UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2015
Commission File Number: 001-35404
EURASIAN MINERALS INC.
(Translation of registrants name into English)
Suite 501 543 Granville Street
Vancouver,
British Columbia V6C 1X8
Canada
(Address of principal
executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
[ ] Form 20-F [X]
Form 40-F
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits:
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
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EURASIAN MINERALS INC. |
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(Registrant) |
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Date: May 26, 2015 |
By: |
/s/ Valerie Barlow |
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Name: |
Valerie Barlow |
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Title: |
Corporate Secretary |
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Eurasian Minerals Inc.
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NEWS RELEASE |
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Eurasian Minerals Reports Initial Resource Estimate and
Project Approvals for the Malmyzh
Copper-Gold Porphyry Project, Far East
Russia
Vancouver, British Columbia, May 26, 2015 (TSX Venture: EMX;
NYSE MKT: EMXX) Eurasian Minerals Inc. (the
Company or EMX)
is pleased to report the initial NI 43-101 resource estimate and Russian
Federation project approvals for the Malmyzh copper-gold porphyry project. The
Malmyzh exploration and mining licenses, located in the Russian Far East, are
held by a Joint Venture between IG Copper LLC (IGC) (51%) and Freeport-McMoRan
Exploration Corporation (Freeport) (49%), with IGC operating and managing the
project. EMX is IGCs largest shareholder with 42.2% of the issued and
outstanding shares. The Companys investment in IGC is in recognition of the
significant potential of the district-scale discovery at Malmyzh, as well as
IGCs success in acquiring additional exploration properties in a prospective
region under-explored for its porphyry copper-gold potential. Please see
attached map and www.eurasianminerals.com for more information.
NI 43-101 Resource Summary. Wardell Armstrong
International (WAI), an independent UK based mining, engineering, and
environmental consulting company, has provided EMX with a statement of Inferred
Resources effective as of May 1, 2015 for the Malmyzh project under National
Instrument 43-101 Standards of Disclosure for Mineral Projects of the
Canadian Securities Administrators (NI 43-101) and Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) definition standards. The Inferred
Resources at a 0.30% copper equivalent cut-off are estimated as 1,661 million
tonnes at average grades of 0.34% copper and 0.17 grams per tonne (g/t) gold, or
0.42% copper-equivalent, containing 5.65 million tonnes (12.45 billion pounds)
copper and 9.11 million ounces gold, or 7.06 million tonnes (15.56 billion
pounds) copper-equivalent (CuEq% = Cu% + (Au g/t x 0.5)) . The Inferred
Resources are constrained within open pit configurations, and are comprised of
estimates for the Valley, Freedom (SE), Central, and Flats deposits as
summarized in the table below.
Malmyzh Inferred
Resources at a 0.30% CuEq Cut-off. |
Deposit |
Million
Tonnes |
CuEq
% |
Cu
% |
Au
g/t |
CuEq
Million Tonnes |
Cu
Million Tonnes |
CuEq
Billion lbs |
Cu
Billion lbs |
Au
Million Oz |
Valley |
1,000 |
0.41 |
0.34 |
0.15 |
4.13 |
3.38 |
9.10 |
7.44 |
4.88 |
Freedom (SE) |
334 |
0.46 |
0.34 |
0.24 |
1.54 |
1.13 |
3.40 |
2.50 |
2.63 |
Central |
218 |
0.45 |
0.39 |
0.12 |
0.97 |
0.85 |
2.15 |
1.87 |
0.81 |
Flats |
109 |
0.38 |
0.27 |
0.23 |
0.41 |
0.29 |
0.91 |
0.64 |
0.79 |
TOTAL |
1,661 |
0.42 |
0.34 |
0.17 |
7.06 |
5.65 |
15.56 |
12.45 |
9.11 |
Note: Totals may not sum to 100% due to rounding.
WAI's criteria for reporting the open pit constrained Inferred
Resources are based on:
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A copper price of US$ 3.25/lb and a gold price
of US$1,400/oz. |
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Metallurgical recovery assumptions of 90% for
copper and 70% for gold. |
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Costs of US$2/tonne mining, US$7/tonne
processing, and US$2/tonne G&A. |
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A cut-off grade of 0.30% CuEq (CuEq calculation
based upon given prices, recoveries, and costs). |
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Figures rounded to reflect the relative
accuracy of the estimates. |
The initial mineral resource estimate is a milestone in the
discovery history of the Malmyzh copper-gold porphyry project. The project's
Inferred Resources include four of the fourteen known porphyry targets on the
property that have been drilled on nominal 200 by 200 meter grids. All four
deposits (i.e., Valley, Freedom (SE), Central, and Flats) are open at depth.
