Preliminary Results

Eurasia Mining PLC
28 June 2000


* REPORT AND RESULTS FOR THE YEAR TO 31 DECEMBER 1999
* CONSIDERABLE PROGRESS ON PLATINUM AND PALLADIUM ASSETS
* BALANCE SHEET SIGNIFICANTLY STRENGTHENED IN APRIL 2000
* TARGETING FIRST PRODUCTION OF PALLADIUM BY END OF YEAR
* INCREASING WORLD DEMAND FOR PGM's AND NEW POLITICAL STABILITY IN RUSSIA
PROMISES ENCOURAGING FUTURE FOR EURASIA SHAREHOLDERS

Mr J A Mitchell, Chairman, Eurasia Mining PLC, in his statement to
shareholders in the Annual report for the year to 31 December 1999 says:
'During 1999 Eurasia achieved considerable progress on its platinum and
palladium assets and was actively involved in an important funding and debt
restructuring exercise to enable it to take those assets towards production'.
Mr Mitchell reported that the company raised £2 million in April 2000, and
converted 60% of the Framlington Russian Investment Fund debt into equity. He
also stated that the company is targeting the first production of Palladium by
the end of the year at the Baronskoye Palladium project, and that this is
expected to be the first stage of developing production to in excess of
100,000 oz. of PGM's per annum.

Mr Mitchell welcomed both Invesco and Gartmore as two new leading
institutional shareholders and made note of the joint venture agreement with
Anglo American Platinum Corporation (Amplats), for a programme to define and
assess large-scale alluvials and tailings resources in the Urals.
In his statement Mr Mitchell also drew attention to the sustained growth in
demand for PGM's, particularly for fuel cell technology, and to the new
political stability in Russia. He said: '...I believe your company is
particularly well positioned to take full advantage of these developments'.

Mr Andrew Counsell, Managing Director, reviews the progress at the main
operational sites at Baronskoye, and at Soloviev Hill/Vissim, and announces
excellent sampling results, encouraging geochemical surveys, and high assay
grades. He reports on the acquisition of a fully portable hydraulic diamond
drill which will permit the completion of the summer drilling programme at a
cost well under the budget, whilst also being available for future additional
drilling programmes. 

Andrew Counsell also reports that the company is actively evaluating other PGM
opportunities throughout the Urals, both in association with present joint
venture partners and also independently, particularly through strong
collaboration with various academic and research institutions throughout the
region.  He concludes 'with a considerably improved position in terms of cash,
debt, assets and potential production/cashflow, the company and its employees
have the opportunity to create a highly profitable long-term business with
commensurate high investment returns to Shareholders'.

The company reported for the year to 31 December 1999 a significantly reduced
net loss, in comparison to 1998, of £582,670 ( 1998 £1,346,954), together with
an increase in shareholders' funds of £249,913 to £2,734,865, after the
raising of additional share capital  during the year of £907,758. A complete
copy of the Preliminary Announcement of the company's 1999 results is attached
hereto.


Listing:              Alternative Investment Market, London Stock Exchange
Code:                 EUA
Web Site:             www.eurasia-mining.plc.uk
Email:                [e-mail]

For further information please contact:
Andrew Counsell, Managing Director             Tel:   [phone]       
Paddy Manning, The Paddy Manning Company       Tel:   [phone]       
               
28 June 2000

14-16 REGENT STREET, LONDON SW1Y 4PH
TEL: [phone]  FAX: [phone]
HEAD OFFICE AND REGISTERED OFFICE COMPANY NO: 3010091


                             CHAIRMAN'S STATEMENT
                                       

During  1999  Eurasia  achieved  considerable progress  on  its  platinum  and
palladium  assets and was actively involved in an important funding  and  debt
restructuring exercise to enable it to take those assets towards production.

