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 seeks further success in 2011
Eurasia Mining PLC (LON:EUA) says continuing good news flow must deliver capital growth in the future.
The firm, which released its results for the year to 31 December 2010, said the company was continuing this year to assess opportunities in Russia and that it hoped the gold exploration licences applied for in the far east of the country will become available under reasonable terms during 2011.
2010 had been marked by further success in Eurasia's platinum exploration work and its expansion into uranium in Kyrgyzstan through a joint venture company, it said.
Also, as announced in January this year, the firm signed a MOU to acquire an interest in the Kamushanovsky uranium project in Kyrgyzstan.
This project has been the focus of a five-year exploration programme and is currently estimated to contain at least 1,775 tonnes of uranium oxide.
Financing is now being sought to further establish Energy Resources Asia - a private company managed by Eurasia, to deal with the Kamushanovsky project.
A bankable feasibility study ("BFS") for the project is planned to be completed by the end of the year. Kyrgyzstan was one of the centres of uranium mining before independence from the former Soviet Union.
Although most mines closed in the early 1990s, ore processing is still active. A plant with capacity for processing concentrates lies around 60km from the the Kamushanovsky deposit, said Eurasia.
For the year to 31 December 2010, the firm narrowed its pre-tax loss to £522,555 from £2,256,278 in 2009. Its basic and diluted loss per share was £0.12 compared to a loss per share of £0.92 in 2009.
Cash and cash equivalents at 31 December 2010 stood at £943,636 compared to £137,757 as at the end of December in 2009.
Om 29 March this year, the firm revealed the latest drilling results from its Monchetundra licence area near Monchegorsk on Russia’s Kola Peninsula.
The directors believe that some of the grades were among the highest ever intersected in the Monchetundra area.
The firm revealed a potnetially open pittable zone, called West Nittis, consisting of sulphide mineralization containing base metals with PGM (Platinum Group Metals). It is additional to the mineralized zones already drilled further south in the Monchetundra licence area.
