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.
RNS Release - Exploration Update - West Kytlim
Eurasia Mining plc
("Eurasia" or the "Company")
Exploration Update: West Kytlim
The Company is pleased to announce further details on the reserves update at Eurasia's West Kytlim alluvial platinum project. Further to the announcement of 8 September 2011, the Company can now provide further details on two further areas of additional reserves within the Tylai-Kosvinsky ("TK") Placer. This addition increases the approved C2 reserves at West Kytlim, as defined under the Russian Reserves Standard, by 81%. The exploration program from which this reserve estimate is derived is detailed in the announcement of 16 June 2010.
The approval of these new reserve areas is confirmation of the extent of the Tylai-Kosvinsky Placer well beyond Bolshaya Sosnovka Creek, (TK Placer area 1), Eurasia's existing mining licence application at West Kytlim. One new reserve area, (TK Placer area 3), is adjacent to Bolshaya Sosnovka Creek); the second is located approximately 7 kilometres to the southwest (TK Placer area 9).
The Eurasia C2 reserve estimate for TK Placer areas 3 and 9 totals 612 kgs of contained platinum; details of this estimate are as presented in the following table:
Approved C 2 reserves (cut-off grade 75 mgm/m3 raw Platinum)
TK Placer Area 3 | TK Placer Area 9 | Total | |
Average raw Pt grade, mgm/m3 | 363 | 303 | |
Contained Platinum, kg | 121.7 | 490.3 | 612 |
It should be noted that these estimates do not comply with the JORC code as alluvial reserve estimates are only used officially in the Former Soviet Union.
These new reserves areas are being submitted for registration of discovery certificates, the final step prior to applying for a production licence.
Commenting on these results, Managing Director Christian Schaffalitzky said: "Our development programme for West Kytlim continues to bear fruit as we add to the reserves delineated with the licence area. We anticipate adding further to the reserves and await the granting of a production licence to commence mine development."
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
For more information please contact:
Eurasia Mining | |
Christian Schaffalitzky / Michael de Villiers
| Tel: +44 (0) 207 932 0418 |
Katy Mitchell, WH Ireland Limited | Tel: +44 (0) 161 832 2174 |
This information is provided by RNS
