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West Kytlim Production Update

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RNS Number : 8191A
Eurasia Mining PLC
03 June 2019
 

Eurasia Mining plc (AIM: EUA)

("Eurasia" or the "Company")

West Kytlim Production Update

Eurasia Mining, the palladium, platinum, iridium, rhodium and gold production Company, is pleased to report on production at the West Kytlim Open Pit Mine. Development of ore blocks has been ongoing since the first quarter of 2019 in preparation for the washing season. As mining and development of reserve blocks can be carried out in advance of gravel washing, it was decided to commence mining and to stockpile the ore. It is intended that the ore stockpile be maintained at the washplant site. This ore has been and will be continuously sampled during excavation to confirm the grades and acts as a buffer to ensure continuous feedstock for the onsite washplant. Full scale washing and production started in the second quarter.

Highlights:

·      Mining on-going at West Kytlim Project since 1Q2019.

·      Ore stockpile of around 30,000m3 of ore creates a buffer of material to ensure constant production.

·      Full scale washing and production started in the second quarter.

Chairman, Christian Schaffalitzky commented 'We are confident of a strong second year at West Kytlim in 2019 with mining ongoing since the first quarter and with the full scale production and washing started in Q2. Our own team and that of our Contractor are building on their experience of last year with several modifications to the circuit aimed at further increasing efficiency and metal recovery. We will publish the improved grades and recovery numbers later this year, after these improvements are confirmed over longer term production period.'

Further detail:

Update in Kluchiki Open Pit Mine:

Reserve blocks have been developed at the Kluchiki Open Pit Mine in the first half of this year. A ore stockpile of around 30,000m3 was established at the washplant site and is now being fed through the trommel using a feeder system. This addition to the washplant is designed to establish a more consistent flow of gravel through the plant than the excavator used to feed the washplant in the 2018 season. Maintaining a consistent flow of material improves washing efficiency and metal recovery.

A graphic of the West Kytlim and its mines is available on the Company's website at:

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

A site visit to describe the operation and demonstrate upgrades to the washing circuit by means of video blog is scheduled for later in June 2019. Whilst all updates will be provided through the Regulatory News Service, in the usual way, shareholders are also encouraged to follow the non-regulatory progress at the mine site through the Company's media channels including:

https://vimeo.com/user71951711

https://twitter.com/eurasiamining

https://www.voxmarkets.co.uk/listings/LON/EUA/

 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.

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.

Enquiries:

Eurasia Mining Plc

Christian Schaffalitzky/Keith Byrne

+44 (0) 207 932 0418

 

WH Ireland Limited

Katy Mitchell/ James Sinclair-Ford/Matthew Chan

+44 (0)161 832 2174

 

First Equity Limited (Joint Broker)

Jason Robertson

Tel: +44 (0)20 7374 2212

 

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

 

Further background to the West Kytlim:

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 in 2019. The operation was brought to industrial scale production in 2018, with a total of 165kg raw platinum produced from May to November 2018 for a revenue of £2.57m. A complete summary of the 2018 mining season can be found in the Company's annual report available on the Company website at https://www.eurasiamining.co.uk/investors/financial-reports.

 


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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