In-fill drilling may lead to the delineation of discrete higher grade zones of
copper-gold mineralization, and will provide additional confidence for resource
estimation. A table of Inferred Resources at a range of cut-off grades is given
below (base case at 0.30% CuEq cut-off).
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
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Tel: (604) 688-6390 Fax: (604) 688-1157
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www.EurasianMinerals.com
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2
Malmyzh Inferred
Resources at a Range of CuEq% Cut-offs. |
CuEq%
Cut-off |
Million
Tonnes |
CuEq
% |
Cu
% |
Au
g/t |
CuEq
Million Tonnes |
Cu
Million Tonnes |
CuEq
Billion lbs |
Cu
Billion lbs |
Au
Million Oz |
0.20 |
2,544 |
0.37 |
0.29 |
0.14 |
9.29 |
7.49 |
20.49 |
16.52 |
11.62 |
0.25 |
2,149 |
0.39 |
0.31 |
0.15 |
8.41 |
6.76 |
18.54 |
14.89 |
10.64 |
0.30 |
1,661 |
0.42 |
0.34 |
0.17 |
7.06 |
5.65 |
15.56 |
12.45 |
9.11 |
0.35 |
1,107 |
0.48 |
0.38 |
0.19 |
5.26 |
4.20 |
11.59 |
9.25 |
6.85 |
0.40 |
757 |
0.52 |
0.41 |
0.21 |
3.95 |
3.14 |
8.72 |
6.93 |
5.22 |
0.45 |
517 |
0.57 |
0.45 |
0.24 |
2.94 |
2.32 |
6.47 |
5.11 |
3.98 |
0.50 |
346 |
0.61 |
0.48 |
0.27 |
2.12 |
1.66 |
4.68 |
3.67 |
2.96 |
0.55 |
220 |
0.67 |
0.51 |
0.30 |
1.46 |
1.13 |
3.22 |
2.49 |
2.14 |
Relatively elevated copper-gold grades are often hosted in the
potassically altered rocks at Malmyzh. For example, at Valley, this style of
alteration and mineralization is developed to the southeast in shallow hornfels
host rocks that occur from near-surface to depths of ~150 to ~250 meters.
Additional Targets and Prospects. Freedom, comprised of
two distinct northeast trending bodies of copper-gold mineralization, has an
Inferred Resource for the Southeast deposit, but also has drilled mineralization
on 400 meter fences for the Northwest prospect. Although the Northwest prospect
is not included as an Inferred Resource, it has sufficient geologic
(interpretations on cross section) and drill control (six holes) to be defined
as a target for further exploration according to NI 43-101 (2.3(2),(a
-b)) 1.
Malmyzh Freedom (NW)
Target for Further Exploration. |
Prospect |
Million
Tonnes |
Cu %
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Au g/t
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Freedom (NW) |
90-180 |
0.30-0.40 |
0.15-0.25 |
1 The potential quantity and grade for the
Freedom Northwest prospect is conceptual in nature, as there has been
insufficient exploration to define a mineral resource. It is uncertain if
further exploration will result in the target being delineated as a mineral
resource.
The extent of porphyry copper-gold mineralization has not been
fully determined within the Malmyzh district. There is substantial exploration
upside given by the ten additional prospects with reconnaissance drilling that
intersected porphyry alteration and mineralization. Further, there is
considerable exploration potential in undrilled areas of the property,
particularly towards the southeast where there is more than 15 meters of cover
that provides opportunity for additional blind discoveries within the project
area.
Russian Federation Project Approvals. IGC has advised
that the Malmyzh Joint Venture (51% IGC, 49% Freeport), through its Russian
subsidiary Amur Minerals OOO, has recently received approval of the official on
balance C1+C2 reserves from the GKZ (State Reserves Committee), the government
agency authorized to approve resources and reserves in the Russian Federation.
The Malmyzh official government approved reserves were estimated according to
the rules and regulations of the Russian Federation, and are not the same as
reserves under NI 43-101. The GKZ official reserves have now been listed and
added to the State Balance of Reserves. IGC has also advised that the
prospecting phase of the Malmyzh exploration and mining licenses has now been
successfully completed. The Joint Venture's achievement of these objectives is a
major advancement for the project.
The Company understands the Joint Venture is now preparing to
file documents to continue to the advanced exploration and mining phase of the
project's development as required for strategically significant deposits in
the Russian Federation.
