Eurasia acquiries uranium project stake

Eurasia Mining is acquiring a 10% interest in the Kamushanovsky uranium project in Kyrgyzstan. AIM-quoted Eurasia is interested in the project because it is near to production. A bankable feasibility study is being prepared and development of the mine should commence by the end of this year. "Preliminary work suggests that processing costs will be below $25/lb, with the current uranium price approximately $65/lb" says Eurasia boss Christian Schaffalitzky.Eurasia is acquiring a 10% stake in IMC Invest, which owns the uranium project, in return for $1m. So far, $150,000 has been paid and the rest is due at the beginning of March. Eurasia can acquire a further 45% of its partner's holding in IMC Invest if Eurasia finds an investor to finance capital and operational costs within 12 months of the signing of this Memorandum of Understanding. Platinum has previously been Eurasia's main focus.