RNS Out3 Jul 2018 08:09
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Approval of Monchetundra Mine Permit by MOED
Eurasia Mining plc (AIM: EUA) ("Eurasia Mining" or the "Company") the PGM (Platinum Group Metals) and Gold producing company, operating the West Kytlim Mine, the second largest alluvial PGM mine globally, is pleased to announce approval of the Monchetundra mine permit application by the Ministry of Economic Development (MOED).
The mine permit application, for the Monchetundra project (80% owned 2 million-ounce PGM reserve plus resource) is now awaiting sign off at the Ministry of Natural Resources, before progressing to the office of Prime Minister Dmitry Medvedev for final approval. The application process remains on track to be completed by late summer. A discovery certificate, confirming title for the contained reserves and resources at the Monchetundra project was issued in July of 2017.
Highlights
- Ministry of Economic Development approval of the Monchetundra mine permit application
- Application now with the Ministry of Natural Resources, the governing body of Rosnedra.
- Monchetundra project contains state approved reserves and resources of about 2 million ounces PGM with a Palladium:Platinum ratio of 2:1 and an in-situ value of approximately US$2bn (a calculation based on London Metal Exchange January 2018 spot metal prices. See announcements dated 31 May 2017 and 02 February 2018).
Christian Schaffalitzky commented: 'Another key milestone, and again sooner than expected. The process is now entering its final stages, in fact the final stage of approval before the anticipated signing at the office of the Prime Minister. Thus far the application has progressed faster than at the West Kytlim Project. Our thanks once again to our people and the officials in the Russian agencies for appreciating the merits in the project.'
Further details on the Monchetundra Project
Monchetundra is Eurasia's 80% owned 2 million-ounce PGM (Reserve + Resource) project near the town of Monchegorsk on Kola Peninsula. A feasibility study and reserves estimate for the contained reserves and resources achieved state approvals in May 2017 (see announcement dated 31 May 2017). Subsequently, a discovery certificate, which guarantees mining rights to the holder, was issued in July 2017 for the reserves and resources contained within two open pittable locations, Loipishnune and West Nittis. A mining license application proceeded directly on receipt of the discovery certificate and later achieved provisional approval from Rosnedra, the Russian ministry for subsoil use. The application was later reviewed by the Federal Anti-Monopoly Service before being approved by both the Federal Securities Service (FSB) and Ministry of Defence (MOD). The Federal Anti-Monopoly Service, also reviewed the application before forwarding to the FSB and MOD. The permit application has now been approved at the Ministry for Economic Development and progresses to the Ministry
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