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West Kytlim Mine - Additional License Issued

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RNS Number : 5873K
Eurasia Mining PLC
17 December 2018
 

Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

 

West Kytlim Mine- additional license issued

 

Eurasia Mining plc (AIM: EUA), the palladium, platinum, iridium, rhodium and gold producing company, is pleased to announce that it has been officially informed that the Company will be granted an additional 71.1km2 exploration license at its West Kytlim Open Pit Mine in production in the Ural Mountains, Russia. This area was applied for under exclusive rights granted for new applications adjacent to existing mining licences. The Company believes that the new areas have potential for future reserves of the said metals.

The Company has been informed by Uralnedra, the agency responsible for subsoil licensing and mine permitting in the area of the Company's West Kytlim Mine, that a resolution approving the granting of an additional exploration permit adjacent to and surrounding the current West Kytlim mine permit has now been issued. The area adds an additional 71.1km2 of prospective ground to the West Kytlim Project in production since 2018 and contains areas already worked by Eurasia within a previous exploration permit.

The new area, referred to previously as the 'Flanks' or 'West Kytlim Flanks' was submitted for licensing in February 2018 and has been fully assessed by Uralnedra and all other relevant parties to the granting of new exploration permits. The Uralnedra resolution confirms that an exploration license over the new ground will be issued to the Company in due course as a new exploration license.

 

Highlights:

-     Additional exploration license surrounding the West Kytlim Open Pit Mine Permit awarded to Eurasia's subsidiary Kozinsky Kamen.

-      Sediments hosting West Kytlim mine mineralisation are known to extend into the new area

-    Potential to add significantly to the resource base and life of mine for the operational West Kytlim project.

-     The Minutes of the Uralnedra committee meeting to be published within 5 days, and the final award of the exploration permit to proceed within 30 days.

-   Revision of available prior exploration data to be compiled to outline areas for follow up investigation.

 

Further details:

West Kytlim is Eurasia's operating alluvial palladium, platinum, iridium, rhodium and gold mine where the Company produced 165kg (5,300 ounces) raw platinum plus significant credits for palladium, iridium, rhodium and gold during 2018. The mine is fully permitted for production on a 21.5km2 mining license valid through 2040.

Under Russian subsoil licensing rules, where a Company or entity holds a mining permit the Company has the automatic right to apply for exploration ground directly adjacent or surrounding the already identified mineral reserves, to a limit of 5km. This application shall be uncontested and further protects the rights of the company to which the mining permit has been attributed, in the event that additional mineral reserves exist within the same deposit, but outside the contours of an approved mining permit. This, the directors believe, is the case at the West Kytlim deposit where further mineralisation is known to occur within the river system hosting the West Kytlim Reserves and Resources.

The Company has already begun work on the exploration strategy for this ground, initially focused on a desktop review of the Eurasia dataset, with input from prior mining operations and dredging in the area. The div of mineralisation, mode of exploration and potentially future mining on this new license will be consistent with the approach that was successful in outlining Reserves at the West Kytlim Mine. A new department is to be established within Kozvinsky Kamen, Eurasia's 68% owned subsidiary and licensed party, to focus on Brownfield Exploration directly proximal to the West Kytlim deposit, as production of the known and state approved Reserves continues at the West Kytlim Mine.

While no definitive assessment of the resource potential in the new area can currently be made, the Directors are confident the area should add considerable value and increase the life of mine at the West Kytlim Project. Several areas within the new license have already been drilled by Eurasia in exploration campaigns from 2006 to 2016. All data pertaining to these identified resources will now be compiled, to outline areas of specific interest for follow up investigation. These will then be integrated into a broader resource and reserve development strategy aimed at extending the resource base and mine life at the West Kytlim Mine.

A further announcement will follow on issue of the license, and will include any relevant conditions the license may be subject to.

A graphic illustrating the location of the new exploration permit has now been added to the company webpage at;

https://www.eurasiamining.co.uk/operations/west-kytlim

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

Enquiries:

 

Eurasia Mining PLC

Christian Schaffalitzky / Keith Byrne

 

  Tel: +44 (0)207 932 0418

 

WH Ireland Limited (Nominated Adviser & Broker)

Katy Mitchell / James Sinclair-Ford

 

  Tel: +44 (0)161 832 2174

 

First Equity Limited (Joint Broker) 

   Tel: +44 (0)20 7374 2212

Jason Robertson

 

 

Optiva Securities (Joint Broker)

Christian Dennis                                                                             Tel: +44 (0) 20 3137 1902

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.47

Market: AIM
Market Cap: £11.69 m
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