Eurasia Mining plc
("Eurasia" or the "Company")
Result of AGM and AGM Statement
The Company confirms the 2018 Annual General Meeting, held today the 24th July, all resolutions were duly approved.
Speaking at the AGM, Chairman Mr Christian Schaffalitzky said:
"Further to our recent updates, regarding mining at West Kytlim, and the mine permit application process at Monchetundra, which has moved quicker than most of us anticipated, I would like to take this opportunity to make some further statements on the Company's general position.
2018 to date has really been a great success and the we believe the Company is better positioned than it has been for some years. The appointment of Techstroy as contractor for the West Kytlim platinum and gold mine has proven to be a catalyst that has driven the project into a very successful mining season. We intend to make a further statement on West Kytlim before the end of next week, and the total production is already at or around our total estimated for the entire season, i.e. about 100kg raw platinum, and that with several months remaining in the season. Grades have also been much higher than anticipated. We estimate we are running up to a maximum of 7kg of raw platinum mine product in one day throughput. Our collaboration with Techstroy has been positive, in that both parties are comfortable with their respective roles and responsibilities, with mine progress generally, and with earnings above initial Q1 and Q2 estimates.
The Monchetundra mine permit application process has gone very well indeed, we are now 6 months on from the official submission and have reached the office of the PM. We believe this is fast by general experience. We do not have exact timing on how long the process can take from here, our experience from permitting the West Kytlim mine in just the same manner three years ago suggests we might expect signing within three weeks, so we may receive notice soon., but this cannot be guaranteed. We will provide further updates in due course.
In terms of our financial position, we believe we are much better provisioned now with our mine generating revenue, and with a working tested solution in place we have a source of ongoing revenue to fund the Company, as we pursue other projects. This was exactly our intention. Also, with our Monchetundra Project so close to fully permitted we are seeing greater interest from larger financial institutions. We have always been confident that the mining right will ultimately be issued, which is why we have proceeded with work on solutions to fund the considerable capital requirements for the projects development. Our EPC and Financing agreement with Sinosteel has been duly executed by all parties and the drawdown of necessary funds to commence developing the mine to full production of 130,000oz of PGM per year.
Indeed, assuming the mine permit is granted, the Monchetundra Mine will open a new chapter in the Company's history. It is our intention to transform the Company in readiness for full scale mining at Monchetundra which will certainly require filling out the board from what is currently a minimum but cost-effective crew. It is our intention to add mine engineering experience and possibly additional financial experience, ideally with exposure to far eastern markets which we increasingly see as a commercial focus for our operations and a real growth area for commercial transactions in the PGM space. We have proven our ability to make exploration discoveries, fund the exploration process, see the project through the mine permitting process with Russian state approved reserves, and then lastly see the project through to production and it is our aim to repeat the West Kytlim model with the much larger Monchetundra Project.
We look forward to updating further on these developments in the near future.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
WH Ireland Limited (Nomad and Joint Broker)
Katy Mitchell / James Sinclair-Ford
+44 (0)161 832 2174
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
