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LONDON (Alliance News) - Eurasia Mining PLC shares were boosted early Tuesday after the company said it has made progress on the West Kytlim alluvial platinum project in Russia.
The award of the mining licence for the project is now complete and production operations are underway at the project. Economic modelling has also confirmed a mine model using electrically-powered draglines and with the plant commencing in 2016.
"We are now making large steps forward in our mine development plan with a focus on achieving first production in 2016 with all the financial advantages that awards the company and its shareholders, and a further update will be provided on this timetable in due course," said Managing Director Christian Schaffalitzky.
Schaffalitzky also said the company is in talks regarding a possible capital investment into the Monchetundra project or a possible sale of its interest in the site.
Eurasia shares were up 20% on Tuesday morning to 0.69 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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