Eurasia Mining (AIM: EUA), the platinum group metals (PGM) exploration and development company, announced that it has been awarded a two year extension to its West Kytlim exploration licence in the Central Urals, Russia.
West Kytlin is a alluvial platinum project, and is part of a Joint Venture agreement with Anglo Platinum, the world’s largest platinum producer, whereby Anglo are paying for all exploration work up to the completion of a bankable feasibility study.
Eurasia added that it also received approval for the first stage of its Russian Feasibility Study over the Bolshaya Sosnovka River within the West Kytlim licence.
“The Company is currently submitting a resource and reserve statement to the relevant authorities for approval and registration, as part of the process for obtaining a comprehensive mining licence,” the company said.
“Exploration drilling is continuing to expand the area of reserves and potential resources in a number of areas within the licence area. In addition, bulk samples have been processed as a check of grades obtained by drilling as well as for metallurgical test work.”