Eurasia Mining Regulatory News (EUA)

16 Apr 2007 07:01

Eurasia Mining PLC16 April 2007 Eurasia Mining plc ("Eurasia" or "the Company") Drilling results - Second Platinum Discovery confirmed at Kola April 16, 2007: Eurasia Mining plc is pleased to confirm its second platinumgroup metals (PGM) discovery on the Kola Peninsula in north-west Russia. Like the earlier discovery, announced last month, it lies in acreage where thefirst US $10 million of exploration spending is funded by the world's largestplatinum producer, Anglo Platinum, Eurasia's joint venture partner. The latest results show very encouraging platinum plus palladium values between1 and 2.9 gram per tonne (g/t). They follow drilling undertaken during thesecond half of 2006 on the joint venture Monchetundra licence, near the town ofMonchegorsk. Eurasia Managing Director Christian Schaffalitzky said: "Coming so soon afterour earlier discovery announcement at nearby Volchetundra, this is a veryencouraging set of results." Mr Schaffalitzky added: "We now plan a programme of grid drilling to identify amineral resource with economic potential." Eurasia's joint venture with Anglo Platinum covers the Monchetundra,Volchetundra and West Imandra licences which together cover a total of 450 sq kmon the Kola Peninsula. These licences lie on an extension of a geological trend where the Canadiangroups Barrick Gold and Consolidated Puma Minerals Corporation are carrying outadvanced exploration and feasibility studies on nearby deposits. The area has anestablished mining and mineral processing infrastructure and a mining historyof over 80 years. Last month's results from Volchetundra showed the presence of platinum andpalladium with grades of between 1.9 and 11 grams per tonne. Initial appraisalwork is also under way at West Imandra. Drilling at Monchetundra in the second half of 2006 focused on earlier resultsthat had identified a mineralised zone with wide intercepts of low gradeplatinum group metals (PGM). The program has confirmed the presence of this zoneboth on strike and down dip. To date the zone is seen in two fault blocks, with a NW-SE strike extent of 1100and 400 metres respectively. No drilling has been done yet beyond these limits.On the table below, the principal results can be seen. The detailed analyticalresults for all relevant holes with location maps can be seen on the company'swebsite www.eurasiamining.co.uk Results include 15.3m at 2,20gm/t Pt+Pd, 11.3m at 2.93gm/t Pt+Pd, 21.3m at1.92gm/t Pt +Pd and 18m at 1.66gm/t Pt+Pd The intersections represent at least two separate PGM bearing horizons that havebeen traced so far for several hundred metres and remain open both at depth andalong strike. In view of the broad widths, apparent continuity and low sulphidecontent Eurasia is targeting an open pit scenario with concentration byflotation to produce a marketable high grade concentrate. This zone of mineralisation has been targeted for further drilling n 2007, bothto seek extensions on strike and to confirm internal continuity and investigatepossible repetition. Anglo Platinum, the world's largest platinum producer, is funding the firstUS$10 million of exploration spending in return for a 40% stake in the jointventure - expected to underpin operations until at least the end of 2008.Eurasia holds the remaining 60% stake in the joint venture. The results from the drilling are as follows: Hole No. From (m) To (m) Width (m) Pd+Pt (g/t) Pd:Pt ratio UM-39 115.4 120.9 5.5 1.37 2.2UM-7 83.0 89.7 6.7 1.81 1.9UM-7 112.7 128.0 15.3 2.20 1.6MT-11 19.1 26.0 6.9 2.40 1.4MT-11 53.6 64.7 11.1 2.54 1.7MT-11 77.7 80.3 2.6 1.15 2.4MT-5 54.7 56.3 1.6 1.44 2.3MT-5 62.5 67.5 5.0 1.06 2.2MT-6 43.7 61.7 18.0 1.66 2.4MT-15 164.8 181.6 16.8 0.88 1.7MT-15 205.3 211.3 6.0 1.12 2.3UM-9 38.2 40.7 2.5 2.19 1.0UM-9 46.6 67.9 21.3 1.92 1.4MT-12 116.9 118.0 1.1 1.83 1.3MT-12 121.0 142.1 21.1 1.06 1.6MT-14 163.5 174.8 11.3 2.93 1.3 Consent for release Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He hasreviewed the update and consents to the inclusion of the exploration informationin the form and context in which it appears here. He is a Competent Person forthe reporting of these results. For further information contact: Christian Schaffalitzky, Michael Martineau orMichael de Villiers, Eurasia Mining Plc: +44 (0) 20 7495 4877Laurie Beevers, W H Ireland: +44 (0) 7903 164 004Allan Piper, First City Financial Public Relations: +44 (0) 20 7242 2666Nicholas Bealer, King & Shaxson Capital Limited +44 (0) 20 7426 5975 This information is provided by RNS The company news service from the London Stock Exchange