The Company's funding exercise, completed in April 2000, raised £2 million and
was  coupled  with  the conversion of 60% of the debt to  Framlington  Russian
Investment  Fund into equity, thus substantially strengthening  the  Company's
balance  sheet.  The funds raised will be used over the next twelve months  to
advance  the  Company's  projects, to pay down debt  and  to  provide  working
capital.   In  particular  the Company is targeting the  first  production  of
palladium by the end of the year at the Baronskoye Palladium project.  This is
expected  to  be  the first stage of developing production  to  in  excess  of
100,000 oz Platinum Group Metals ('PGM') per annum, for which additional  debt
and/or equity funding will be required.  Further, much progress is expected at
the Soloviev Hill and Vissim platinum licence areas.

The funding also bought in two new leading institutional shareholders, Invesco
and  Gartmore,  to  join  Framlington  and  we  welcome  them  and  other  new
shareholders.   It  is indeed encouraging to see confidence in  the  company's
prospects supported by significant investment names.

In  addition, the Company succeeded in concluding a joint venture agreement in
1999 with Anglo American Platinum Corporation Limited ('Amplats'), the world's
leading producer of platinum.  Amplats is funding a joint works programme with
the  Company,  with  the objective of assessing the potential  for  commercial
application  of  alternative technologies to define  and  exploit  large-scale
alluvials and tailings resources in the Urals.  Our close working relationship
with Amplats bodes well for a bright future.

The rising world demand for both platinum and palladium has led me to conclude
that  our  company is well poised to benefit from the increases in  the  world
prices of these two important metals, which we expect to be maintained for the
foreseeable future.

One  particular area of potential significant and sustained growth  in  demand
for  Platinum  Group  Metals is fuel cell technology.  Strict  legislation  on
emissions  policy  has focused attention on this alternative automotive  power
source.   With companies such as Johnson Matthey and Ballard Power teaming  up
with the likes of Ford, Daimler Chrysler, General Motors, Toyota and Exxon  to
develop  this  technology, it becomes clear that fuel  cells  are  indeed  the
frontrunners of the leading alternatives.  It is estimated that  by  the  year
2010 around 10% of all US cars will be powered by fuel cells.

In Russia the recently elected President Putin appears determined to boost the
economy  (already  assisted by low inflation, high  oil  prices  and  internal
demand),  to  cut bureaucracy and to push through the changes in tax  law  and
investment  conditions  called for by Western investors.   The  new  political
stability is already restoring confidence to inward investment and provides us
with added opportunities to enlarge our exploration programmes.

Thus  I  believe  your company is particularly well-positioned  to  take  full
advantage of these developments.

In  conclusion I would personally like to thank management and staff  for  all
their  hard work and believe that their efforts will help provide shareholders
a confident and prosperous future.


J A Mitchell
Chairman
28 June 2000

                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                      For the year ended 31 December 1999
                                       

                                               1999         1998
                                                  £            £
                                                            
Administrative expenses                     (741,254)   (764,408)

Other operating income                             -      35,088
                                                            
                                                            
Loss from continuing activities             (741,254)   (729,320)
   before interest

Profit on partial disposal of a subsidiary    70,835           -
 
Interest  receivable & similar items          90,113       5,719
 
Interest payable  &  similar charges          (2,364)   (622,993)    

                                                            
Loss from continuing activities             (582,670) (1,346,594)
   before taxation
 
Taxation                                            -          -
                                                         
   
Loss on continuing activities               (582,670) (1,346,594)
    after tax  
     

Minority interest                            (20,451)          -
                                             
                                                            
Retained loss for the financial year        (603,121) (1,346,594)

Loss per share                                 (6.01)p    (36.14)p
                                                    


                          CONSOLIDATED BALANCE SHEET
                              At 31 December 1999

                                                 1999       1998
                                                    £          £
Fixed assets                                                  

Intangible -  Exploration, development      1,649,706  1,649,706
and production interests                    

Tangible - Exploration, development         3,694,368  3,440,535
and production interests

