RE: Rns out1 Sep 2021 08:06
Further details on the Monchetundra Definitive Feasibility Study
The following tests have successfully been accomplished by Gipronickel (an engineering arm of Norilsk Nickel) including but not limited to physical and mechanical tests to determine the average density, the true density, porosity, the speed of propagation of longitudinal and shear waves of the rocks, the rock hardness coefficient, uniaxial tension along generatrixes, uniaxial compression, the water absorption, the natural moisture content of rocks, measurements of the physical properties of the rocks.
Detailed metallurgical tests have successfully been completed by Mekhanobr Engineering that possesses the 90-years of experience in detailed design of base metals and precious metals processing facilities, industrial processing operations, tailing storage facilities, etc. More than 250 mining-and-processing operations have been constructed using their designs, now effectively operating in Russia and abroad.
Central Kola Expedition (CKE) has accomplished the majority of work related to the DFS that, amongst other items, included drillhole digital database compilation, wireframe and block modelling, and open pit optimisations. A detailed mining plan for the first 5 years of the mine is expected to be completed within 2 weeks. CKE has significant experience on the Kola Peninsula working for Russian mining majors including Norilsk Nickel, Polymetal, Acron, Eurochem and Severstal as well as for international mining majors including Anglo American Platinum, Barrick, B2Gold and Kinross.
Wardell Armstrong International has undertaken site visits and audited the Monchetundra drill core storage at the warehouse owned and managed by CKE, the quality assurance and quality control procedures and the work done by Gipronickel, CKE and other professional contractors of Eurasia.
EMR (Engineering of Mineral Resources) that has an excellent track record cross-referencing Russian reserves with reserves under the JORC Code is coordinating the DFS for the purposes of the Russian authorities.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: " The Directors are delighted that our hard work on Kola that started as a joint venture with Anglo American Platinum in 2005 and is finishing as a joint venture with Rosgeo, a much stronger partner for doing business in Russia, is coming to a successful conclusion with DFS, JORC reserves as well as the EPCF (engineering, procurement, construction and finance) contract already signed. The Board is committed to execute on the strategy as announced on 12 May 2021".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: " The Board members are encouraged that the DFS is advancing well for Monchetundra, while the CPR under the JORC Code is being finalised for our Rosgeo JV projects including Nyud and Moroshkovoe. The work has been done well ahead of schedules stipulated by our license agreements. We are executing on Kola as we
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