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
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Tel: (604) 688-6390 Fax: (604) 688-1157
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www.EurasianMinerals.com
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3
NI 43-101 Resource Discussion. IGC's drill campaigns
have been carefully designed to meet Russian Federation and international
reporting requirements. There is a project total of 211 diamond drill holes (HQ
and NQ) totaling over 70,500 meters. All drilling was completed from the
surface, with over half of the holes drilled vertically and the majority of the
angle holes drilled at an inclination of -60° along the azimuths of the drill
fences. The total down-hole depth drilled averages ~330 meters, with the deepest
hole reaching 680.8 meters at the Central deposit. The majority of drill meters
(~55,000 m) concentrated on the four principal deposits, but also included
evaluation of porphyry prospects prioritized from the additional target areas.
The drill fences at Valley, Freedom (SE), Central, and Flats
were oriented N40°W, and spaced at 200 meters. Geological interpretations by
deposit were provided for each drill fence, and used to construct 3D models
representing overburden, diorite porphyry, and hornfels units. In addition,
surfaces for oxide, transition, and sulfide mineralization were modeled.
Interpretations of lithology, structure, and alteration on section were reviewed
with distributions of copper-gold mineralization and down-hole multi-element
geochemistry to define domains of porphyry alteration and mineralization to
constrain grade estimation. Generally these domains correspond to 0.1% copper
grade shells that are inclusive of gold mineralization greater than 0.05 g/t,
and are conformed to the lithological contacts, alteration boundaries, and
structural truncations based on the geological interpretations.
In summary, the Malmyzh Inferred Resource estimate was based
upon:
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Assay and geological data available on or
before May 1, 2015. |
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Industry standard sampling, sample preparation,
analytical, and quality assurance and quality control (QA/QC)
procedures. |
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Block models constructed with parent block
dimensions of 25 x 25 x 10 meters, with sub-blocking to a minimum of 12.5
x 12.5 x 5.0 meters. |
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Samples composited to 10 meter lengths,
typically resulting in an average of five samples per composite. |
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High-grade capping, determined separately for each
deposit, was applied for copper and gold. The spatial occurrence of the
capped values was visually verified to establish that they do not form
zones that could be modeled separately.
An exception was for the
Central deposit, where a higher grade zone of quartz-feldspar alteration
with unidirectional solidification textures occurs at depth (AMM-041,
591.3-635.2m, 43.9m at 1.23% copper and 0.53 g/t gold; true width
interpreted as 28.5m). This unique zone, intersected by the deepest hole
drilled to date, was modeled separately. The drill intercept and over 75%
of the interpreted feature fall below the Inferred Resource open pit shell
and represent exploration upside. |
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Specific gravity was determined on drill
core samples from the four deposits, with average density values of
2.65-2.72 tonnes/meter3 in diorite porphyry and 2.64-2.66
tonnes/meter3 in hornfels. |
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Inverse distance weighting to the third power
(IDW) was used for the grade estimation of copper and gold. |
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Estimates were constrained by the
geological/mineralization models, as well as the oxide and
transition/sulfide models. |
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Visual comparison between composite and block
grades, swath plots and other statistical techniques were used for
verification of the IDW estimates. |
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Inferred Resources of sulfide and transition
material are reported within optimized open pit shells with 45° slope
angles. Sulfide material totals over 96% of the Inferred Resource tonnes. |
The mineral resource is classified as Inferred by WAI, and
includes blocks with copper and gold with lateral and down-dip continuity
consistent with the geological interpretations. The cut-off grade of 0.30% CuEq
is suitable for reporting mineral resources for a potential open pit project.
The optimized open pit parameters are based upon metal prices, costs, and
metallurgical recoveries given similar projects worldwide, as well as
independent technical assessments conducted within the Russian Federation.
The resulting mineral resource estimate, while based on broadly spaced drill
holes, is considered by WAI to be robust, though subject to revision in the
future.
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
|
Tel: (604) 688-6390 Fax: (604) 688-1157
|
www.EurasianMinerals.com
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4
The Malmyzh mineral resource conforms with CIM Estimation of
Mineral Resource and Mineral Reserves Best Practices guidelines and is reported
in accordance with NI 43-101. Mineral resources are not mineral reserves and do
not have demonstrated economic viability. There is no certainty that all or any
part of the mineral resource will be converted into a mineral reserve.
IGC's partner, Freeport, did not participate in completion of
the resource estimate and is subject to disclosure requirements that are
different than EMX's and IGC's disclosure requirements. Accordingly, future
disclosures concerning the Malmyzh project by Freeport, if any, may contain
different or additional information as required by relevant laws, regulations
and requirements.