Tangible - Other                              275,870    296,468

Investments                                    61,762     59,878

Total fixed assets                          5,681,706  5,446,587
                                           

Current assets 
                                               
Debtors                                        61,959    183,576

Cash at bank                                   21,710     50,036

Total current assets                           83,669    233,612

Creditors - amounts falling due within                                         
              one year                     (3,009,715)(3,194,984)
                                                              
Net current liabilities                    (2,926,046)(2,961,372)
                                 
Total assets less current liabilities      (2,755,660) 2,485,215
  
Net assets                                  2,755,660  2,485,215
                                           

Capital and reserves  
                                        
Called-up share capital                     4,167,556  3,726,217
                                                
Share premium                               3,246,336  2,779,917
                                       
Reserves                                   (4,679,027)(4,021,182)
                                         

Equity shareholders' funds                  2,734,865  2,484,952
                              
Minority interests                             20,795        263

                                            2,755,660  2,485,215
                                          

                                       
                       CONSOLIDATED CASH FLOW STATEMENT
                      For the year ended 31 December 1999

                                                 1999       1998
                                                    £          £
Cash flow from operating activities          (495,722)  (524,249)

Returns on investments and servicing of          (419)     3,355
finance

Capital expenditure and                      (244,732)  (619,573)
financial investment

Acquisitions and disposals                     36,847          -
disposals

Cash outflow before use of liquid            (704,026)(1,140,467)
resources and financing

Financing                                                     
   Issue of convertible loans                       -  1,006,027
   Issue of ordinary shares                   675,700          -


Decrease in cash in period                    (28,326)  (134,440)
                                                                                
           
Reconciliation of net cash flow to
movement in net debt
                                          
Decrease in cash in the period                (28,326)  (134,440)

Cash inflow from increase in debt                   - (1,006,027)

Change in net debt resulting from cash flows  (28,326)(1,140,467)

Translation difference                        (49,829)    30,935

Non cash movement                             144,161          -

Movement in net debt in period                 66,006 (1,109,532)

Net debt at 1 January 1999                 (2,521,751)(1,412,219)

Net debt at 31 December 1999               (2,455,745)(2,521,751)
                                                              


                              ACCOUNTING POLICIES
                                       
1  Basis of preparation

   The  financial  statements  have been prepared under  the  historical  cost
   convention and in accordance with applicable accounting standards.

   The  Group  has implemented the new accounting standards FRS 13  (Financial
   Instruments   and  Derivatives)   and  FRS  15  (Fixed  Assets).    Neither
   Financial  Reporting  Standard has resulted  in  adjustment  to  previously
   published figures.

   The  Group  is in an early stage of development and it does not at  present
   generate  sufficient revenues from operations in order  to  meet  operating
   expenditures,  capital  requirements and commitments.   In  order  for  the
   Group  to  finance planned extraction and achieve expanded  production  the
   Group  is  dependent upon securing additional debt and or equity financing.
   On  25  April 2000 the Group completed a private placement of £2.0  million
   (£1.8  million, after deducing costs of £0.2 million)  which the  Directors
   estimate  will provide sufficient finance to enable the Group  to  commence
   small  scale  commercial production.  Further debt and or equity  financing
   must then be secured to finance the next stage of development.

   Concurrent  with  the  fund  raising £482,065 and US$1,442,063  (£1,394,994
   million  in  total) of secured convertible loan stock held  by  Framlington
   Russian  Investment Fund ('FRIF') was converted into Shares of the  Company
   to  take  FRIF's shareholding to 29.9%  of the Company.  The terms  of  the
   agreement  provided that FRIF would undertake not to exercise  any  of  its
   conversion  rights  if this would increase its shareholding  in  excess  of
   29.9%  of  the  issued share capital of the Company and that the  remaining
   balance  of US$1,420,937 be converted or repaid by 24 April 2001.   In  the
   circumstances  that either FRIF is unable to convert the remaining  balance
   into  Shares of the Company by 24 April 2001, the remaining loan  stock  of
   US$1,420,937  would  be  repayable by the Company.   Unless  agreement  was
   reached  with  the loan stockholder or additional funding  negotiated,  the
   Company will not be able to meet its obligations as they fall due.
   In  the  event  that the Company is unable to secure such further  funding,
   the  Company  may be unable to continue as a going concern.  The  financial
   statements  do  not  include  any adjustments, particulary  in  respect  of
   tangible  fixed assets, stocks, investments, loans and provisions  for  the
   costs  of winding up, that would result from the Company and the Group,  or
   any of its subsidiary undertakings, ceasing to operate as a going concern.

