https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 22 Oct 2018 12:44:24 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Eurasia Mining debt-free as it beats production target for mining season ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10654/eurasia-mining-debt-free-as-it-beats-production-target-for-mining-season-10654.html Fri, 28 Sep 2018 09:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10654/eurasia-mining-debt-free-as-it-beats-production-target-for-mining-season-10654.html <![CDATA[RNS press release - Interim Report for six months ended 30 June 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180928070003_13807916/ Fri, 28 Sep 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180928070003_13807916/ <![CDATA[News - Eurasia Mining’s shares jump as subsidiary agrees to progress with second mine at West Kytlim with project exceeding expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/205516/eurasia-minings-shares-jump-as-subsidiary-agrees-to-progress-with-second-mine-at-west-kytlim-with-project-exceeding-expectations-205516.html Eurasia Mining plc (LON:EUA) saw its shares jump in early trading Monday as its subsidiary and mine contractor agreed to progress with a second open pit at its West Kytlim mine in Russia while the project itself continued to exceed expectations.

The miner said its subsidiary, Kosvinsky Kamen, had agreed with the contractor, Techstroy, to progress with the Kluchiki open pit, located two kilometres south-west of the Malaya Sosnovka open pit at the project.

READ: Eurasia Mining debt-free as it converts remaining loan to shares

Forestry clearing began at Kluchiki in July 2018, with machinery and equipment deployed to the site in August and full production following directly.

A 2014 feasibility study and reserves report identified 319kg of raw platinum at the site, with Russian standard C1 and C2 Reserves recalculated for the Kluchiki Area following a 2018 drilling program that will be reported on receipt of confirmation from the subsoil agency.

Meanwhile, the company reported that the West Kytlim project had total production of 141.5 kg with 4,549 ounces total raw platinum from 3 May to 19 September 2018 and a monthly production average of more than 30kg raw platinum.

Eurasia added that grades were continuing to exceed reserve grades by “a considerable margin”, with total average grades from production to date around one gram per cubic meter of raw platinum.

Christian Schaffalitzky, chairman of Eurasia, said the firm was “well ahead” of its internal target revenue for the year, with two months of production remaining for the season.

He added that the early work at the Kluchiki mine meant the firm was in “an excellent position” to ramp up to full-scale production in 2019.

Schaffalitzky also said the mining license application for the Monchetundra Project, located in Northern Russia, had reached the “very final stage” with the firm expecting a successful conclusion to the permit application process.

Shares were up 10.8% at 0.4p.

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Mon, 24 Sep 2018 08:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205516/eurasia-minings-shares-jump-as-subsidiary-agrees-to-progress-with-second-mine-at-west-kytlim-with-project-exceeding-expectations-205516.html
<![CDATA[RNS press release - West Kytlim Mining Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180924070007_13801007/ Mon, 24 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180924070007_13801007/ <![CDATA[News - Eurasia Mining debt-free as it converts remaining loan to shares ]]> https://www.proactiveinvestors.co.uk/companies/news/205241/eurasia-mining-debt-free-as-it-converts-remaining-loan-to-shares-205241.html Eurasia Mining PLC (LON:EUA) told investors that it has made the final settlement of its remaining loan facility, by issuing new equity.

It has concurrently appointed Optiva Securities as its new joint broker and has placed newly issued shares to the broker’s clients.

READ: Eurasia Mining on track as it advances West Kytlim and Monchetundra

In a statement the company said it had received a conversion notice from the YA II PN Ltd fund, the lender via the loan facility, requesting the conversion of US$522,097.17, which was to be paid with 117.9mln new shares priced at 0.34p each.

The company was also notified that YA agreed to place the new shares through Optiva.

"This transaction completes the agreement with and the company's obligations to YA, who do not hold any further warrants or options,” said Christian Schaffalitzky,

“The company is now debt free and having foregone repayment is in a stronger position financially.”

Schaffalitzky added: “Eurasia is pleased to start working with Optiva in realising the Company's long-term growth potential and business goals.

“Optiva's estimation of the Company's growth potential is well demonstrated with this transaction.

“We look forward to updating the market on our progress at the operational level, including ongoing production at our West Kytlim platinum and gold mine very shortly."