An NI 43-101 technical report for Malmyzh will be filed on
SEDAR by EMX within 45 days.
Malmyzh Overview. Malmyzh is located in the Far East of
the Russian Federation, approximately 220 kilometers northeast of the city of
Khabarovsk and the nearby border with China. The project has excellent logistics
and infrastructure, and is covered by two exploration and mining licenses that
total over 150 square kilometers. The Company believes that the Russian
Federation is strongly supportive of mining development in their Far East krais
(administrative regions), as evidenced by investment incentives for reduced
mineral resource extraction taxes and corporate income taxes that became law in
2014.
The project's terrain consists of low relief hills of the Amur
River valley, and its porphyry deposits, prospects, and targets occur within a
district-scale 16 by 5 kilometer intrusive corridor concealed beneath shallow
cover. Mineralization extends from shallow subcrop (~1 to 50 meters) to greater
than 400 to 600 meters depth. The porphyry centers occur as Cretaceous-age
dioritic stocks that intruded and hornfels-altered siltstone and sandstone
sedimentary sequences. The porphyry mineralization consists of near-surface
zones of variable chalcocite enrichment grading into chalcopyrite-rich and
chalcopyrite-bornite-magnetite mineralization. Copper-gold mineralization occurs
in the porphyry intrusives, as well as in the hornfels-altered and stockworked
sedimentary wall rocks.
The Malmyzh drill programs have been highly successful, with
virtually all of the holes intersecting at least anomalous copper-gold
mineralization and porphyry related alteration. IGC's diamond drilling campaigns
have focused on defining the Valley, Freedom (SE), Central, and Flats deposits
on 200 by 200 meter centers, generally to less than 500 meters depth. Valley is
delineated as a 1,600 by 1,100 meter deposit hosted in diorite porphyries and
hornfelsed sedimentary rocks. Central is outlined as a 900 by 450 meter deposit
principally hosted in diorite porphyry. Freedom's two northeast-trending zones,
hosted in a complex assemblage of diorite porphyries, multistage breccias, and
hornfels have lateral dimensions of 1000 by 600 meters (Southeast deposit) and
1,200 by 300 meters (Northwest prospect). Flats is a 800 by 500 meter deposit
comprised of mineralized diorite porphyry and hornfels. The copper-gold Inferred
Resources in these four deposits have potential open pit geometries with
relatively low stripping ratios, and all remain open at depth.
Additional targets and prospects at Malmyzh are defined either
by mineralized drill intervals that are open laterally and to depth, or surface
geochemical and magnetic anomalies that have not yet been drill-tested. These
prospects require further review and follow-up to fully understand their
significance in the context of the Malmyzh copper-gold porphyry district.
Other IGC Assets. IGC has 100% control of the 260 square
kilometer Salasinskaya property, and the nearby 390 square kilometer Shelekhovo
property (also known as Shelekhovskaya). At Shelekhovo, historic government
exploration surveys identified multiple occurrences of gold, silver, and copper
associated with quartz veining and alunite. Salasinskaya is considered to be the
northern extension of the Shelekhovskaya anomaly cluster, and is marked by the
widespread occurrence of quartz-alunite alteration. The regional geology has
been mapped as Cretaceous-age sedimentary sequences intruded by granitic and
granodioritic rocks. Both properties occur approximately 150 kilometers along
trend to the northeast of Malmyzh. Together, the Malmyzh, Salasinskaya, and
Shelekhovo properties cover approximately 800 square kilometers of exploration
ground occurring along a ~200 kilometer belt of prospective Cretaceous-age arc
terrane rocks.
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
|
Tel: (604) 688-6390 Fax: (604) 688-1157
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www.EurasianMinerals.com
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5
Drilling, Sampling, Assaying, and QA/QC. The Malmyzh
diamond drill samples were collected in accordance with CIM Best Practice
standards and guidelines. The samples were submitted to Irgiredmet Laboratories
in Irkutsk, Russia (GOST ISO/MEK 17025 accredited), or ALS Laboratories in
Chita, Russia (GOST ISO/IEC 17025 accredited) for assay and geochemical
analysis. Gold was analyzed by fire assay with an AAS finish, and copper
analyses were determined with aqua regia digestion and ICP AES techniques. IGC
conducts routine QA/QC analysis on all assay results, including the systematic
utilization of certified reference materials, blanks and duplicates.
