Metal Tiger PLC Licence Progress by Eurasia Mining (8232F)
February 25 2015 - 4:56AM
UK Regulatory
TIDMMTR
RNS Number : 8232F
Metal Tiger PLC
25 February 2015
METAL TIGER PLC
25 February 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Licence Progress by Eurasia Mining
Metal Tiger (LON:MTR) is pleased to note the announcement today
by Eurasia Mining plc ("Eurasia") (LON:EUA) noting a significant
milestone reached in regard to their Mining Licence at West Kytlim.
An extract of the Eurasia announcement is provided below. The full
text can be found at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12260446.html.
Cameron Parry, CEO of Metal Tiger, commented:"On 24 December
2014 Metal Tiger invested in Eurasia shares through our Direct
Equity Investment Division. It is pleasing to see today's update by
Eurasia which reports one of the final steps being achieved for the
West Kytlim project and moves the company into the final stages of
obtaining the mining licence."
Extract of Eurasia Mining Announcement:
"Mining Licence update
Eurasia, the platinum explorer and resource development company
operating in Russia, is pleased to provide an update on its mining
licence application for its West Kytlim project in the Urals.
The Board reports that representatives of the Russian state
authorities have verbally confirmed that the Department of Defence
("DOD") and Federal Security Service ("FSB") have approved the
Company's mining application. These two approvals are key steps in
the process of obtaining a Mining Licence, however at this stage
there is no guarantee that the Mining Licence will be granted.
Christian Schaffalitzky, CEO of Eurasia Mining commented: "We
are delighted to report further progress in our application to
secure a mining licence for the Company's West Kytlim project.
We believe this project is unique in its attractiveness from a
production perspective, with low capital set up cost, operational
simplicity and short timescale to early revenue generation. As a
result key progress in our Mining Licence application is
particularly important for the company and its shareholders, when
seeking to secure crystallisation of the value generated at West
Kytlim.
We will report further progress as soon as possible."
Next Steps:
The reports from the DOD and FSB as well as that of the
Anti-Monopoly Board ("FAS") provide the basis for Rosnedra's
compilation of the terms and conditions of the mining licence,
which will be forwarded for review by the Ministry of Economic
Development ("MED").
The MED review will assess the financial viability of the
project and subsequently inform Rosnedra on its conclusions based
on the submitted mining application and supporting
documentation.
We expect to report back to shareholders with a further update
on the latter steps, in the near term."
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207
(CEO) 099 0738
Paul Johnson Tel: +44 (0)7766
(Executive 465 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
(Nominated Adviser)
Nick Emerson SI Capital Limited Tel: +44 (0) 1483
Andy Thacker (Sole Broker) 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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