Business
Kola exploration starts
Kola exploration starts.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n Eurasia Mining PLC\n02 May 2006\n\n\n\n\n\n Two million dollar programme begins with drilling on Kola platinum project\n\n\n\n2 May 2006: AiM-quoted Eurasia Mining (EUA) has started a US $2 million\nexploration programme on its recently-acquired Kola Peninsula platinum projects\nin northwest Russia.\n\n\n\nDrilling is underway on one of the company's three Kola licence areas, West\nImandra, where Eurasia plans an initial 10-12 drill hole campaign. It will focus\non targets that have already yielded encouraging grades of over 1 gram per tonne\nof platinum group metals (g/t PGM) at the surface, on a zone extending for at\nleast 7 km and potentially 20 km based on regional geology.\n\n\n\nAnglo Platinum, the world's largest platinum producer, is wholly funding the\nprogramme as Eurasia's joint venture partner. Under the terms of the agreement,\na total of US $10 million expenditure from Anglo Platinum will earn them an\ninitial 40% interest in the three Kola projects. This initial $2 million\nprogramme represents Anglo's entire budget for Kola for 2006. The programme is\nbeing managed by Eurasia.\n\n\n\nEurasia CEO Christian Schaffalitzky said: 'We are excited about starting\nexploration in this prospective area. Although West Imandra is the least\nadvanced of the three Kola projects, access conditions have allowed us an early\nstart to drilling at the beginning of the field season. We look forward to\nseeing the results and extending our drilling programmes to the other two Kola\nlicence areas.'\n\n\n\nA number of other target zones on the southeastern flank of the Yevgeny massif\nat West Imandra will also be tested in an area not previously drilled for\nplatinum. Here, PGM values up to 2.9 g/t over one metre width were reported in\nprevious trenching.\n\n\n\nEurasia is a mineral exploration company specialising in platinum and gold\nexploration in Russia. In addition to its three licences totalling 475 square\nkilometres on the Kola Peninsula, Eurasia holds exploration interests in the\nUrals where the company recently announced a new discovery. Both projects are\nsubject to joint ventures with Anglo Platinum. The company also has an\nexploration alliance funded by AngloGold Ashanti concerning gold exploration in\neastern Siberia.\n\n\n\nFurther details will be published at www.eurasiamining.co.uk.\n\n\n\n\n\nFor further infor...