Eurasia Mining (LON:EUA) is aiming for first platinum from its West Kytlim project in the Urals by the end of 2016.
A mining licence was awarded for the alluvial deposit earlier this year and a detailed development plan is being prepared for when the formal licence documentation is issued.
Options for development being considered are a low capital three year ramp up or an accelerated development if the capital can be raised without excessive shareholder dilution.
Elsewhere, the much larger Monchetundra prospect is being modelled to determine the size of the resource after the discovery of "Hanging Wall" copper-platinum type ore.
A second discovery of stratiform "Footwall" PGM mineralization in the same target area has the potential, combined with the Hanging Wall target, to become a significant economic resource.
A feasibility study will be submitted to the government agency Rosnedra as part of the process to get a Discovery Certificate, Eurasia said.
Losses in the half year to June were £324,000 (£503,000).