TIDMEUA
RNS Number : 2988K
Eurasia Mining PLC
01 September 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU
REGULATION NO. 596/2014, INCORPORATED INTO UK LAW BY THE EUEOPEAN
UNION (WITHDRAWAL) ACT 2018 AND IS IN ACCORDANCE WITH THE COMPANY'S
OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
1 September 2021
Eurasia Mining Plc
Share Price Movement and Progress Update
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium,
platinum, rhodium, iridium and gold producing company notes the
movement in the Company's share price yesterday and notes that the
share price remains below the 26.5p price at which the $20m private
placement, assisted by H.C. Wainwright, with US professional
institutional investors was completed on 26 May 2021 and would like
to announce the following summary:
-- Significant developments have been made at our operating West
Kytlim mine, the world's largest alluvial PGM mine, with 3 washing
plants launched to production and several open pit areas being
stripped including one at Kluchiki and two at Bolshaya Sosnovka as
opposed to one area and one plant in previous years - single asset
risk is therefore eliminated at West Kytlim. Electricity grid
connection and electric dragline are on track to be commissioned as
announced via RNS on 11 August 2021 to further reduce the mine's
carbon footprint, improve Eurasia's ESG credentials and reduce the
cost of production that is already in the lowest quartile of the
global PGM cost curve.
-- Rosgeo has confirmed to Eurasia that the process on the
license for Nyud and Moroshkovoe open pit deposits is in an
advanced state.
-- Block modelling and open pit optimisations are now complete
for 6 out of 9 Rosgeo JV projects that in total represent 104.6Moz
of platinum equivalent resource (according to the Russian State
Cadastre of Mines) as announced via RNS on 26 March 2021.
-- The Monchetundra Definitive Feasibility Study (DFS),
contracted to CKE and EMR (both defined below), is in the final
stages of its development further to the successful completion of
geotechnical and other studies performed by Gipronickel (an
engineering arm of Norilsk Nickel) as well as an audit by Wardell
Armstrong International.
Further details on the Monchetundra Definitive Feasibility
Study
The following tests have successfully been accomplished by
Gipronickel (an engineering arm of Norilsk Nickel) including but
not limited to physical and mechanical tests to determine the
average density, the true density, porosity, the speed of
propagation of longitudinal and shear waves of the rocks, the rock
hardness coefficient, uniaxial tension along generatrixes, uniaxial
compression, the water absorption, the natural moisture content of
rocks, measurements of the physical properties of the rocks.
Detailed metallurgical tests have successfully been completed by
Mekhanobr Engineering that possesses the 90-years of experience in
detailed design of base metals and precious metals processing
facilities, industrial processing operations, tailing storage
facilities, etc. More than 250 mining-and-processing operations
have been constructed using their designs, now effectively
operating in Russia and abroad.
Central Kola Expedition (CKE) has accomplished the majority of
work related to the DFS that, amongst other items, included
drillhole digital database compilation, wireframe and block
modelling, and open pit optimisations. A detailed mining plan for
the first 5 years of the mine is expected to be completed within 2
weeks. CKE has significant experience on the Kola Peninsula working
for Russian mining majors including Norilsk Nickel, Polymetal,
Acron, Eurochem and Severstal as well as for international mining
majors including Anglo American Platinum, Barrick, B2Gold and
Kinross.
Wardell Armstrong International has undertaken site visits and
audited the Monchetundra drill core storage at the warehouse owned
and managed by CKE, the quality assurance and quality control
procedures and the work done by Gipronickel, CKE and other
professional contractors of Eurasia.
EMR (Engineering of Mineral Resources) that has an excellent
track record cross-referencing Russian reserves with reserves under
the JORC Code is coordinating the DFS for the purposes of the
Russian authorities.
Christian Schaffalitzky, Executive Chairman of Eurasia
commented: " The Directors are delighted that our hard work on Kola
that started as a joint venture with Anglo American Platinum in
2005 and is finishing as a joint venture with Rosgeo, a much
stronger partner for doing business in Russia, is coming to a
successful conclusion with DFS, JORC reserves as well as the EPCF
(engineering, procurement, construction and finance) contract
already signed. The Board is committed to execute on the strategy
as announced on 12 May 2021".
James Nieuwenhuys, CEO and Managing Director of Eurasia
commented: " The Board members are encouraged that the DFS is
advancing well for Monchetundra, while the CPR under the JORC Code
is being finalised for our Rosgeo JV projects including Nyud and
Moroshkovoe. The work has been done well ahead of schedules
stipulated by our license agreements. We are executing on Kola as
we have done in the Urals, successfully delivering on our promises
".
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the
Company. He has reviewed the update and consents to the inclusion
of the exploration information in the form and context in which it
appears here. He is a Competent Person for the purposes of the
reporting of these results.
Regulatory information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
A copy of this announcement is also available on Eurasia's
website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
About Eurasia Mining Plc
Eurasia Mining plc is a palladium, platinum, rhodium, iridium
and gold producing company, operating the established West Kytlim
Mine in the Urals, and also the operator of the Monchetundra
Project comprising two predominantly palladium open pit deposits
located 3km away from Severonickel, one of Norilsk Nickel's largest
base metals and PGM processing facilities, near the town of
Monchegorsk on the Kola Peninsula.
About Wardell Armstrong International
Wardell Armstrong International is a multidisciplinary
Environmental, Engineering and Mining consultancy operating in the
UK and internationally helping clients get the best possible
financial returns - while doing things in a sustainable,
responsible way, continually improving environmental performance in
own activities and in the advice to the clients.
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END
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September 01, 2021 02:00 ET (06:00 GMT)
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