Business
Exploration Update
Exploration Update.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n RNS Number : 7221N Eurasia Mining PLC 16 June 2010 \n \n\nEurasia Mining plc\n(\"Eurasia\" or the \"Company\")\n \n \nEXPLORATION UPDATE\n \nThe Board of Eurasia is pleased to present an update for West Kytlim, following an extensive drilling and exploration work in the region:\n \nBackground\n \nEurasia Mining plc holds a 50% interest in Urals Alluvial Platinum Limited, owned jointly with Anglo Platinum. It in turn owns 75% of a Russian holding company that holds the West Kytlim exploration licence, with an area of 171.3 km2. Yuzhno-Zaozersky Priisk, a local mining company, holds the remaining 25% interest. All the exploration work to date has been funded by Anglo Platinum with Eurasia acting as manager and operator.\n \nThe original exploration licence was granted to UAP in 2002 and is due to expire in December 2010. As previously announced in September 2009, application has been made to convert the exploration licence into a production licence and a decision on this is still awaited. A further announcement will be made when the decision concerning the licence is known.\n \nAlluvial Deposits\n \nAs alluvial platinum exploitation is different from bedrock platinum mining, the Board has provided the following explanation as to its operations in the area and alluvial mining generally to enable shareholders to put the exploration results provided into context.\n \nAlluvial platinum exploitation principally involves the washing of river sediments to produce heavy mineral concentrates, from which platinum is extracted. Such deposits, referred to as placers, can be present in active river channels as well as older river beds and terraces. \n \nThere are a number of ways such deposits are exploited; Eurasia has opted for the so-called 'dry mining' approach. Where the placer occurs in steep sided valleys this involves bulldozers pushing the platinum bearing sediments, comprising sands and gravels, towards a washing plant. Coarser boulders and rocks are removed while the finer sediments are washed in specialized sluices that capture the heavier mineral fractions. \n \nWhere the placer occurs in broader flat lying areas, any barren material above the platinum bearing sediments (termed 'overburden') is often removed using a dragline excavator which may also be use...