Mining Licence Update

RNS Number : 7123H

Eurasia Mining PLC

18 March 2015

 



EURASIA MINING PLC

("Eurasia" or the "Company")

Mining Licence Update

Eurasia Mining (LON:EUA), the platinum explorer and resource development company operating in Russia, is pleased to provide an update with positive progress in the Company's Mining Licence application in respect of the West Kytlim Alluvial Platinum Mining Project.

Highlights:

- Rosnedra has confirmed that they have now compiled the draft terms and conditions of the Company's Mining Licence;

- The next stage is that the draft Mining Licence has been submitted to the Ministry of Economic Development (MED), which has 30 days to respond on economic considerations (primarily the advance royalty payment); and

- Following the review of the Mining Licence by the MED the final stage is a overview by the Prime Minister's office, for which there is no specified time interval.

Christian Schaffalitzky, CEO of Eurasia Mining commented "Following on from our 25 February 2015 update we are pleased, once again, to report expeditious progress by our Russian team and the state mining agency Rosnedra, in the preparation of the Mining Licence terms and conditions, along with delivery of documentation to the MED.

"We are eager to demonstrate the viability and economics of our work to date at West Kytlim, through an accelerated move into production, upon receipt of the necessary licence approvals.  Work continues apace to ensure Eurasia Mining is prudently well prepared for the production phase, to the benefit of all stakeholders and in accordance with our commitment to the Mining Licence process.

"Elsewhere within our business we continue to make progress and look forward to providing further updates at the earliest opportunity."

West Kytlim Licence Process:

West Kytlim is a PGM exploration and development interest in the Urals, Russia in which Eurasia has a 75% holding.  The Company has submitted and is progressing through a Mining Licence application to allow the Company to undertake alluvial platinum mining and production from West Kytlim.

For more information please contact:

Eurasia Mining:

Christian Schaffalitzky / Michael de Villiers

Tel: [phone]

Katy Mitchell, WH Ireland Limited

Tel: [phone]

 

END

 

 

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