logo-loader
viewEurasia Mining PLC

Eurasia Mining obtains further approvals for West Kytlim, plans upgrades to reserves

Eurasia is building a track record of success in Russia

1560149545_shutterstock_550648666.jpg
In some respects Russian reporting codes are considered more robust than Western ones

Russian regulatory authorities have approved Eurasia Mining plc’s (LON:EUA) feasibility study of permanent conditions for the Kluchiki Area of the West Kytlim project, where mining is currently ongoing.

The feasibility of permanent conditions is equivalent to a definitive feasibility study (DFS) in Western mining reporting terms.

WATCH: Work set to begin immediately at Eurasia Mining's West Kytlim mine in Russia

A revised reserve calculation, prepared in accordance with the DFS is also scheduled for approval by the Russian Government, in accordance with the Russian mining standard. The reserves at Kluchiki were recalculated following infill drilling conducted in 2018.

Furthermore, a new strategy for reserves approvals has been adopted by the company going forward. All Russian category C2 Reserves at all areas on the West Kytlim license are expected to be upgraded to C1 category in a single drilling program, which is fully funded.

"The new drilling program is designed to save time and cost by reducing the reporting required for approvals at individual sites,” said chairman Christian Schaffalitzky.

“It also creates the potential to open the project up to much greater production volumes and, by potentially lifting the majority of ore to higher reserve categories, could increase the market value of the asset. We look forward to updating on the program as it progresses throughout this year."

Quick facts: Eurasia Mining PLC

Price: 0.47 GBX

AIM:EUA
Market: AIM
Market Cap: £11.69 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Eurasia Mining PLC named herein, including the promotion by the Company of Eurasia Mining PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Circassia boosts first-half revenues by 40%

Headlines from the Proactive UK newsroom. Drug inhaler specialist Circassia (LON:CIR) increased revenues by 40% to £27.9mln in the half year to June and expects sales to rise to betwee £60-65mn over the full year. Sales recently started in China and are going well.  Eurasia Mining...

4 weeks ago

2 min read