Joint venture agreement

Eurasia Mining PLC 22 October 2002 Eurasia acquires second platinum project in South Africa October 22, 2002: Eurasia Mining PLC, the AIM quoted mineral exploration company active in South Africa and Russia, has secured an option over a second platinum property in the Bushveld Complex of South Africa, the world's biggest source of platinum group metals. The company has agreed a joint venture with Randgold & Exploration Company (Randgold) whereby it may acquire an interest of up to 75% in platinum group metals rights over the Doornbosch property on the eastern margin of the Bushveld Complex. Randgold would retain a 25% interest. Dr Michael Martineau, Executive Deputy Chairman said 'The acquisition of the Doornbosch mineral rights is an important first part of Eurasia's strategy of gaining entry into properties with near-term development potential in both South Africa and Russia.' Dr Martineau added 'It is important to emphasise that the potential grade of Doornbosch is excellent, that the ore-horizon is shallow dipping, can be accessed from surface and that there is the potential to ship crude ore to adjacent mines for processing. All these factors would have a favourable impact on capital and operating costs. We propose to initiate a systematic drilling campaign to define the resource as soon as the prospecting permit is granted and subject to results complete a feasibility study within the option period of 21 months. In conjunction with our Empowerment Partner we will seek to negotiate entry into nearby properties to increase the available resource base' The Doornbosch property, which covers an area of approximately 3,629 hectares, lies immediately east of the Maandagschoek Platinum mine development of Anglo Platinum. Platinum bearing reefs (UG2 and UG1) outcrop over a distance of approximately 1.2 kilometres. Based on published data from surrounding properties Randgold have estimated a Platinum Group Metals content of 349,000 ounces grading at least 6.2 gm/t in the UG2 reef plus 334,000 ounces grading 3.4 gm/t in the UG1 reef. Chromite reefs lower in the sequence, which have a much greater strike extent within the property, are reported to contain platinum group metals in the general area will also be investigated. The agreement requires that Eurasia drill a minimum of four holes in the first six months after the granting of a Prospecting Permit. On completion of this drilling and on payment of Rand 112,000 in option fees Eurasia will have earned a 25% interest in a special purpose company established for the purposes of developing the property. The additional 50% interest may be acquired on payment of US$1.2 million following continued exploration and feasibility studies over a further 12 to15 month period and on payment of Rand 300,000 in option fees. For further information contact: Michael Martineau/Christian Schaffalitzky, Eurasia Mining PLC: +44 (0) 20 7976 1222 Allan Piper, First City Financial Public Relations: +44 (0) 7050 203304 Laurie Beevers, W H Ireland: +44 (0) 161 819 8724 Issued by First City Financial Ltd This information is provided by RNS The company news service from the London Stock Exchange