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Wed, 19 Sep 2018 14:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205241/eurasia-mining-debt-free-as-it-converts-remaining-loan-to-shares-205241.html
<![CDATA[RNS press release - Loan Facility, Issue of Equity & Broker Appointed ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180919113839_13796834/ Wed, 19 Sep 2018 11:38:39 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180919113839_13796834/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180830124115_13773305/ Thu, 30 Aug 2018 12:41:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180830124115_13773305/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180815163835_13757013/ Wed, 15 Aug 2018 16:38:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180815163835_13757013/ <![CDATA[RNS press release - Exercise of Lender Warrants and TVR ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180814104511_13754764/ Tue, 14 Aug 2018 10:45:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180814104511_13754764/ <![CDATA[RNS press release - Early Settlement of Loan Through Equity Conversion ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180801092053_13739405/ Wed, 01 Aug 2018 09:20:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180801092053_13739405/ <![CDATA[News - Eurasia Mining surges after upbeat AGM statement ]]> https://www.proactiveinvestors.co.uk/companies/news/201469/eurasia-mining-surges-after-upbeat-agm-statement-201469.html Christian Schaffalitzky, the chairman of Eurasia Mining plc (LON:EUA), told shareholders at today’s annual general meeting (AGM) that 2018 has been a great success.

The appointment of Techstroy as the contractor for the West Kytlim platinum and gold mine has proven to be a catalyst that has driven the project into a very successful mining season, Schaffalitzky said.

The company intends to make a further statement on West Kytlim before the end of next week but revealed that total production thus far this year is already on or around its target level for the whole of the mining season with several months of good mining conditions still to come – hopefully – in 2018.

READ Eurasia Mining starts work at its West Kytlim Project in the Ural Mountains​

“Grades have also been much higher than anticipated. We estimate we are running up to a maximum of 7kg of raw platinum mine product in one-day throughput. Our collaboration with Techstroy has been positive, in that both parties are comfortable with their respective roles and responsibilities, with mine progress generally, and with earnings above initial Q1 and Q2 estimates,” the Eurasia chairman said at the AGM.

Monchetundra progress is ahead of schedule

The company said the mine permit application process for the Monchetundra project in Russia is taking less time than expected, with the application reaching the office of the prime minister (PM) just six months after the process was started.

It is not possible to estimate how long it will take to emerge from the PM’s office but the company was daring to hope that it might only be a matter of weeks rather than months, based on its experience with the West Kytlim mine application.

Schaffalitzky said that with the Monchetundra mine being so close to becoming fully permitted, financial institutions are taking a keener interest in Eurasia’s progress, which bodes well for the time when the company will need to finance development of the project.

#RNS #EUA @eurasiamining

With our Monchetundra Project so close to fully permitted we are seeing greater interest from larger financial institutions.

Indeed, assuming the mine permit is granted, the Monchetundra Mine will open a new chapter in the Company's history. pic.twitter.com/S476WoZpJ2

— Eurasia Mining (@eurasiamining) July 24, 2018

“It is our intention to add mine engineering experience and possibly additional financial experience [to the board], ideally with exposure to far eastern markets, which we increasingly see as a commercial focus for our operations and a real growth area for commercial transactions in the PGM [platinum group metals] space,” the AGM statement said.

The aim is to repeat the West Kytlim model with the much larger Monchetundra project.

Shares in Eurasia were up 15% at 0.84p heading into the final hour of trading on Tuesday.

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Tue, 24 Jul 2018 15:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201469/eurasia-mining-surges-after-upbeat-agm-statement-201469.html
<![CDATA[RNS press release - Result of AGM and AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180724142615_13729603/ Tue, 24 Jul 2018 14:26:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180724142615_13729603/ <![CDATA[RNS press release - Issue of Equity and Directors Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180718070004_13721591/ Wed, 18 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180718070004_13721591/ <![CDATA[News - Eurasia Mining announces approval of Monchetundra Mine permit application ]]> https://www.proactiveinvestors.co.uk/companies/news/200544/eurasia-mining-announces-approval-of-monchetundra-mine-permit-application-200544.html Eurasia Mining plc (LON:EUA) has announced that the Ministry of Natural Resources (MNR) has approved its application for a mining permit at Monchetundra Mine in Russia.

The AIM-listed PGM (Platinum Group Metals) and gold mining company said the mine permit application has now been delivered to the office of Prime Minister Dmitry Medvedev for final authorisation.

READ: Eurasia’s Monchetundra project passes another permitting milestone

The company said the MNR approval was the final relevant Russian agency approval required for the mining permit application.

Eurasia Mining said the office of the Prime Minister will now make a final decision on whether to authorise and finally grant the mining permit, and there can at this point be no guarantee that the mining permit will be granted.

Christian Schaffalitzky, managing director of Eurasia Mining, said: "We are delighted to have now reached the final step in this process which commenced on submission of the mine permit application in December 2017.”

