Eurasia Mining PLC Application for Tipil license lodged (3765C)
June 17 2019 - 2:00AM
UK Regulatory
TIDMEUA
RNS Number : 3765C
Eurasia Mining PLC
17 June 2019
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Application for Tipil license lodged
Eurasia Mining, the palladium, platinum, iridium, rhodium (PGM)
and gold production Company, can now report that an application for
a new exploration license area, Tipil, adjacent the current West
Kytlim mining license, has been lodged for approval.
The new Tipil license (24.5km(2) ) contains approximately 17
kilometres of river course and sedimentary units proven to host PGM
deposits at the West Kytlim project. Geological data and historical
mining information have been analysed by the Company's geologists
and compiled to a report justifying the application as a new
exploration license tenement. The Directors are confident of
finding further PGM mineralisation in this area.
Highlights :
-- The Tipil license area (24.5km(2) ) has now been applied for
as a new exploration permit and may be approved for exploration,
and later converted to a production license uncontested.
-- The total exploration area applied for and approved at the
West Kytlim project now stands at 95km(2) , inclusive of the Flanks
Area (71km(2) ) which was approved for exploration in December 2018
(see RNS dated 17 December 2018).
-- Exploration areas are adjacent and surrounding the current
21km(2) mining permit, bringing the total area licensed and under
application to 116km(2)
Chairman Schaffalitzky commented "In line with our strategy to
expand the production volumes at West Kytlim, even as the 2019
mining season is ongoing, we are again utilising one of our
Company's other core competencies, i.e. our in-house expert
knowledge of geology and the Russian licensing system, to further
increase our presence in the West Kytlim area and aim to grow the
mine to be the largest alluvial operation globally this year. We
are now established as a dominant player in the PGM space in the
region and look to developing an operation providing a low cost PGM
solution that is sustainable over potentially several decades.'
Tipil Area
The Tipil license area (24.5km(2) ) has now been applied for as
a new exploration permit. The total ground licensed, or applied for
as an exploration permit now stands at 95km(2) , which is inclusive
of the Flanks Area (71Km(2) ). These areas are adjacent to the
current 21km(2) where mining is currently ongoing at the Kluchiki
Area. Areas within 5km of a Company's proven reserves have a
special status under Russian subsoil licensing and subject to
conditions, can be applied for and approved without occasioning a
public auction or inviting tender from third parties.
A graphic locating the above-mentioned areas within the West
Kytlim mine, and the location of the Tipil Area and the previously
approved Flanks Area is available on the Company's website at;
https://www.eurasiamining.co.uk/operations/west-kytlim
A site visit to describe the operation and demonstrate upgrades
to the washing circuit by means of video blog remains on schedule
for late June 2019. Shareholders are encouraged to follow the
non-regulatory progress at the mine site through the Company's
media channels including;
VIMEO: https://vimeo.com/user71951711
TWITTER: https://twitter.com/eurasiamining
VOX MARKETS: https://www.voxmarkets.co.uk/listings/LON/EUA/
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Further background to the West Kytlim Mine:
West Kytlim is currently the second largest alluvial platinum
mine globally, based on 2018 production figures. The operation was
brought to industrial scale production in 2018, with a total of
165kg raw platinum produced from May to November 2018 for a gross
revenue of GBP2.57m. A complete summary of the 2018 mining season
can be found in the Company's annual report available on the
Company website at
https://www.eurasiamining.co.uk/investors/financial-reports
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Keith Byrne
+44 (0) 207 932 0418
WH Ireland Limited
Katy Mitchell/ James Sinclair-Ford/Matthew Chan
+44 (0)161 832 2174
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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