Published: September 21, 2016 |

[Click image to enlarge]

Eurasia Mining plc should see first revenues this month (September) after mining begun at its West Kytlim platinum project in Russia, it told investors in its half year results.

As reported last Friday, the Ekaterinburg refinery had accepted the first batch of platinum concentrate, which will be refined and then purchased as per previously agreed terms.

And the West Kytlim operation will be boosted by the significant improvement in platinum and gold prices, said Eurasia, while prices are thought to go higher still by analysts.

Contractor SKRS is providing all the infrastructure and supplies for mining, as well as stumping up the operating costs, in exchange for a 70 percent return of the gross revenue.

Eurasia reckons this royalty structure was a good move, allowing it to spare further shareholder dilution or loans, allowing it to earn 30 percent of top line sales with no risk.

At the group’s other projects, at Monchetundra on the Kola peninsula, it is working towards a discovery certificate and later a mining license and there have been initial positive drilling results from one of the open pit resources at West Nittis.

The firm hopes to find a partner or buyer to advance it to production

In August, it reported a major milestone for its Semenovsky Tailings Project (STP) in Russia - namely a maiden reserve, with the entire tailings dam approved at Russian C2 standard to total 2.99mln tonnes of ore grading 1.18 g/t gold and 16.44 g/t silver.

For the six months to end June, the pre-revenue firm posted a profit of £855,000 (2015: loss of £1.68mln) and the cash at end of period was £183,591.

Source: (September 15, 2016) Proactive Investors

About Eurasia Mining
Eurasia is developing alluvial and bedrock platinum group metals (PGM) projects in Russia and the FSU. Of Eurasia’s two projects West Kytlim is key – Eurasia’s mining license application has been approved by Prime Minister Dmitry Medvedev and is awaiting a final sign off by the Russian federal agency for subsoil use. Mine planning is advanced at West Kytlim for production in 2016. Eurasia will redefine its business structure on the advent of platinum production, to include a development and production division alongside its exploration division. Eurasia’s 2015 drilling program is underway at Monchetundra: a hardrock open-pittable PGM target on the Kola Peninsula. Eurasia continues to see increasing value in Russian gold projects and is working with business partners on near production and exploration opportunities

To stop by Eurasia’s website, CLICK HERE

Be in-the-know when you’re on-the-go!