Machinery and equipment has been mobilised on site with stripping work to start immediately, with mining to initially focus on the Malaya Sosnovka site which contains 275,000 cubic metres of productive gravels and 84 kilograms of raw platinum.
Mining will then prograss to the Kluchiki site that contains 893,000 cubic metres of productive gravels for 319 kilograms of raw platinum.
Eurasia Mining will target productivity ranging from 50,000 to 70,000 cubic metres at a single working site.
In addition, Eurasia Mining has appointed OOO Techstroy of Nizhny Tagil as contractor for the project, which will manage mining, trucking and beneficiation of platinum bearing gravels, including the construction, delivery and installation of mining and processing equipment.
Eurasia will maintain complete project ownership and management of the mining licence, but sales revenue will be split 65% to 35% in favour of the contractor.
"We are very pleased with this result which comes after extensive discussions, predominantly technical in nature, over the past number of months. We are very much looking forward to a successful mining season at West Kytlim and to working together with our new partners Techstroy. Site works have already commenced, in this the first week of March, a marked improvement on last year. This means we can take full advantage of the full mining season at Malaya Sosnovka starting now and aim to break ground at the Kluchiki area later this summer," said Executive Chairman Christian Schaffalitzky.
Shares in Eurasia Mining were up 2.8% at