Eurasia Mining losses grow

Platinum minerEurasia Mining reported increased losses for the half year to 30 June. Pre-tax losses increased from over the same period the previous year from £187m to £389m. Chairman Michael Martineau said: "Over the last six months, progress has been made at Eurasia's West Kytlim alluvial platinum project and, as announced earlier today, since the end of the period under review the authorities have approved two further areas of additional reserves. "The company still awaits approval for its existing application for a production licence at West Kytlim, but as a result of this delay, it may be possible to combine the two new areas into the existing application dependent on the relevant authorities involved in the approval process."Apart from exploration drilling at West Kytlim, work advanced on the Kamushanovskoye uranium project in Kyrgyzstan, where, as announced on 14 March 2011, Eurasia has agreed to co-fund a Bankable Feasibility Study. Eurasia established a new subsidiary company, Energy Resources Asia, to separately finance this project. Work is proceeding on schedule with approximately $602,000 invested to date, and further financing planned."The company is continuing to evaluate new opportunities, both in Russia and the former Soviet Union. Loss per share decreased from -0.08p to -0.06p. NR