www.eurasiamining.co.uk
Eurasia's stated objective is to explore for the platinum group of metals (PGMs) and gold through self-funded own exploration targets and joint venture partnerships with strategic operators and local partners. Operations are funded from the company's own equity funds and funded joint venture agreements. Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to establish feasibility study level. It is then the company's intention to either proceed with developing the project to production or partnering the project with a suitable operator.
Eurasia Mining extends exploration license for West Kytlim platinum project until Dec 2012
Eurasia Mining (LON:EUA) was successful in its bid to extend the exploration license at West Kytlim, allowing it to fully explore further platinum discoveries made in the area.
Investors cheered the update, sending shares in the company 16% higher.
The licence over the platinum project in Russia’s Urals will now run for another two years until December 2012.
The work planned for this period will target further expansion of the total resource base via continuing exploration in additional identified prospective areas within the license area, which spans over 171 square kilometres.
Meanwhile, Eurasia continues to work on finalizing a production permit application.
“We are now looking forward to the granting of a production licence, which would allow us to begin platinum production at West Kytlim next summer,” said managing director of Eurasia Mining Christian Schaffalitzky.
Mine preparatory work will commence once its production license area application is approved.
Eurasia holds an interest in this licence through its 50% holding in Urals Alluvial Platinum Limited, owned jointly with Anglo Platinum. UAP has a 75% stake in a Russian holding company that holds the West Kytlim exploration licence.
The majority of the exploration work to date has been funded by Anglo Platinum with Eurasia acting as manager and operator.
Eurasia also holds two projects in the Kola Peninsula in northwest Russia. Anglo Platinum Limited earned a 40% interest in the project by expending US$10 million on exploration works from 2006 to 2009.
Drilling at the Kola projects kicked off in September.
Eurasia’s chairman Michael Martineau has said that the outlook for mineral exploration and development continues to look positive and the board is evaluating new opportunities.
In an exploration update in June, Eurasia said that it had explored areas to date within the Tylai-Kosvinsky (T-K) Placer at West Kytlim, and eight other river valley systems had had varying degrees exploration.
Whilst the company acknowledged that, due to the nature of alluvial deposits, drilling information alone is insufficient to calculate in-situ resources, it said that results obtained to date "encourage continued assessment of the licence area".
