Business
Interim results
Interim results.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n RNS Number : 7182Z Eurasia Mining PLC 28 September 2009 \n \nEurasia Mining plc\n('Eurasia' or the 'Company')\nInterim results for the 6 months ended 30 June 2009\nChairman's statement\nDuring the first six months of 2009 the Company undertook a full capital reorganisation which was successfully completed during June 2009. Preparatory work for this commenced in October 2008. However, frequent delays, mainly regulatory in nature, were encountered during the process. Despite these setbacks, the outcome is that the Company is now completely free of any debt and has a substantial warrant and option package in the hands of all shareholders. This provides all shareholders with the opportunity to participate in the financing of the Company at the same price as the debt conversion price. \nAnother outcome of the capital reorganisation is that Deloan Investments has become our largest shareholder, holding a 37.9% interest at the end of September 2009. We welcome their participation and gratefully acknowledge their ongoing support during these difficult financial times that we have all endured. The total number of shares in issue has increased during September 2009 to 330,204,007, with outstanding warrants and options totalling 275,079,110. \n\nFollowing a substantial decline in PGM prices, the Company decided to take a major write down of exploration costs relating to the cessation of work on the Baronskoe palladium-gold project, which has been under continuous exploration since 1998. While two open pit resources have been delineated within the licence area, the current palladium price renders them uneconomic using conventional technologies for ore processing.\nAs shareholders know, it is our ambition to expand activities in Russia beyond the current platinum group element focus (in particular our venture with Anglo Platinum) into other commodities such as gold. The move to broaden and diversify our exposure has to some extent been slowed by the requirement to work using reduced expenditure levels. \nDespite on-going challenges, we have made excellent progress at our West Kytlim platinum project in the Urals. Initial reserves have been approved for the Bolshaya Sosnovka area with the pre-feasibility study confirming viability of the project. Certification has been awarded to our operating...