He added: “Our experience with the West Kytlim mine permit application is that this final approval can arrive without notice and soon after submission, in the case of West Kytlim in less than three weeks."

In a note to clients, analysts at First Equity said: “Given the progress being made at Monchetundra, and evident economic viability of the project with the open pit location of the deposits and significant two million ounce palladium equivalent resource, existing cash flow production from West Kytlim, and unjustified country risk premium being applied to the shares by the market, we recommend Eurasia Mining as a ‘buy’”.

In morning trading, Eurasia Mining’s shares rose 1.2% to 0.41p. 

--Adds share price; broker comments--

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Wed, 11 Jul 2018 07:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200544/eurasia-mining-announces-approval-of-monchetundra-mine-permit-application-200544.html
<![CDATA[RNS press release - Approval of Monchetundra Mine Permit Application ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180711070003_13712973/ Wed, 11 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180711070003_13712973/ <![CDATA[News - Eurasia’s Monchetundra project passes another permitting milestone ]]> https://www.proactiveinvestors.co.uk/companies/news/200009/eurasias-monchetundra-project-passes-another-permitting-milestone-200009.html Eurasia Mining plc (AIM:EUA) has received approval for its Monchetundra platinum group metals mine from the Russian Ministry of Economic Development (MOED).

The mine permit application, for the Monchetundra project, which contains more than two million PGM ounces, is now awaiting sign off at the Ministry of Natural Resources, before progressing to the office of Prime Minister Dmitry Medvedev for final approval.

WATCH: Eurasia Mining receives approval of Monchetundra mine permit application

The application process remains on track to be completed by late summer. A discovery certificate, confirming title for the contained reserves and resources at the Monchetundra project was issued in July of 2017.

“Another key milestone, and again sooner than expected,” said chief executive Christian Schaffalitzky.

“The process is now entering its final stages, in fact the final stage of approval before the anticipated signing at the office of the Prime Minister.”

 

 

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Tue, 03 Jul 2018 07:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200009/eurasias-monchetundra-project-passes-another-permitting-milestone-200009.html
<![CDATA[RNS press release - Approval of Monchetundra Mine Permit by MOED ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180703070003_13702639/ Tue, 03 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180703070003_13702639/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180702164047_13702404/ Mon, 02 Jul 2018 16:40:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180702164047_13702404/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180702163533_13702390/ Mon, 02 Jul 2018 16:35:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180702163533_13702390/ <![CDATA[News - Eurasia Mining says West Kytlim is truly delivering ]]> https://www.proactiveinvestors.co.uk/companies/news/199874/eurasia-mining-says-west-kytlim-is-truly-delivering-199874.html Full production is ongoing at Eurasia Mining plc’s (LON:EUA) West Kytlim mine in the Urals.

In it full-year results statement, the miner said the new contractor at West Kytlim mine is working very well.

READ: Eurasia Mining says West Kytlim is now fully operational​

Between May 3 and June 22, 69.5kg (2,235 ounces) has been produced and the run-rate is scaling up with the current record single-day production standing at 6.9kg (221 oz).

Grades for the period averaged 0.81 grams per cubic metre.

At the company’s much larger Monchetundra development project on the Kola Peninsula, the mining licence application is progressing “somewhat ahead of schedule”, after a provisional Rosnedra approval in early February 2018, the company said.

The profit & loss numbers announced by Eurasia are very much of the “rear-view mirror” kind, with sales clocking in at a modest £183,998, up from £139,862.

Increased administrative and financing costs meant the company posted a loss before tax of £2.14mln for 2017, versus a profit of £994,240 in 2016.

“2017 was a hugely important year for the company, as we stepped up to production at the West Kytlim mine. Production remained inconsistent throughout 2017, as our contractor struggled financially, and was ultimately replaced by a more experienced contractor with a stronger balance sheet; however, during 2017, a foundation of knowledge was established, while also progressing important infrastructural elements at the mine site, and this created a solid base from which to launch the 2018 mining season,” said Christian Schaffalitzky, the executive chairman of Eurasia.

“We, the directors, feel that with the West Kytlim mine truly delivering, and our Monchetundra project advancing through permitting, this year and the forthcoming years will be transformational for the company,” he added.