2  Basis of consolidation

   Details of principal subsidiaries and associated undertakings are given  in
   note 12. The consolidated financial statements have been prepared from  the
   financial  statements  of the Company and all subsidiary  undertakings  and
   also  include  the Group's share of the results of associated undertakings.
   Each  company  in  the Group and each associated undertaking  has  prepared
   financial statements for the period ended 31 December 1999 which have  been
   adjusted where necessary to conform with the Group's accounting policies.

3  Exploration and development interests

   The  Group  adopts the 'successful efforts' accounting policy  for  mineral
   expenditure.  This  requires  the immediate write-off  of  exploration  and
   development  expenditure  which  the  Directors  do  not  consider  to   be
   supported  by  the existence of commercial reserves; expenditure  to  bring
   successful prospects to production is capitalised and depleted  on  a  unit
   of  production  method  over mineral reserves on  a  mine  by  mine  basis.
   Provision  is  made  for  any anticipated site restoration  or  abandonment
   costs over the life of the mines on a unit of production basis.

4  Other tangible fixed assets

   Depreciation  is  calculated to write off office furniture,  equipment  and
   vehicles on a straight line basis over their estimated useful lives,  which
   range from three to five years.

5  Intangible assets

   Intangible  assets  represent  the cost of  acquisition  by  the  Group  of
   rights,  licences  and  know how. Such expenditure requires  the  immediate
   write-off of exploration and development expenditure that the Directors  do
   not  consider  to  be  supported by the existence of  commercial  reserves.
   Otherwise  expenditure is capitalised and depleted on a unit of  production
   method over mineral reserves on a mine by mine basis.

6  Deferred taxation

   Provision  is made for deferred taxation on timing differences  only  where
   these  are  expected  to give rise to a tax liability  in  the  foreseeable
   future.

7  Foreign currencies

   The  financial statements of overseas subsidiaries are generally translated
   at  the  rate  of  exchange  ruling at the  balance  sheet  date  with  the
   exception  of  the year's profit and loss account, which is  translated  at
   the average exchange rates for the period of activity.

   The exchange differences arising on the retranslation of opening net
   assets and on the retranslation of the profit and loss account to closing
   rates of exchange are taken directly to reserves. All other translation
   differences are taken to the profit and loss account.


                                     Notes

1. The financial information set out above does not constitute the Company's
   statutory accounts for the years ended 31 December 1999 or 1998 but is       
  derived from these accounts.  Statutory accounts for 1998 have been           
 delivered to the registrar of companies, and those for 1999 will be            
delivered following the Company's annual general meeting.  The auditors have   
reported on those accounts; their reports were unqualified and did not         
contain statements under section 237(2) or (3) of the Companies Act 1985.


2. Reconciliation of operating loss to operating cash flows

                                           1999          1998
                                           £000          £000
                                                             
     Operating Loss                       (741)         (729)
     Depreciation and impairment             93            40
     charges
     Decrease in debtors                    122          (17)
     Increase in creditors                   31           182
                                                             
     Net Cash outflow from operating      (496)         (524)
     activities
                                                 
3. Copies of this announcement and the Annual Report and Accounts for the
   year ended 31 December 1999 will be mailed to the shareholders on 28 June    
  1999 and will be available, free of charge from the Company's registered      
 office at 14-16 Regent Street, London SW1Y 4PH for a period of 14 days from    
the date thereof.