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 increases Russian-classed reserves at West Kytlim platinum project
Eurasia Mining PLC (LON:EUA) said it has now received confirmation that it can include further prospective areas at the West Kytlim alluvial platinum project in Russia, thereby substantially raising the Russian-classed reserves there.
The company said the Urals Branch of the Federal Agency for Natural Resources has approved two further areas of additional reserves of C2 classification as defined by the Russian Standard within the Tylai-Kosvinsky (TK) Placer at the project.
This addition increases the approved C2 reserves at West Kytlim by 81 percent.
The C2 category of the Russian minerals classification system finds the nearest equivalent in JORC or NI43-101 as either part of the reserves when adjacent to existing or planned mining operations or an indicated resource in exploration areas.
The approval of these new Russian Standard reserve areas is confirmation of the extent of the TK Placer beyond Bolshaya Sosnovka Creek, (TK Placer area 1), Eurasia's existing mining licence application at West Kytlim, the company said.
One new reserve area is adjacent to Bolshaya Sosnovka Creek (TK Placer area 3); the second is located approximately 7 kilometres to the southwest (TK Placer area 9).
The Eurasia resource estimate for TK Placer areas 3 and 9 under C2 reserve totals 612 kilogrammes of contained platinum.
Eurasia said it will shortly update investors on the exploration programme from which this resource estimate is derived.
These new reserves areas are being submitted for registration of discovery certificates, the final step prior to applying for a production licence.
Meanwhile, the company still awaits approval for its first production licence. It may be possible to combine the two new areas into one revised application.
The company anticipates announcing its interim results for the period ended 30 June 2011 on September 9 2011.