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Fri, 29 Jun 2018 11:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199874/eurasia-mining-says-west-kytlim-is-truly-delivering-199874.html
<![CDATA[RNS press release - Annual Report and Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180629091906_13699113/ Fri, 29 Jun 2018 09:19:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180629091906_13699113/ <![CDATA[Media files - Eurasia Mining receives approval of Monchetundra mine permit application ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9579/eurasia-mining-receives-approval-of-monchetundra-mine-permit-application-9579.html Thu, 14 Jun 2018 12:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9579/eurasia-mining-receives-approval-of-monchetundra-mine-permit-application-9579.html <![CDATA[News - Eurasia Mining jumps on news of Monchetundra mining permit approval by two Russian agencies ]]> https://www.proactiveinvestors.co.uk/companies/news/198766/eurasia-mining-jumps-on-news-of-monchetundra-mining-permit-approval-by-two-russian-agencies-198766.html Eurasia Mining plc (LON:EUA) shares jumped on Wednesday as it announced approval of the Monchetundra mine permit application by two key Russian federal agencies: the Federal Securities Board (FSB) and Ministry of Defence (MOD).

The AIM-listed PGM (Platinum Group Metals) and gold mining company said the mine permit application for the 2mln ounce PGM Monchetundra project has now progressed to ministerial level.

READ: Eurasia Mining posts Information video showing current production activities at its West Kytlim platinum mine

The company said the mine permit application will now be reviewed by the Ministry of Economic Development (MOED) and Ministry of Natural Resources, before progressing to the office of Russia's prime minister Dmitry Medvedev for final approval.

Eurasia Mining said the application process remains on track for a successful grant by late summer.

Christian Schaffalitzky, Eurasia's executive chairman and managing director commented: “A very welcome development for our Monchetundra mining license permit, which remains on schedule.”

He added: “The Monchetundra Project is very much a focus of the company's business, alongside the now full-scale production of PGM at our West Kytlim mine.”

In mid-morning trading, Eurasia Mining shares were up 8% to 0.405p

 -- Updates share price --

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Wed, 13 Jun 2018 08:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198766/eurasia-mining-jumps-on-news-of-monchetundra-mining-permit-approval-by-two-russian-agencies-198766.html
<![CDATA[RNS press release - Approval of Monchetundra Mining Permit ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180613070004_13677161/ Wed, 13 Jun 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180613070004_13677161/ <![CDATA[News - Eurasia Mining posts Information video showing current production activities at its West Kytlim platinum mine ]]> https://www.proactiveinvestors.co.uk/companies/news/197658/eurasia-mining-posts-information-video-showing-current-production-activities-at-its-west-kytlim-platinum-mine-197658.html Eurasia Mining plc (LON:EUA), the PGMs (platinum group metals) and gold mining company said it has now prepared an Information video (blog) for shareholders covering current production activities at its West Kytlim platinum mine in Russia.

The AIM-listed group said on Wednesday that West Kytlim – which has the second largest alluvial platinum reserve in the world – is now fully operational.

WATCH: Eurasia Mining says West Kytlim is now fully operational

The company pointed out that that the project’s washplant achieved design capacity, of 130 cubic metres per hour over a minimum 18 hour operational day.

It said that total raw platinum production amounted to 11.8 kilograms by May 16 which suggested an average grade of 771mg per cubic metres.

Eurasia Mining said the video – which can be viewed on the company's website - was filmed over the course of a day on 16th May 2018 and details the entire mining process.

It added that the process is followed from extraction at open pit, washing of gravels, collection of platinum bearing sands and gravels from a sluice, and upgrade at the on-site laboratory to raw platinum product. 

 

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Thu, 24 May 2018 15:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197658/eurasia-mining-posts-information-video-showing-current-production-activities-at-its-west-kytlim-platinum-mine-197658.html
<![CDATA[RNS press release - Communications Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180524141502_13654434/ Thu, 24 May 2018 14:15:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180524141502_13654434/ <![CDATA[News - Eurasia Mining says West Kytlim is now fully operational ]]> https://www.proactiveinvestors.co.uk/companies/news/197539/eurasia-mining-says-west-kytlim-is-now-fully-operational-197539.html Eurasia Mining plc (LON:EUA) has highlighted that the West Kytlim platinum mine is now fully operational.

The company, in a stock market statement, said that the project’s washplant achieved design capacity, of 130 cubic metres per hour over a minimum 18 hour operational day.

It said that total raw platinum production amounted to 11.8 kilograms by May 16 which suggested an average grade of 771mg per cubic metres.

READ: Eurasia Mining raises funds; updates on progress at West Kytlim

So far, processing of the first ore stockpile is now nearing completion and mining is underway to create further stockpiles.

Next month, the company’s contactor will assess the future development of the mine site including the Kluchiki area.

"We are delighted at the continued progress made at our West Kytlim mine and indeed it is very satisfying to achieve full operational capacity,” said Christian Schaffalitzky, executive chairman.

“Techstroy continue to meet our high expectations this year and we have excellent working relations now established.

