Last checked at 4 May 2016 07:00
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Project Update: Extension of Semenovsky Tailings Heads of Terms
Eurasia Mining plc, the Russia focused PGM and gold exploration and development company, here working in partnership with Metal Tiger plc("Metal Tiger"), is pleased to report an extension to the Heads of Terms agreement ("Heads") outlined in mid November 2015 (see RNS dated 16th November 2015). These Heads, signed between Eurasia, Metal Tiger, and the Russian registered company OOO Golden Sands, covered an exclusive option period of 6 months to allow for due diligence by Eurasia and Metal Tiger personnel. The exclusive option allows Eurasia and Metal Tiger to acquire 67% of the Semenovsky Tailings Project ("STP") owned by OOO Golden Sands.
By mutual agreement between the parties this exclusivity period has been extended by a further 3 months to 15th August 2016, principally to allow further time to complete a metallurgical study on STP and further develop the commercial relationship between all parties towards a proposed formal Joint Venture Agreement.
As reported in our news release on the 26th April 2016, significant progress has been made in the initial 6 months from November 2015. A project TEO (Russian equivalent of a Pre Feasability document) has been approved by the Bashkirian Mines Department. This document demonstrates the economic extraction of the contained gold and silver Reserves according to a specific processing scheme. A drilling programme, to extract samples for metallurgical analysis, has also been completed, and these samples are currently being prepared for forwarding to an internationally accredited testing facility.
Christian Schaffalitzky, MD at Eurasia Mining comments "We are pleased with the progress to date at STP, all parties are working closely to meet our agreed goals in a timely manner and all indications for STP to date remain positive. We expect to update again shortly on the outcomes of the metallurgical sampling study. This is a busy time for all staff at Eurasia as we approach first platinum production at West Kytlim where work is now being finalised to complete the programme for mining of alluvial platinum this summer. A further announcement will follow in the coming weeks."
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Michael de Villiers
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/Liam Gribben
+44 (0)161 832 2174
Beaufort Securities
Elliot Hance
+44 (0)207 382 8300
Loeb AronJohn Beresford-Peirse+44 (0)207 628 1128