Eurasia Mining PLC - West Kytlim Update
("Eurasia" or the "Company")
West Kytlim DFS approval, Reserves upgrade and Production expansion strategy
Furthermore, a new strategy for reserves approvals has been adopted by the Company going forward. All Russian category C2 Reserves at all areas on the West Kytlim license are expected to be upgraded to C1 category in a single drilling program. The drilling program of circa 2,600 m of shallow drilling, 140m of which has already been drilled at the Bolshaya Sosnovka area, is fully funded. The Company expects this drilling program to be completed during 2019 in parallel with mining, and are excited about the opportunity this presents to increase capacity at site
· Kluchiki DFS now approved by Russian Mining authorities.
· A new strategy for reserve upgrade drilling has been adopted by the Company and is aimed at allowing major capacity expansion. All C2 reserves within the mining license are anticipated to be upgraded to C1 category ore.
· The drilling program is fully funded and now underway.
Production of raw platinum is ongoing at site with recent new additions to the washing circuit reported to be working well.
Chairman Schaffalitzky commented:
"The new drilling program is designed to save time and cost by reducing the reporting required for approvals at individual sites. It also creates the potential to open the project up to much greater production volumes and, by potentially lifting the majority of ore to higher reserve categories, could increase the market value of the asset. We look forward to updating on the program as it progresses throughout this year."
Kluchiki DFS approval:
The Kluchiki 'feasibility study of permanent conditions', considered equivalent to a DFS in western mineral industry reporting codes', has been approved at a sitting of the
A new strategy for reserve upgrade drilling designed to streamline statutory reporting and allow for capacity expansion:
All C2 reserves within the mining license at the Ust Tylai, Ust Tylai Right, Bolshaya Sosnovka and
Shareholders are encouraged to follow the non-regulatory progress at the mine site through the Company's media channels including:
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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Further background to the
West Kytlim is currently the second largest alluvial platinum mine globally, based on 2018 production figures, and is expected to be the world's largest PGM alluvial mine in 2019. The operation was brought to industrial scale production in 2018, with a total of 165kg raw platinum produced from May to
This information is provided by RNS, the news service of the
Quick facts: Eurasia Mining PLC
Market Cap: £196.18 m
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