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(Alliance News) - Eurasia Mining PLC on Thursday announced that additional drilling has recently been completed on Nyud, an open pit platinum group metals and battery metals deposit located in Russia near the border of Finland.
Euraisa shares fell 2.6% to 15.98 pence each in London on Thursday morning.
Nyud is being developed as a joint venture between UK-based exploration firm Eurasia and Russian state company Rosgeo. The JV is called Monchegorskoe LLC.
"The directors are delighted to see tangible progress on our JV with Rosgeo that is an integral part of our development strategy and a part of some of our strategic options that we are developing with our advisers," Eurasia said.
Rosgeo took the bill for the additional drilling.
Eurasia said it has engaged Wardell Armstrong International on Nyud for the audit of quality assurance and quality control procedures; a review the block modelling and open pit optimisations; and the preparation of a compliant competent persons report.
"The board is driving the concurrent development of both our Kola and our Urals assets, and we are looking forward to providing further updates in due course," Eurasia Chief Executive James Nieuwenhuys said.
In late March, Eurasia signed a binding agreement with Rosgeo in which Eurasia would own a 75% equity stake in nine assets with a total of 104.6 million ounces of platinum equivalent reserves in the vicinity of Monchetundra project in Kola Peninsula, to which the Nyud deposits belong.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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