Last checked at 6 Feb 2017 12:17
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Successful step up to Production at West Kytlim during 2016
Eurasia can now report on the final results of the initial mining season at its 75% owned West Kytlim Alluvial Platinum and Gold Mine ("West Kytlim"). Mining at West Kytlim is seasonal with gravel washing possible in a weather window between the months of April and November. The 2016 operation commenced in the later half of this season (See RNS dated 27 July 2016) as mining and other permits became available. Site facilities and infrastructure were put in place ahead of first gravel washing which commenced in the first weeks of September and continued to early November.
A total of 11.3kg raw platinum were produced through the season, with some credits from Palladium (32g), Iridium (350g), Rhodium (49g) and Gold (56g). Two washplants employing different processing schemes were tested on site to further improve knowledge of the washability of the near surface reserves at the Malaya Sosnovka Area. Sluice concentrates from these washplants were upgraded onsite to a raw platinum product which was refined by and sold to a Precious Metals Refinery in Ekaterinburg. The larger of the two washplants had downtime due to minor breakage caused by the passing of heavier gravel and cobbles through the system. Modifications to ensure continuous operation of this washplant have been discussed and will be realized ahead of the 2017 season.
The average mining grade was 449 milligrams per cubic metre. It should be noted that mining grades were notably higher than expected. Average grade of gravels mined was 120% of reserves grade.
A further update on our mining plan for 2017, an outcome of detailed discussions held in Ekaterinburg in the last week of January with our contractors operating the West Kytlim Mine, as well as updates to the agreement with the contractor will follow this announcement directly.
Christian Schaffalitzky, MD at Eurasia commented 'Having met with our contractors this past week in Ekaterinburg we are confident that the 2016 mining season was managed well by both the Eurasia and the contractor's personnel. The season was also successful in terms of becoming familiar with the operating environment, mining machinery and the nature of the ore to be worked, essential elements in an alluvial mining operation. We now look forward to a full mining season in this 2017, preparation for which is already well advanced.'
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