Last checked at 16 Mar 2016 15:00
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Update re Gold Tailings Opportunity
Eurasia Mining plc, the Russia focused PGM exploration and development company, is pleased to announce that on 15 March 2016, Metal Tiger plc (LON:MTR) exercised its option with Eurasia to participate alongside Eurasia in the Semenovsky Tailings Project ("STP").
Background information with regard to this opportunity was originally provided in the Company's announcement dated 16th November 2015 with a further update supplied in the subsequent announcement dated 12th February 2016.
Under the terms of the option, Metal Tiger will fund up to US$100,000 of exclusivity work programme costs (an additional US$50,000 plus the US$50,000 option payments already made) on the Semenovsky Tailings Project, and thereafter look to work with Eurasia on developing the STP project. US$135,000 has been spent so far by Eurasia.
Eurasia and Metal Tiger are now working together to refine plans and are specifically working to complete the due diligence work and schedule the 2016 developmental steps.
A further update will be provided to the market in the near term.
Christian Schaffalitzky Managing Director of Eurasia Mining said: "We are pleased to confirm Metal Tiger's participation in the Semenovsky Tailings Project.
The Board of Eurasia Mining believe that the project offers a very attractive opportunity to move into production generating revenues and cash inflow, something that investors are increasingly keen to see in the junior mineral equity space.
We look forward to updating the market with further information in the near term."
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