Eurasia Mining Regulatory News (EUA)

28 Jul 2005 07:01

Eurasia Mining PLC28 July 2005 ("Eurasia" or the "Company") Company resumes Urals work programme on possible economic platinum The Company is set to resume an exploration work programme ahead of planned testmining for platinum on its West Kytlim licence in the central Urals. The programme will be funded by Anglo Platinum Ltd. ("Anglo"), the world'slargest platinum producer, pursuant to the terms of a joint venture agreement. Earlier work carried out in the area established grades of up to 500 milligramsper cubic metre (mg/m3) - well above the 180 mg/m3 required to be economic. Initial work will focus on drilling and trenching to assess the extent and gradeof platinum within metal bearing sediments in two river systems running throughthe 251-square kilometre licence. Both systems - the Tylai and the Kosva - include river terraces potentiallycontaining un-mined platinum-bearing sediments, as well as "tailings" of earliermining operations which can be reworked to recover residual platinum usingmodern processing technologies. In parallel with drilling and trenching in the Tylai river system, bulk samplingand trial ore processing of up 10,000 cubic metres is planned, using a mobileconcentrator rig which has been constructed by the Eurasia team. In the Kosva system, the target for exploration will be economic zones ofpartially worked sediments as well as gravel terraces above the main valleywhich have not been worked in the past. Most mined river systems in the Uralshave been worked three or more times as technology improved, but tailings atKosva have only been reworked once.. Eurasia Managing Director Christian Schaffalitzky said: "While we continueworking with Anglo to explore the two river systems for larger resources, thisis a key step forward for us in areas likely to host small economic deposits ofalluvial platinum." Historical production from the Kytlim district in the Urals exceeds 50 tonnes ofplatinum. For further information contact: Michael Martineau/Christian Schaffalitzky, Eurasia Mining PLC: +44 (0) 20 7976 1222 Laurie Beevers, WH Ireland Ltd: +44 (0) 161 832 2174 Allan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7736 064 982 This information is provided by RNS The company news service from the London Stock Exchange