Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Prime Ministerial Approval of West Kytlim Mining Licence
Restoration of Trading
Eurasia Mining plc, the Russia focused PGM exploration and development company, is delighted to announce that, further to the announcement made earlier today, Prime Minister Dmitry Medvedev has approved the Company's application for a Mining Licence of 21.5 square kilometres at West Kytlim in the Urals. The announcement appeared on the Russian government's website this morning, prior to the Company having been informed.
The licence is granted to Eurasia's subsidiary, ZAO Kosvinsky Kamen, on the basis of first discovery and includes the rights for extraction of platinum and gold.
RosNedra, the licencing agency, has informed the Company that the formal licence will now be registered in late August or early September. The one-off lump-sum payment due to the government, to be paid within 30 days of registration of the licence, is 2,126,000 roubles or approximately £24,000. RosNedra has informed the company that the figure of 21,260,000 roubles quoted earlier on the government website is a misprint.
Christian Schaffalitzky Managing Director of Eurasia said: "Today is a great day for Eurasia and our shareholders. We have worked long and hard to achieve this result and we are grateful to the Russian government for efficiently processing the licence application."
"This approval and receipt of the licence will enable Eurasia to shift from exploration into development and platinum production. That platinum production will generate the revenues and margin that will allow the Company to move toward self-financing status and deliver the value we have been promising for some time to shareholders."
"The next stage is to complete our detailed development plan for West Kytlim, a summary of which is to be submitted to the government once the formal licence documentation is issued. In this regard, work is well advanced on this plan and we look forward to updating shareholders with progress in the near term."
"Of course we must not lose sight of our other project at Monchetundra where we continue to make progress with our objectives. We expect to be able to update shareholders on Monchetundra progress in the coming weeks."
Restoration of Trading
Following the release of this announcement, the Company confirms that it has requested that the temporary suspension in the Company's ordinary shares be lifted and accordingly trading in the Company's shares will recommence with immediate effect.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Liam Gribben
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
Loeb Aron
John Beresford-Peirse
+44 (0)207 628 1128
