Mining Licence Update - MNR Approval

RNS Number : 0147R

Eurasia Mining PLC

24 June 2015

 



Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Mining Licence Update - MNR Approval

Eurasia Mining plc, the Russia focused PGM exploration and development company is pleased to announce that the Ministry of Natural Resources ("MNR") has approved the Company's application for a Mining Licence at West Kytlim and has now delivered the licence submission to the office of Prime Minister Dmitry Medvedev for final authorisation.  Rosnedra, the federal mineral licencing agency, is the division of the MNR that carried out the detailed work on the application.

The MNR approval and completion of the final licence submission for the Prime Minister's authorisation signifies that all the relevant Russian agency approvals for the Mining Licence application have now been received.  In addition all necessary documentation with regard to project technical, financial and operational features has been received and accepted by the MNR, for the purpose of the Mining Licence application, and forwarded to the Prime Minister's office.

The Licence submission includes all the reserves defined by the Company to date and as recorded within the Discovery Certification notice provided to the Company by the relevant authorities.

We are pleased also to confirm that the Prime Minister's office has accepted the application. The office requested additional updated information related to the ownership of the project, updated to June 2015, and this has now been supplied. Other than this request, no further information is required for their assessment of the application. A further announcement will be made on receipt of a response from the Prime Minister's Office.

Christian Schaffalitzky, Managing Director for Eurasia, commented: "We are delighted to advise shareholders of further progress in the Mining Licence application process.  The application process continues to work efficiently and we are grateful to the Russian authorities for their support during this important period.

We have now arrived at the final approval stage which rests with the Prime Minister's office.  For the Company this is a key moment as we seek to advance into Platinum production at West Kytlim.

Upon receipt of the Mining Licence approval we have committed to accelerate the project and this has driven an intensive period of preparatory work by the Company.

Whilst we await the Mining Licence final approval, our preparatory work for West Kytlim continues.  Alongside this we are working to achieve further progress with our plans for Monchetundra and also to assess additional PGM and gold opportunities, including near term production opportunities.  We will update the market with developments as soon as possible in this regard."

Enquiries:

Eurasia Mining Plc

Christian Schaffalitzky/Michael de Villiers

[phone]

WH Ireland Limited

Katy Mitchell/Liam Gribben

[phone]

Beaufort Securities

Elliot Hance

[phone]
 

Loeb Aron
John Beresford-Peirse
[phone]

 

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