Business
Monchetundra Mine Permit Update
Monchetundra Mine Permit Update.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6915D Eurasia Mining PLC 02 February 2018 \n\n \nEurasia Mining plc (AIM: EUA)\n \n(\"Eurasia\" or the \"Company\")\n \n \nMonchetundra mine permit update: resolution issued by Rosnedra\n \n \n \n \nEurasia, the London listed platinum group metals and gold producer, is pleased to announce an update regarding the application for a mining permit at the Monchetundra Project on Kola Peninsula, submitted late 2017.\n \nA review of the Monchetundra mining permit application has been completed by the Federal Anti-Monopoly Service (FAS) and all relevant divisions within Rosnedra. The official draft Resolution of the Government of the Russian Federation for the mining permit has been forwarded by RosNedra to the Ministry for Defence (MOD) and the Federal Security Service (FSB) for their approval.\n\n \nHighlights:\n \n- Rosnedra has approved a draft of the mining permit and has forwarded the relevant documentation to MOD and FSB.\n- Once the mining permit is approved early stage operations can commence at Monchetundra.\n- Mining permit application progressing considerably quicker than the company expected. \n \n \nChristian Schaffalitzky, Executive Chairman at Eurasia commented \"We are very pleased with this result and the efficiency of the officials at Rosnedra in processing this application. The experience of our staff in Russia, gained from successfully processing a similar mining permit for our West Kytlim Project has proven invaluable. We look forward to providing further positive news in due course.\"\n \nThe application has now progressed from Rosnedra, who manage the entire mine permitting process, to the MOD and FSB. \n \nBackground to the project:\n \nMonchetundra is a major Platinum Group Metals ('PGM') and base metals project with state approved reserves plus resources of 2 million ounces of palladium equivalent of PGM with additional base metal and gold credits. A discovery certificate, guaranteeing mining rights was issued to the company in July of 2017. The mining permit application was finalised in Q4 of last year and submitted to Rosnedra (See RNS dated 05 December 2017).\n \nAs previously announced, state approved res...