"We look forward to the 2018 mining season with renewed excitement and shareholders can expect regular updates on progress at West Kytlim and other developments across the company."

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Wed, 23 May 2018 11:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197539/eurasia-mining-says-west-kytlim-is-now-fully-operational-197539.html
<![CDATA[RNS press release - Platinum Production Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180523113152_13652381/ Wed, 23 May 2018 11:31:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180523113152_13652381/ <![CDATA[News - Eurasia Mining raises funds; updates on progress at West Kytlim ]]> https://www.proactiveinvestors.co.uk/companies/news/196716/eurasia-mining-raises-funds-updates-on-progress-at-west-kytlim-196716.html Eurasia Mining plc (LON:EUA) has raised £500,000 through a significantly oversubscribed placing of shares and warrants at 0.3p a pop.

The warrants, attached to the shares on a one-for-one basis, are exercisable at 0.6p a share up to and including May 16, 2020. Eurasia Mining shares closed at 0.42p last night.

READ Eurasia Mining looks at new loan as production picks up​

The funds will partly be used to substantially reduce the convertible loan facility arranged by Riverfort Global Capital to around £440,000. Having received repayment of around £300,000 of the loan, Riverfort has agreed to not convert any of the remaining loan balance into Eurasia shares until September 10 of this year at the earliest.

The remainder of the funds raised will be used for working capital.

“It is timely and strategic to reduce and contain our Riverfort Loan funding facility as the Company enters the next phase of value growth,” said Christian Schaffalitzky, the executive chairman of Eurasia.

In a separate announcement, Eurasia updated the market on operations at its West Kytlim mine, the second largest alluvial platinum mine in the world.

The mine is now approaching its capacity of around 2,000 cubic metres (m3) per day. An initial 'first fill' test was completed successfully on May 3, with the first sample returning 428 grams (g) of raw platinum, for an average grade approaching 1g per m3.

Several successive days of continuous production followed, with the largest amount produced in a single day being 1.3 kilograms of raw platinum on 9th May 2018.

Shipments to the refinery in Ekaterinburg are expected to commence on May 11.

Mining at 2,000m3 per day is expected to continue for the foreseeable future until either the end of the mining season in early November 2018 or when the platinum and gold-bearing reserves at Malaya Sosnovka have expired. When the latter occurs mining the idea is to move on to the much larger Kluchiki area.

"We are extremely pleased by the significantly increased levels of raw platinum production already occurring at West Kytlim with our new contractors and equipment in place to maximise the 2018 mining season. We eagerly anticipate the Monchetundra mine permit now that it is in the final stage of the approval process,” said Schaffalitzky.

"The board is focused on delivering value to shareholders and we look forward to providing further updates to market over the coming weeks and months," he added.  

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Thu, 10 May 2018 08:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196716/eurasia-mining-raises-funds-updates-on-progress-at-west-kytlim-196716.html
<![CDATA[RNS press release - Strategic Financing & Broker Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180510070501_13635620/ Thu, 10 May 2018 07:05:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180510070501_13635620/ <![CDATA[RNS press release - Mining Update From West Kytlim ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180510070005_13635471/ Thu, 10 May 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180510070005_13635471/ <![CDATA[RNS press release - Company Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180326165335_13581884/ Mon, 26 Mar 2018 16:53:35 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180326165335_13581884/ <![CDATA[News - Eurasia Mining starts work at its West Kytlim Project in the Ural Mountains ]]> https://www.proactiveinvestors.co.uk/companies/news/192904/eurasia-mining-starts-work-at-its-west-kytlim-project-in-the-ural-mountains-192904.html Eurasia Mining plc (LON:EUA) has announced the start of site works for the 2018 field season at its West Kytlim Project in the Ural Mountains.

The AIM-listed firm said terms have now been finalised with OOO Techstroy of Nizhny Tagil, an alluvial mining contractor, and machinery and equipment have been mobilised to the site with stripping works to start immediately.

READ: Eurasia Mining amends US$2mln loan agreement so more cash can be directed to mining preparation

Christian Schaffalitzky, Eurasia's executive chairman, said: “We can take full advantage of the full mining season at Malaya Sosnovka starting now and aim to break ground at the Kluchiki area later in this summer.”

Last month, the platinum group metals and gold producer said its application for a mining permit for the Monchetundra project in Russia was progressing much quicker than expected.

The Russian authority of mining, Rosnedra approved a draft of the permit and forwarded the relevant documents to the ministry for defense (MOD) and Federal Security Service (FSB) for the go-ahead.

