RE: completing on the sale of its Russian assets7 Jun 2022 15:43
Eurasia Mining report the company’s annual audit is running behind schedule but that the directors still expect the report and accounts to be published before end June.
An AGM notice will also follow, with the statutory notice period for the AGM being observed.
The Russian sanctions do not prevent the Company from executing on its M&A strategy as announced.
Management have previously stated that having reviewed European and US sanctions documentation they expect no impact on their operations and activities in Russia.
Eurasia have previously released resources and reserves on the Monchetundra Project (Loipishnune and West Nittis deposits), the NKT area as well as areas covered by the agreement with Rosgeo.
The data, reported under the Russian reserves/resources categories, is provided in the form of total contained metal without offering details on ore tonnages or grades on the underlying deposits.
Reserves are estimated at ~293kt Cu, 388kt Ni, 14kt Co, 4.8moz Pd, 1.5moz Pt, 2.2moz Ag and 0.3moz Au.
Resources are estimated at ~1,807kt Cu, 1,859kt Ni, 115kt Co, 34.7moz Pd, 8.9moz Pt, 12.7moz Ag and 2.4moz Au.
Reserves are based on B, C1 and C2 categories under the Russian mining code.
Resources include P1 and P2 categories and exclude P3.
Total, reserves and resources are estimated at >184moz PtEq.
The mix of metals runs at an estimated ~50% Pd, ~30% Ni, ~10% Cu with other metals accounting for the balance.
Eurasia has been working with Wardell Armstrong on a JORC MRE for the Monchetundra Project.
Conclusion: We look forward to Eurasia completing on the sale of its Russian assets in the relative near term and on the transformation of its business through the acquisition of new mineral assets outside of Russia.
*SP Angel act as Nomad and Broker to Eurasia Mining
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