RE: I can't believe19 Oct 2020 01:22
Hi Dufry
Re: the flanks license question, this was covered in the RNS of 4th December - extract below: (or have I misunderstood the question?)
"As is normal practice, the exploration tenement was redrawn on a number of occasions, and finally rescinded into a mining license in two sub-areas within the larger exploration license. These are the West Nittis and Loipishnune deposits, issued as a single mining license valid to 2038, but existing as two areas separated by 3km (see announcement dated 11 December 2018 which sets out the details of this licence grant).
As a direct consequence of the issue of the mining right, the Company was entitled, as per Russian sub-soil licensing laws, to apply for further ground in the immediate vicinity of the mining license. This exclusive right is in place to protect parties to which a mineral discovery is credited, in the event that their mineral reserve can be shown to be continuous beyond their production license. This can occur if, for example, the Company's initial exploration license did not include all of the on-strike continuity of a potential ore body. When a mining right is approved, it is normal practice for a Company to make application for further exploration licenses within a 5km perimeter of the mining right. This new application is called a 'flanks application'. Eurasia's flanks application is for an 8km2 area, covering on-strike continuation of mineralisation at both the Loipishnune and West Nittis open pittable reserves. The application was made in September 2019 and further details are set out in the announcement dated 26 September 2019."
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