RNS Number : 1206X
Eurasia Mining PLC
04 May 2016
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Project Update: Extension of Semenovsky Tailings Heads of Terms
Eurasia Mining plc, the Russia focused PGM and gold exploration and development company, here
working in partnership with Metal Tiger plc("Metal Tiger"), is pleased to report an extension to the Heads of Terms agreement
("Heads") outlined in mid November 2015 (see RNS dated 16th November 2015). These Heads, signed between Eurasia, Metal
Tiger, and the Russian registered company OOO Golden Sands, covered an exclusive option period of 6 months to allow for due
diligence by Eurasia and Metal Tiger personnel. The exclusive option allows Eurasia and Metal Tiger to acquire 67% of the
Semenovsky Tailings Project ("STP") owned by OOO Golden Sands.
By mutual agreement between the parties this exclusivity period has been extended by a further 3
months to 15th August 2016, principally to allow further time to complete a metallurgical study on STP and further
develop the commercial relationship between all parties towards a proposed formal Joint Venture Agreement.
As reported in our news release on the 26th April 2016, significant progress has been
made in the initial 6 months from November 2015. A project TEO (Russian equivalent of a Pre Feasability document) has been
approved by the Bashkirian Mines Department. This document demonstrates the economic extraction of the contained gold and silver
Reserves according to a specific processing scheme. A drilling programme, to extract samples for metallurgical analysis, has also
been completed, and these samples are currently being prepared for forwarding to an internationally accredited testing
facility.
Christian Schaffalitzky, MD at Eurasia Mining comments "We are pleased with the progress to date at
STP, all parties are working closely to meet our agreed goals in a timely manner and all indications for STP to date remain
positive. We expect to update again shortly on the outcomes of the metallurgical sampling study. This is a busy time for
all staff at Eurasia as we approach first platinum production at West Kytlim where work is now being finalised to complete
the programme for mining of alluvial platinum this summer. A further announcement will follow in the coming weeks."
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEXLFBQEFXBBD