News

April 02, 2009

Eurasia Mining Hopes To Be Producing Platinum And Gold Within Two Years

By Alastair Ford

Eurasia Mining shares ticked up by a nice looking 10 per cent in early trading on Wednesday 1st April, after the company released a fairly comprehensive update on its Russian platinum projects. Among the highlights, on the Kola peninsula drilling on the Monchetundra property is beginning to demonstrate the potential for an open pittable resource, while the licence at the Volchetundra property has been extended for three years to allow further work. Eurasia also gave some hints as to how it’s getting along with the Russian bureaucratic system. The answer to that last point is: a lot better than it was before, thanks to the support of a local Russian partner who came in with know-how, as well as financial support, last May. This new relationship is beginning to show its worth. Applications for seven gold licences are still progressing slowly, there’s been real movement elsewhere, as the company now has a discovery certificate for its West Kytlim alluvial platinum project in the Urals.

This, says Eurasia managing director Chris Schaffalitzky, is probably the most important thing in Wednesday’s announcement, even if it is buried half way down on page three of a four page press release. “At West Kytlim we’ve been trying to start mining for some time”, he says. But, like so many projects in Russia, West Kytlim had become stuck in the mire of the bureaucratic system. But Chris continues: “Since we’ve bought in our new partner, he’s made a real difference”. There are still hoops...