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Eurasia Mining beginning to build scale in platinum group metals portfolio, helped by track record of competence in Russia
Application for Tipil license lodged
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Application for Tipil license lodged
Eurasia Mining, the palladium, platinum, iridium, rhodium (PGM) and gold production Company, can now report that an application for a new exploration license area, Tipil, adjacent the current West Kytlim mining license, has been lodged for approval.
The new Tipil license (24.5km2) contains approximately 17 kilometres of river course and sedimentary units proven to host PGM deposits at the West Kytlim project. Geological data and historical mining information have been analysed by the Company's geologists and compiled to a report justifying the application as a new exploration license tenement. The Directors are confident of finding further PGM mineralisation in this area.
· The Tipil license area (24.5km2) has now been applied for as a new exploration permit and may be approved for exploration, and later converted to a production license uncontested.
· The total exploration area applied for and approved at the West Kytlim project now stands at 95km2, inclusive of the Flanks Area (71km2) which was approved for exploration in December 2018 (see RNS dated 17 December 2018).
· Exploration areas are adjacent and surrounding the current 21km2 mining permit, bringing the total area licensed and under application to 116km2
Chairman Schaffalitzky commented "In line with our strategy to expand the production volumes at West Kytlim, even as the 2019 mining season is ongoing, we are again utilising one of our Company's other core competencies, i.e. our in-house expert knowledge of geology and the Russian licensing system, to further increase our presence in the West Kytlim area and aim to grow the mine to be the largest alluvial operation globally this year. We are now established as a dominant player in the PGM space in the region and look to developing an operation providing a low cost PGM solution that is sustainable over potentially several decades.'
The Tipil license area (24.5km2) has now been applied for as a new exploration permit. The total ground licensed, or applied for as an exploration permit now stands at 95km2, which is inclusive of the Flanks Area (71Km2). These areas are adjacent to the current 21km2 where mining is currently ongoing at the Kluchiki Area. Areas within 5km of a Company's proven reserves have a special status under Russian subsoil licensing and subject to conditions, can be applied for and approved without occasioning a public auction or inviting tender from third parties.
A graphic locating the above-mentioned areas within the West Kytlim mine, and the location of the Tipil Area and the previously approved Flanks Area is available on the Company's website at;
A site visit to describe the operation and demonstrate upgrades to the washing circuit by means of video blog remains on schedule for late June 2019. Shareholders are encouraged to follow the non-regulatory progress at the mine site through the Company's media channels including;
VOX MARKETS: https://www.voxmarkets.co.uk/listings/LON/EUA/
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.
Further background to the West Kytlim Mine:
West Kytlim is currently the second largest alluvial platinum mine globally, based on 2018 production figures. 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 gross 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
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)
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
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.
Quick facts: Eurasia Mining PLC
Market Cap: £11.6 m
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