Eurasia Mining plc
("Eurasia" or the "Company")
State approval received for expanded multi-site reserves at West Kytlim
Eurasia is pleased to announce that the State Reserves Commission (GKZ) has approved the increased reserves discovered on the Company's West Kytlim Licence in the Urals, Russia. These new reserves are sufficient to sustain expanded production from multiple concurrently operated sites rather than as a single site operation as was initially contemplated.
The reserves are approved based on a Russian standards compliant report (TEO) submitted on 16 September 2013, which provided detailed technical substantiation of the project and demonstrated the feasibility of developing a multiple production site operation within the discovery area of the Tylai Kosvinsky Placer. The Company will be able to provide details of the updated reserves once formal registration has been published.
The next step to mining will be the application for a Discovery Certificate, followed by the application for an enlarged mining licence. While the timescale for this process is at the discretion of the authorities, the Company is hopeful that this process could be completed by the middle of the year.
Separately, the Company notes that on 26 February 2014 the Russian State Duma adopted in the first reading amendments to the "Subsoil Law", which, inter alia, would exclude alluvial deposits and occurrences of platinum group metals (PGMs) from the list of strategic minerals. This will shorten the time required for the final permitting of the West Kytlim project.
Eurasia is focused on developing PGM mining projects in Russia and the FSU. West Kytlim is one of two licences the company operates in Russia.
Christian Schaffalitzky, MD at Eurasia comments.
"We are delighted that the Company's hard work, in particular the efforts of the project team in our office in Ekaterinburg, has now borne fruit. We are hopeful that we will be ready to plan platinum production for Eurasia later this year. We also welcome the decision of the Russian Duma which should simplify the procedures to advance our project to mining."
For more information please contact:
Eurasia Mining:
Christian Schaffalitzky / Michael de Villiers
Tel: +44 (0) 207 932 0418
Katy Mitchell, WH Ireland Limited
Tel: +44 (0) 161 832 2174