WAI reviewed the drill database, drill core, and QA/QC results,
and conducted independent field reviews and due diligence check sampling. WAI
believes that IGC's drill sample results are reproducible, reliable, and
suitable for estimating mineral resources.
Qualified Persons. Dr. Phil Newall, PhD, BSc, CEng,
FIMMM, is a Qualified Person under NI 43-101 and is Managing Director of WAI.
Dr. Newall is independent of EMX, IGC, and Freeport, and has signed off on the
Malmyzh Inferred Mineral Resource statement and approved the technical
disclosure in this news release.
Mr. Dean D. Turner, CPG, is a Qualified Person under NI 43-101
and consultant to the Company. Mr. Turner has reviewed, verified and approved
the data, including sampling, analytical and test data underlying the technical
information contained in this news release.
About EMX. Eurasian Minerals leverages asset ownership
and exploration insight into partnerships that advance our mineral properties,
with EMX retaining royalty interests. EMX complements its generative business
with strategic investment and third party royalty acquisition.
EMXs strategic investment in IGC exemplifies the Companys
recognition of an early-stage opportunity with excellent growth potential. IGC
has steadily built value at Malmyzh, while continuing to add quality exploration
properties to its portfolio. EMX is IGCs largest shareholder with 42.2% of the
issued and outstanding shares (40.0% on a fully diluted basis) resulting from
investments totaling US $7.8 million.
About IGC. IGC, a privately held company, is led by
President and CEO Tom Bowens, and includes key personnel with a track record of
exploration discovery and project development in the Russian Federation.
-30-
For further information contact:
David M. Cole |
Scott Close |
President and Chief Executive Officer |
Director of Investor Relations |
Phone: (303) 979-6666 |
Phone: (303) 973-8585 |
Email: Dave@EurasianMinerals.com |
Email: SClose@EurasianMinerals.com
|
Website: www.EurasianMinerals.com |
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain forward looking
statements that reflect the Companys current expectations
and projections about its future results. These forward-looking
statements may include statements regarding perceived merit of properties,
exploration results and budgets, mineral reserves and resource estimates, work
programs, capital expenditures, timelines, strategic plans, market prices for precious and
base metals, or other statements that are not statements of fact. When used in
this news release, words such as estimate, intend, expect, anticipate, will,
believe, potential and similar expressions are intended
to identify forward-looking statements, which, by their very nature, are not
guarantees of the Companys future operational or financial performance,
and are subject to risks and uncertainties and other factors that could cause
Eurasians actual results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these forward-looking
statements. These risks, uncertainties and factors may include, but are not
limited to: unavailability of financing, failure to identify commercially viable
mineral reserves, fluctuations in the market valuation for commodities,
difficulties in obtaining required approvals for the development of a mineral
project, increased regulatory compliance costs, expectations of project funding
by joint venture partners and other factors.
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
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Tel: (604) 688-6390 Fax: (604) 688-1157
|
www.EurasianMinerals.com
|
6
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this news release
or as of the date otherwise specifically indicated herein. Due to risks and
uncertainties, including the risks and uncertainties identified in this news
release, and other risk factors and forward-looking statements listed in the
Companys MD&A for the three-month period ended March 31, 2015
(the MD&A) and most recently filed Annual
Information Form for the year ended December 31, 2014 (the
AIF) and Form 20-F for the year ended December 31,
2014, actual events may differ materially from current expectations. More
information about the Company, including the MD&A, the AIF, financial
statements and Form 20-F of the Company, is available on SEDAR at
www.sedar.com and on the SECs EDGAR website
at www.sec.gov.
Cautionary Note to U.S. Investors Concerning Estimates of
Inferred Resources
This news release uses the term Inferred
Resources. We advise U.S. investors that while this term is
defined in, and permitted by, Canadian regulations, this term is not a defined
term under SEC Industry Guide 7 and not normally permitted to be used in reports
and registration statements filed with the SEC. Inferred
Resources have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only permits
issuers to report mineralization that does not constitute SEC Industry Guide 7
compliant reserves, as in-place tonnage and grade
without reference to unit measures. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in this category will ever be converted
into reserves. U.S. investors are cautioned not to assume that any part or all
of an Inferred Resource exists or is economically mineable.
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
|
Tel: (604) 688-6390 Fax: (604) 688-1157
|
www.EurasianMinerals.com
|
7
Suite 501 543
Granville Street, Vancouver, British Columbia V6C 1X8, Canada
|
Tel: (604) 688-6390 Fax: (604) 688-1157
|
www.EurasianMinerals.com
|
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