Eurasia Mining PLC
3 April 2000
Chairman's Statement
At the Annual General Meeting of Eurasia Mining PLC held today, all
resolutions were duly passed. The Chairman, Mr J A Mitchell, in his statement
to shareholders, reported on the beneficial effects to the company of the more
stable political environment in Russia.
He said 'The recent convincing election of President Putin in Russia is a most
positive move. Whilst it is early days, he appears determined to boost the
economy (already assisted by high oil prices and internal demand), to cut
bureaucracy and to push through the changes in tax laws and investment
conditions called for by Western investors.
The Russian Stock Market has risen 22% this year and the rouble has started to
strengthen based largely on the improving political stability.
Two significant changes under Putin's guidance that positively affect
Eurasia's activities are
(1) the clearing of the bureaucratic logjam to enable platinum exports to
resume (here it should be noted that palladium sales have been steady for most
of this year under Norilsk's ten year export licence); and
(2) the recent change to the Mineral Resources Law now enabling Mining
Licences to be issued, without tender, to holders of Exploration Licences
making new discoveries, as is the case with Eurasia's Baronskoye deposit.
Platinum Group Metals - While recent volatility in PGM prices is expected to
ease, the long term outlook remains very positive and many analysts believe
that of all commodities, PGM's have the best fundamentals given the growing
levels of demand for industry.
In a world dominated by e-commence and new technologies, the emergence of Fuel
Cells as the 'Revolutionary Technology' for this century should not be
underestimated. Fuel cells are at the leading edge of alternative fuel
technology spurred on by environmental concerns and there is growing
recognition that commercialisation of this technology has finally commenced.
For the automotive sector, technology to date incorporates platinum calatysts
for which there is no substitute so far. They have been a long time coming
but now the technology is well advanced and vehicles are in fact already on
the road.
Eurasia stands to benefit because we are targeting to commence production into
a rising market which should see significant gains for shareholders and
increased attention on the company's assets.
It is to this background your company has focused its attention on the
discovery and production of PGM's in the historically significant Urals
platinum belt.
It is appropriate to express recognition for management efforts and
determination in progressing matters to the stage where the year 2000 looks
very positive indeed.
The board retains its belief in the significant value of the assets of the
company and is in negotiations with regard to a funding to enable further
progress to be achieved'.
Listing: Alternative Investment Market, London Stock Exchange
Code: EUA
Web Site: www.eurasia-mining.plc.uk
Email: info@eurasia-mining.plc.uk
For further information please contact:
Andrew Counsell, Managing Director Tel: +44 20 7976 1222
Paddy Manning, The Paddy Manning Company Tel: +44 20 7930 0777
14-16 REGENT STREET, LONDON SW1Y 4PH
TEL: 44 171 976 1222 FAX: 44 171 976 1422
HEAD OFFICE AND REGISTERED OFFICE COMPANY NO: 3010091
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