Last checked at 9 Sep 2016 14:22
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Acceptance report from Ekaterinburg refinery
Further to the announcement made earlier today, Eurasia Mining plc ("Eurasia") the Russia focused PGM and gold production and development company is pleased to announce the acceptance of its first batch of concentrate at the Ekaterinburg Non-ferrous Metals Processing Plant ("EZOCM" or 'The Refinery").
Eurasia had previously agreed terms with EZOCM, as announced in RNS dated 28 July 2016 and has commenced shipment of raw platinum concentrate from its mine in the Ural Mountains. The concentrate was weighed on entry to the plant as 574.18 grams of raw platinum concentrate. Under the terms of Eurasia's agreement with EZOCM, the refinery will now separate pure platinum and gold from waste (mostly iron) in the concentrate. The refined metals are then sold to the refinery.
The exact quantity of pure platinum will vary with each batch but is expected to be in line with similar products from other Uralian Mines and range between 70 and 75% pure platinum. Platinum, gold, other platinum group metals and iron form nuggets which are separated from gravel to form the company's mined concentrate product.
Christian Schaffalitzky, MD at Eurasia comments. 'This acceptance receipt represents the first step on a long road through development at the West Kytlim project. We now look forward to steady state production from the mine site once a necessary upgrade to our water supply system is completed. We appreciate our stakeholders' patience and salute the hard work and diligence of our co-workers and colleagues in Ekaterinburg and at the mine site.'
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Nick Prowting
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300