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Fri, 09 Mar 2018 07:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192904/eurasia-mining-starts-work-at-its-west-kytlim-project-in-the-ural-mountains-192904.html
<![CDATA[RNS press release - New Contractor Appointed at West Kytlim ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180309070003_13560722/ Fri, 09 Mar 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180309070003_13560722/ <![CDATA[RNS press release - Statement re Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180302133258_13553180/ Fri, 02 Mar 2018 13:32:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180302133258_13553180/ <![CDATA[RNS press release - Conversion Notice - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180228155953_13549817/ Wed, 28 Feb 2018 15:59:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180228155953_13549817/ <![CDATA[News - Eurasia Mining says permit application for Monchetundra mine is going faster than expected ]]> https://www.proactiveinvestors.co.uk/companies/news/191046/eurasia-mining-says-permit-application-for-monchetundra-mine-is-going-faster-than-expected-191046.html Eurasia Mining plc (LON:EUA) says its application for a mining permit for the Monchetundra project in Russia is progressing much quicker than expected.

The authority on mining, Rosnedra has now approved a draft of the permit and has forwarded the relevant documents to the ministry for defence (MOD) and Federal Security Service (FSB) for their go-ahead.

READ: Eurasia Mining has two million PGM ounces in the ground, and a finance deal to get them out

"We are very pleased with this result and the efficiency of the officials at Rosnedra in processing this application," said Christian Schaffalitzky,  the executive chairman at Eurasia.

"The experience of our staff in Russia, gained from successfully processing a similar mining permit for our West Kytlim Project has proven invaluable.

"We look forward to providing further positive news in due course."

Monchetundra, on the Kola Peninsula, is a major platinum group metals (PGM) and base metals project with state approved reserves plus resources of 2mln ounces of palladium equivalent of PGM with further base metal and gold credits.

READ: Eurasia Mining lodges mine permit for Monchetundra

Under Russian standard C1 and C2 categories, the project hosts 55.9 tonnes (about 2mln ounces) palladium equivalent (predominantly palladium) at two open-pittable locations, West Nittis and Loipishnune. 

These pits also contain significant gold and base metal credits including 28,124 tonnes of copper and 30,410 tonnes of nickel.

An EPCF (engineering, procurement construction and financing contract) to develop the mine has already been inked with Sinosteel -  a state owned Chinese group.

Meanwhile, discussions continue with other third-party service providers over operating the mine.

Eurasia wants to emulate the contract mining arrangement at West Kytlim by contracting it to a reputable international specialist company with experience in Russia.

Shares shot up 50% in early deals to 0.38p to be top London gainer.

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Fri, 02 Feb 2018 07:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191046/eurasia-mining-says-permit-application-for-monchetundra-mine-is-going-faster-than-expected-191046.html
<![CDATA[RNS press release - Monchetundra Mine Permit Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180202070002_13519059/ Fri, 02 Feb 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180202070002_13519059/ <![CDATA[News - Eurasia Mining on track in 2018 as it advances West Kytlim and Monchetundra projects ]]> https://www.proactiveinvestors.co.uk/companies/news/190624/eurasia-mining-on-track-in-2018-as-it-advances-west-kytlim-and-monchetundra-projects-190624.html Eurasia Mining plc (LON:EUA) has had a positive year so far with production at the West Kytlim platinum and gold mine on target and the Monchetundra project close to becoming fully permitted.

At the Russian-focused miner’s annual general meeting in July, chairman Christian Schaffalitzky said the appointment of Techstroy as the contractor for West Kytlim has proven to be a catalyst that has driven the project into a very successful mining season.

Total production at the mine so far this year has been on track and grades have been much higher than anticipated at West Kytlim, located on Ural Mountains.

“We estimate we are running up to a maximum of 7kg of raw platinum mine product in one-day throughput,” Schaffalitzky said in the AGM statement.

“Our collaboration with Techstroy has been positive, in that both parties are comfortable with their respective roles and responsibilities, with mine progress generally, and with earnings above initial Q1 and Q2 estimates.”

In its full-year results statement in June, the company said total raw platinum produced from initial start-up on 3 May to 22 June 2018 stood at 2,235 ounces and the run-rate is scaling up with the current record single-day production standing at 221 ounces.

READ: Eurasia Mining says West Kytlim is truly delivering

Grades for the period averaged 0.81 grams per cubic metre.

Monchetundra mining permit application on course

The mine permit application process for the Monchetundra platinum and gold project is taking less time than expected with the application reaching the office of Russian Prime Minister, Dmitry Medvedev, just six months after the process was started.

Eurasia expects to see the application emerge from the prime minister’s office by late summer, based on its experience with the West Kytlim mine.

