LONDON (Alliance News) - Eurasia Mining PLC Monday said its licence at Monchetundra in the Kola Peninsula in Russia is being extended for three years to December 2016.
"The three year extension gives the company ample time to develop the project and extend the resources that we have discovered from our successful exploration," Managing Director Christian Schaffalitzky said in a statement.
The company said two priority areas of platinum group metals and base metal mineralization have been identified in the licence area, and both areas offer potential open cut mining opportunities.
Eurasia Mining shares were up 11.8% at 0.615 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Eurasia Mining (EUA)