Gold Exploration Deal

Eurasia Mining PLC 17 February 2003 Eurasia Mining plc is to undertake the joint exploration of a large gold licence in Kamchatka in the Russian Far East. The area, known as Kumroch, includes several gold prospects and covers some 435 square kilometres. It is located about 400 kilometres north of the regional capital Petropavlovsk and about 40 kilometres inland from the Pacific Ocean. It is also some 650 km south-west of the Ametistovoye project where Eurasia has announced heads of agreement for planned development work. Kumroch was the subject of exploration work during the 1990s. Eurasia is now planning a 2003 drilling programme to follow up the earlier results. Commenting on the Kumroch project, Eurasia's Managing Director Christian Schaffalitzky said: 'This is a very attractive exploration project which we believe has the potential to host a large gold deposit. The licence area also includes several targets which have not yet been assessed. Developed gold deposits in Kamchatka have good economic parameters and we look forward to building on the excellent early stage results'. Under the agreement, Eurasia has the right to earn an initial 50% interest in the Kumroch project by funding a feasibility study in the project area. The licence covering the Kumroch area was issued in 1999 and is held by the Bystrinskaya Mining Company (BMC), part of the CJSC Koryakgeoldobycha group of companies. Epithermal gold mineralization at Kumroch has been identified in five vein systems measuring up to 20 m wide. Previous exploration has comprised stream sediment, rock chip, trench and channel sampling, and diamond drilling. Surface channel sample results to date include a 16.4m section of 2.5 grams per tonne (g /t), an 11.4m section of 6.3g/t, a 6.75m section of 8.0g/t, a 1.3m section of 33.2g/t and a 1.0m section of 104.7g/t. In 2000, BMC completed a six-hole initial drilling programme in the vicinity of this sampling. Due to access limitations the drill holes were not systematically located. The results included intersections of 20.4m of 5.4g/t, 6.8m of 7.0g/t, and 3.0m of 6.0g/t in hole C2; 4.6m of 4.9g/t in hole C3; and 7.6m of 9.6g/t in hole C5. They create a number of immediate follow-up targets. There are several additional prospects defined by excellent surface chip sample results elsewhere on the licence which require drilling. For further information contact: Michael Martineau/Christian Schaffalitzky, Eurasia Mining PLC: +44 (0) 20 7976 1222 David Youngman, W H Ireland: +44 (0) 161 819 8743 Allan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7050 203 304 This information is provided by RNS The company news service from the London Stock Exchange