Christian Schaffalitzky, Eurasia’s managing director, said: "It is encouraging to have had an initial response from GKZ who are now actively working on approval of the Monchetundra TEO/Feasibility Study.
In an overview of its progress at its Russian projects Eurasia added a royalty deal with Lemuria at Monchetundra and also the West Kytlim platinum project won’t now go ahead.
The Canadian group was only interested in West Kytlim, said Eurasia, but here it had decided to carry on with existing partner SKRS.
Talks are underway with SKRS over production scheduling and resource upgrade drilling and a further injection of capital from the Russian group.
“Our working relationship with SKRS at West Kytlim throughout 2016 was both amicable and mutually beneficial,” he said, but added it was imperative that SKRS deploys the necessary capital to allow the project to expand in this the second year of production.