Last checked at 12 Apr 2013 13:23
The following replaces the 'Exploration Update: Russian Platinum Projects' announcement released on 12 April 2013 at 12:47 under RNS No 2582C.
As previously released the announcement contained elements of draft text.
The full amended text is shown below.
Eurasia Mining plc
("Eurasia" or the "Company")
Exploration Update: Russian Platinum Projects
Highlights:
- 123% increase in total C2 Approved Platinum Reserves
- Potential for up-scaling to multiple operating sites
West Kytlim
The Company is pleased to announce further increase in resources at Eurasia's West Kytlim alluvial platinum project. Further to the announcement of September 12, 2011, exploration for extensions of the Tylai-Kosvinsky Placer has been focused along the terraces of the Tylai and Kosva Rivers and their tributaries over an approximate length of 18 kilometers.
Since 2010, detailed traverse drilling for the confirmation and approval of additional reserves has been conducted on terraces near the junction of the Tylai and Kosva Rivers, and also in a tributary and terraces of the Tylai River immediately to the North and South of the discovery area of Bolshaya Sosnovka. In 2012, reserve drilling has been extended to the western Tylai terraces. The objective of this ongoing drilling is to define multiple production sites that can be operated concurrently within the deposit and the drilling results will be released in due course.
The Company has now received confirmation from the Urals Branch of the Federal Agency for Natural Resources of approval of C2 Reserves in an additional three areas within the Tylai Kosvinsky, ("TK"). These additions represent a 123% increase in the approved C2 reserves at West Kytlim since the initial discovery area reserves were approved.
Approved C2 Reserves within the licence area is shown in the Table below:
TK Placer Area | Av Raw Pt grade, (mgm/m3)
| Contained raw Pt, (kg) |
TK Area 1 | 316 | 756.55 |
TK Area 3 | 363 | 121.7 |
TK Area 9 | 303 | 490.3 |
TK Area 2 (part) | 364 | 320.5 |
Current Total C2 | 323 | 1,689 |
This table is an update from the reserves announced in 2011. The exploration programme from which the names of separate approved reserves areas are derived is detailed in the previous announcement of 16 June 2010. It should be noted that these estimates do not comply with the JORC code as alluvial reserve estimates are only used officially in the Former Soviet Union. Instead, C2 Reserves are defined by the Gosstandart of Russia (GOST), the national Russian standard on mining and minerals as published by the National Certification Body of the Russian Federation. For data to be included under this standard it must have been approved by the Russian State or Federal body.
The requirements for progressively converting the P1 Category Resources on the licence to C2 Reserves can be approved for mining includes close spaced traverse drilling, large diameter drilling and trenching to produce bulk sample verification of grade and metallurgical characteristics for processing. It is also a requirement to produce an indicative economic assessment for the outcome of future mining of the reserves. This work is submitted for statutory approval which includes review by an expert commission.
The results of ongoing resource conversion work on the licence area means that the current approved C2 reserves now considerably exceed the requirement for a single start-up operation, creating the opportunity to achieve rapid scale up using multiple sites in the future mining operation.
In 2012 reserve drilling commenced on the western Tylai terraces; additional resource definition is also continuing in a number of areas within the Licence which has now been extended until December 2014.
Kola - Monchetundra
At Monchetundra, where the exploration licence was extended recently to December 2013, a drilling program is being planned to detail the resource at the discovery area of high grade PGM and base metal values.
Investor Show
Finally, Eurasia confirms that Christian Schaffalitzky, Chief Executive Officer of Eurasia, will be presenting on the Company at the UK Investor Show on 13 April 2013 at the Excel Centre in London. Further details of the event can be found at: http://ukinvestorshow.com/
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
For more information please contact:
Eurasia Mining | |
Christian Schaffalitzky / Michael de Villiers
| Tel: +44 (0) 207 932 0418 |
Katy Mitchell, WH Ireland Limited | Tel: +44 (0) 161 832 2174 |