RNS Number : 8156J
Eurasia Mining PLC
26 August 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 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

 

 

26 August 2021

 

Eurasia Mining Plc

 

Nyud Progress Update

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce progress update on the Nyud project.

As announced via RNS of 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project in the Kola Peninsula.

As further announced on 15 June 2021, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit ("Nyud"). Eurasia's 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya ("YGK") has signed a notarised agreement with Rosgeo group company pursuant to which YGK will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC. Pursuant to the terms of this agreement Eurasia, through YGK, will also have a right to acquire Rosego's 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report ("CPR") on Nyud.

Additional drilling has recently been completed on Nyud at Rosgeo's cost and Eurasia has engaged Wardell Armstrong International in relation to Nyud to among other things:

·      Audit the quality assurance and quality control procedures;

·      Review the block modelling and open pit optimisations; and

·      Prepare CPR under the JORC Code.

 

Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are delighted to see tangible progress on our JV with Rosgeo that is an integral part of our development strategy and a part of some of our strategic options that we are developing with our advisers: UBS and DLA Piper".

 

James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board is driving the concurrent development of both our Kola and our Urals assets, and we are looking forward to providing further updates in due course".

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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