“We have proven our ability to make exploration discoveries, fund the exploration process, see the project through the mine permitting process with Russian state approved reserves, and then lastly see the project through to production and it is our aim to repeat the West Kytlim model with the much larger Monchetundra project,” Schaffalitzky said.

Keen interest from financial institutions

With the Monchetundra mine being so close to becoming fully permitted, Schaffalitzky said financial institutions are taking a keener interest in Eurasia’s progress. This bodes well for the time when the company will need to finance development of the project.

“It is our intention to add mine engineering experience and possibly additional financial experience [to the board], ideally with exposure to far eastern markets, which we increasingly see as a commercial focus for our operations and a real growth area for commercial transactions in the PGM [platinum group metals] space,” Schaffalitzky said.

A discovery certificate, confirming the title for the contained reserves and resources at the Monchetundra project was issued in July of 2017, which marked a major milestone for Eurasia.

Reserves and resources at the project, located on the Kola Peninsula, are estimated to contain 55.9 tonnes of palladium equivalent, 28,124 tonnes of copper, 30,410 tonnes of nickel and 2 tonnes of gold.

An engineering contract to develop the mine is already in place with China state-owned Sinosteel, agreed in 2016. Sinosteel will undertake the mine and processing plant construction and commissioning on a turnkey, commercial arms-length basis.

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Thu, 25 Jan 2018 11:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190624/eurasia-mining-on-track-in-2018-as-it-advances-west-kytlim-and-monchetundra-projects-190624.html
<![CDATA[RNS press release - Completion of Transaction ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180124070003_13507043/ Wed, 24 Jan 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20180124070003_13507043/ <![CDATA[RNS press release - Replacement - Amendment to Loan Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171214151648_13466193/ Thu, 14 Dec 2017 15:16:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171214151648_13466193/ <![CDATA[News - Eurasia Mining amends US$2mln loan agreement so more cash can be directed to mining preparation ]]> https://www.proactiveinvestors.co.uk/companies/news/188803/eurasia-mining-amends-us2mln-loan-agreement-so-more-cash-can-be-directed-to-mining-preparation-188803.html Eurasia Mining PLC (LON:EUA) has had the scheduled repayments of its loan agreement, arranged by Riverfort Global Capital Ltd in May, significantly reduced and the final payment date extended so the firm can direct more cash into mining preparation.

In a statement, the AIM-listed firm said the scheduled loan repayments for the next four months are reduced to US$25,000 per month in cash plus interest, and the final loan repayment date of 15 May 2018 is extended to 15 September 2018 to cover the main production season at West Kytlim.

READ: Eurasia Mining lodges mine permit for Monchetundra

The group also said that for the next four months, there will be no conversion of principal on the loan if Eurasia’s share price remains below 0.34p  - a 51% premium to yesterday's close of 0.225p.

The loan renegotiated was for US$1.25mln, with two other loans making up the total of US$2mln agreed in May - one of which for S$500,000 now having been repaid. 

Eurasia said that 80,749,333 warrants have also been cancelled and replaced by 109,196,618 new warrants at a price of 0.34p, a 20% premium to the VWAP in the 30 days preceding the loan amendment.

It added that a 10% restructuring fee is to be recouped at the end of the loan’s term, in addition to the principal amount.

The group said all of this is designed to direct more cash into work on the mining site, and at the same time to avoid share dilution.

Grace period appreciated

Eurasia’s CEO, Christian Schaffalitzky commented: “We appreciate the grace period here offered by our funding partner and the confidence they have shown in the Company generally and specifically in the West Kytlim Mine and its ability to generate revenue in the 2018 mining season.”

He added: “Our team is currently busy working on the best options to ensure a successful mining season in 2018, as the Monchetundra project progresses through permitting.

“Furthermore, the Company continues to pursue new options that could enhance these projects, provide greater commodity diversity and to increase production volumes.'

 -- Updating to clarify renegotiated loan amount --

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Thu, 14 Dec 2017 12:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/188803/eurasia-mining-amends-us2mln-loan-agreement-so-more-cash-can-be-directed-to-mining-preparation-188803.html
<![CDATA[RNS press release - Amendment to Loan Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171214121803_13465869/ Thu, 14 Dec 2017 12:18:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171214121803_13465869/ <![CDATA[RNS press release - Issue of Equity and Directors' Holdings ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171211154706_13461263/ Mon, 11 Dec 2017 15:47:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171211154706_13461263/ <![CDATA[News - Eurasia Mining lodges mine permit for Monchetundra ]]> https://www.proactiveinvestors.co.uk/companies/news/188288/eurasia-mining-lodges-mine-permit-for-monchetundra-188288.html Eurasia Mining plc (LON:EUA)  told investors that it has lodged a mine permit application for the Monchetundra project.

