Business
Annual Results for the 12 months ended 31 Dec 2015
Annual Results for the 12 months ended 31 Dec 2015.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 3593A Eurasia Mining PLC 07 June 2016 \n\n \n \n \nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\nAnnual Results for the twelve months ended 31 December 2015\nChairman's statement\n \nThe wait is over! As I write this, the contracted mining team is mobilising its equipment and infrastructure to the West Kytlim licence area to commence alluvial platinum mining this summer. Exploration companies do not always reach this stage in their evolution and I am delighted to see the fruits of our labour. It is thanks to you, the shareholders, who have supported the Company through some recent difficult times that the Company has now appointed mining contractors with the expectation of positive cashflow in 2016. Of course this is early days, and the current season's production will be modest. However, it allows us to adjust the Company to mining and deal with the inevitable teething problems before we gear up to full production, scheduled for Year 3, i.e. 2018. Full production would involve separate washing facilities at 2-3 sites, with the prospect of at least an estimated 10 year life with resources identified that may extend its life further.\n \nThe ramp-up planned for mining, which is being undertaken by OOO SK Region Stroy (\"SKRS\"), is based on converting this year's all-diesel operation to electrically-powered mining. This will involve the installation of a powerline and the use of draglines for waste stripping and ore stockpiling, which can be carried out in winter. The actual platinum washing operations is a summer activity, typically a season extending from late to May to early November. \n \nAt Monchetundra, we are working on completing our filings for a Discovery Certificate, which is the first step in the process of applying for a mining licence. The two target open pit resources are at West Nittis and Loipishnune. This remains a substantial project and consequently we are exploring a number of options including actively seeking a joint venture partner or a sale, a process that has been going on for several months.\n \nIn late 2015 we decided to invest in our first new project in many years, a gold tailings retreatment project in the southern Urals. The Semenovsky project was optioned exclusively while we assessed the status of its licence and t...