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(Alliance News) - Eurasia Mining PLC's stock rose on Wednesday after the firm reported it is edging closer to securing the final approval for the Tipil permit, a platinum group metals target located in Russia.
Shares in the the producer of palladium, platinum, iridium, rhodium and gold leaped 17% to 2.89 pence each in London on Wednesday afternoon.
Eurasia said: "The application has been approved by the Russian federal bodies and requires only a formal meeting of the local mines commission."
The company also holds a permit at the Monchetundra project, also a platinum group metals target and located in the Kola peninsular, Russia. It is seeking to extend its permit to the flanks, an eight kilometre portion located in the area.
Eurasia said: "The directors believe the company is already established as the dominant player in Kola platinum group metals with its production license until 2038 and its exclusive right for the flanks under applicable laws.
"Receipt of approval for the flanks application would allow the company to become further established in the region generally, allowing it to pursue its internal long term corporate strategy of establishing a new global centre for platinum group metals on the Kola Peninsula."
Research in Russia found that the whole of Monchetundra, which includes areas where Eurasia does not currently have a licence for, has a potential 40 million ounces of platinum group metals.
Eurasia said, however: "This data has not been independently verified by Eurasia and other than the area covered by the company's existing licence, the company does not yet have any other licences in the area. The company would need to verify the data in the Russian Cadastre through additional work and drilling."
By Eric Cunha; ericcunha@alliancenews.com
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