occurs in
large quantities in association with the Platinum at Vissim and probably in
other areas.



The new budget more than doubles, the $500,000 approved for reconnaissance and
drilling expenditures in 2001. It is expected that the new funding will carry
the Joint Venture to the decision point on whether to construct a mining project
at Vissim where Eurasia reported the discovery of potentially economic
concentrations of Platinum and Chromite late last year.



Work during 2002 will have four major objectives:



  • To define, by drilling, the economic resources on the Vissim project.
  • On the basis of such resources, and on the basis of ongoing marketing and
    metallurgical recovery investigations, to complete a feasibility study for
    the development of a mine at Vissim, which subject to economic factors and
    regulatory approvals could be in production in 2003.
  • To drill test a previously unmined basin downstream from platinum-bearing
    sources at Sosvar located 300 kilometres North of Vissim.
  • To investigate other substantial targets within the 16 million ounce
    former producing districts of the Urals that were defined by the 2000/2001
    fieldwork and for which applications have already been made.



Drilling to define resources at Vissim started in January and to date 33 holes
have been completed. Initial results are encouraging. The planned drill
programme has been extended to cover several potential mining areas along the
same drainage.  Two further drill rigs will now accelerate the Vissim programme
and work at Sosvar, where drilling started last week.



Eurasia and Anglo Platinum are finalising a comprehensive agreement that will
cover all aspects of their Joint Venture from exploration through mine
development and operation.



Eurasia's Executive Deputy Chairman Dr Michael Martineau said, 'We are delighted
that such a significant partner as Anglo Platinum has approved a more than
doubling of last year's budget to accelerate and expand our Joint Venture work'.



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