The company added that it has continued to mine at West Kytlim, though it will imminently close for the 2017 season.

Additionally, new exploration licences have been made for an area adjacent to West Kytlim.

"We are very pleased to have submitted the Monchetundra mining license application, our second application in just over three years,” said Christian Schaffalitzky, executive chairman.

“We are hopeful for a reasonable processing time and have the in-house knowledge and experience to make the process as smooth as is possible.”

“We look forward to updating on the application's progress in due course.”

 Schaffalitzky added: “we continue to make progress at our West Kytlim Mine which is expected to temporarily close for the winter season, as usual, before the end of the month.

“Production volumes are considerably less than anticipated due to continued optimisations and modifications required to the machinery on-site.  We are actively working on new commercial arrangements to upscale the operation for the 2018 mining season."

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Tue, 05 Dec 2017 14:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/188288/eurasia-mining-lodges-mine-permit-for-monchetundra-188288.html
<![CDATA[RNS press release - Monchetundra Application & West Kytlim Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171205134608_13454719/ Tue, 05 Dec 2017 13:46:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171205134608_13454719/ <![CDATA[News - Eurasia Mining reveals direct equity investment from Venus Garden Holdings ]]> https://www.proactiveinvestors.co.uk/companies/news/187529/eurasia-mining-reveals-direct-equity-investment-from-venus-garden-holdings-187529.html Eurasia Mining plc (LON:EUA) said Venus Garden Holdings Limited (VGH) is planning a direct equity investment in the West Kytlim gold and platinum mine in Russia.

VGH - owned by Alexei Churakov, who has held positions at Goldman Sachs and Morgan Stanley – has subscribed £76,336 for 27,262,814 new ordinary shares of 0.1p each in the share capital of the AIM-listed precious metal explorer at a price of 0.28p.

VGH has indicated its intention to buy a 7% minority stake in Eurasia's subsidiary ZAO Kosvinsky Kamen, which owns the West Kytlim project. But Eurasia said a there can be no guarantee of a deal.

Russia-focused Eurasia added that Beaufort Securities Limited has raised a further £104,800 before expenses at a price of 0.28p over 37,428,550 new ordinary shares in the group’s issue of equity.

The funds will be used for working capital purposes.

An application will be made for the 64,691,364 first new shares and second new shares to be admitted to trading on AIM. Dealings in these shares are expected to start “on or around” 22 November, Eurasia said.

The total number of issued ordinary shares in the company will then be 1,627,511,122 ordinary shares and the total number of voting rights in the group will be 1,627,511,122. 

Eurasia chairman Christian Schaffalitzky said: "We are pleased to shortly welcome Alexei as a shareholder and investor in the company. The directors believe his planned direct investment in the West Kytlim project will be commensurate with his assistance in developing this asset and we believe it is beneficial for the company, bearing in mind both his financing background with Goldman Sachs and Morgan Stanley and his mining industry background.” 

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Mon, 20 Nov 2017 15:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187529/eurasia-mining-reveals-direct-equity-investment-from-venus-garden-holdings-187529.html
<![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171120150959_13437757/ Mon, 20 Nov 2017 15:09:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20171120150959_13437757/ <![CDATA[News - Interims show Eurasia on track with Russian assets ]]> https://www.proactiveinvestors.co.uk/companies/news/184573/interims-show-eurasia-on-track-with-russian-assets-184573.html At the end of June 2017 Eurasia Mining plc (LON:EUA) had just over £450,000 in cash.

The company’s interim results showed nominal revenue for the period of £26,000 and a loss before tax of just over £1.1 mln.

READ: Eurasia Mining on track for mining license at Monchetundra PGM project in Russia

There have been two subsequent small equity financings.

Eurasia took the opportunity to remind investors that Montechundra is nearing the end of feasibility, while progress at West Kytlim continues.

If Eurasia can make these mines work, it will be a rare London-listed junior with platinum production outside of Southern Africa.

Only Bezant (LON:BZT) has similar aspirations, and on a smaller scale. Eurasia’s Montechundra deposit boasts 1.9 mln ounces of palladium and platinum.

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Tue, 26 Sep 2017 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/184573/interims-show-eurasia-on-track-with-russian-assets-184573.html
<![CDATA[RNS press release - Interim Results for Six Months Ended 30 June 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20170926070003_13374921/ Tue, 26 Sep 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/336/LSE20170926070003_13374921/