Eurasia Mining Awaiting West Kytlim License, Sees Modest Capex

LONDON (Dow Jones)--Eurasia Mining PLC (EUA.LN), said Wednesday it is awaiting the granting of a production license for the West Kytlim license area and it anticipates that capital commitment needed will be modest, although some capital investment will be required for the Dragline Excavator and a power substation. MAIN FACTS: -Until the mining license is granted, it isn't possible to calculate the detailed economics for the operation. -To date, Eurasia has explored nine areas within the Tylai-Kosvinsky Placer - the Bolshaya Sosnovka Creek; and also a further eight river valley systems which have had varying degrees of work completed on them. -Directors don't believe drilling information on its own is sufficient to allow calculation of in-situ resources and indeed drill hole values for the mineralized intervals are composited in assessing the economic potential of an area. -In some cases, Eurasia has undertaken pitting instead of, or as well as, drilling and these results can be more reliable. Nevertheless the results obtained to date are sufficient to encourage continued assessment of the license area. -Bolshaya Sosnovka Creek, (Tylai-Kosvinsky Placer Area 1) - Eurasia has conducted an exploration program comprising 186 drill holes and 110 pits in the region; the maximum drill depth is 28.7 million. It has also completed 3906 m3 of trenching and bulk sampling from near surface placer and dredge tailings in the area. -T-K Placer Areas 2 -9 - From work presented to date the Directors can estimate an average grade for these areas of 237 mgm/m3 raw platinum and 5 mgm/m3 gold. -By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com (END) Dow Jones Newswires June 16, 2010 08:21 ET (12:21 GMT)