Mining Licence Update

RNS Number : 7696F

Eurasia Mining PLC

25 February 2015

 



EURASIA MINING PLC

("Eurasia" or the "Company")

Mining Licence update

Eurasia, the platinum explorer and resource development company operating in Russia, is pleased to provide an update on its mining licence application for its West Kytlim project in the Urals.

The Board reports that representatives of the Russian state authorities have verbally confirmed that the Department of Defence ("DOD") and Federal Security Service ("FSB") have approved the Company's mining application.   These two approvals are key steps in the process of obtaining a Mining Licence, however at this stage there is no guarantee that the Mining Licence will be granted.

Christian Schaffalitzky, CEO of Eurasia Mining commented:  "We are delighted to report further progress in our application to secure a mining licence for the Company's West Kytlim project. 

We believe this project is unique in its attractiveness from a production perspective, with low capital set up cost, operational simplicity and short timescale to early revenue generation.  As a result key progress in our Mining Licence application is particularly important for the company and its shareholders, when seeking to secure crystallisation of the value generated at West Kytlim. 

We will report further progress as soon as possible."

Next Steps:

The reports from the DOD and FSB as well as that of the Anti-Monopoly Board ("FAS") provide the basis for Rosnedra's compilation of the terms and conditions of the mining licence, which will be forwarded for review by the Ministry of Economic Development ("MED").

The MED review will assess the financial viability of the project and subsequently inform Rosnedra on its conclusions based on the submitted mining application and supporting documentation.

We expect to report back to shareholders with a further update on the latter steps, in the near term.

For more information please contact:

Eurasia Mining:

Christian Schaffalitzky / Michael de Villiers

Tel: [phone]

Katy Mitchell, WH Ireland Limited

Tel: [phone]

 

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