Published: July 26, 2016 |

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Eurasian Minerals Inc. has reported that IG Copper LLC (IGC) has received approval to advance the Malmyzh copper-gold project from the Government Commission on Monitoring Foreign Investment chaired by Prime Minister Dmitry Medvedev. The Malmyzh exploration and mining licenses are held by IGC (51 percent) and Freeport-McMoRan Exploration Corporation (49 percent) (the joint venture), with IGC operating and managing the project. Eurasian Minerals is IGC’s largest shareholder with 41 percent of the issued and outstanding shares. The commission’s approval marks a pivotal milestone in the development of the Malmzyh project.

According to IGC, highlights of the commission’s approval include:

•  The joint venture, as a majority foreign owned business entity, has been approved to retain control of the Malmyzh project exploration and mining licenses.

•  The joint venture, therefore, maintains mining and production rights for the Malmyzh and Malmyzh North exploration and mining licenses.

•  The joint venture holds 100 percent of the rights for the Malmyzh and Malmyzh North exploration and mining licenses, and is entitled to recover all minerals of economic value including copper, gold and by-product minerals.

The conclusion of the current process initiates a new, multi-year phase in the project’s development. The Malmyzh team is preparing a project document that outlines advanced plans and programs that include additional technical work (i.e., drilling, exploration, metallurgy, engineering, and hydrology), as well as environmental, social, and economic assessments. The detailed project plan will be submitted to the appropriate agencies for approval. Once accepted, IGC advises that the joint venture will commence executing the approved project plan. This next phase of work will ultimately conclude as a detailed technical-economic basis of permanent conditions report, which is considered to be a precursor to commencement of exploitation and mining.

To read more details in the company’s press release, CLICK HERE

About Eurasian Minerals
Eurasian Minerals leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with Eurasian Minerals retaining royalty interests. The company complements its generative business with strategic investment and third party royalty acquisition. Eurasian Minerals’ strategic investment in IGC exemplifies the company’s recognition of an early-stage opportunity with excellent growth potential. IGC has steadily built value at Malmyzh and added quality exploration properties to its portfolio. Eurasian Minerals is IGC’s largest shareholder with 41 percent of the issued and outstanding shares (approx. 36 percent on a fully diluted basis) resulting from investments totaling US $7.8 million.

To stop by Eurasian Minerals’ website, CLICK HERE

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