Update re Gold Tailings Opportunity

RNS Number : 3260S

Eurasia Mining PLC

16 March 2016

 

Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

Update re Gold Tailings Opportunity

Eurasia Mining plc, the Russia focused PGM exploration and development company, is pleased to announce that on 15 March 2016, Metal Tiger plc (LON:MTR)  exercised its option with Eurasia to participate alongside Eurasia  in the Semenovsky Tailings Project ("STP").

Background information with regard to this opportunity was originally provided in the Company's announcement dated 16^th November 2015 with a further update supplied in the subsequent announcement dated 12^th February 2016.

Under the terms of the option, Metal Tiger will fund up to US$100,000 of exclusivity work programme costs (an additional US$50,000 plus the US$50,000 option payments already made) on the Semenovsky Tailings Project, and thereafter look to work with Eurasia on developing the STP project.  US$135,000 has been spent so far by Eurasia.

Eurasia and Metal Tiger are now working together to refine plans and are specifically working to complete the due diligence work and schedule the 2016 developmental steps.

A further update will be provided to the market in the near term.

Christian Schaffalitzky Managing Director of Eurasia Mining said: "We are pleased to confirm Metal Tiger's participation in the Semenovsky Tailings Project.

The Board of Eurasia Mining believe that the project offers a very attractive opportunity to move into production generating revenues and cash inflow, something that investors are increasingly keen to see in the junior mineral equity space.

We look forward to updating the market with further information in the near term."

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]

 

END

 

 

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