New Urals acreage

Eurasia Mining PLC 20 January 2003 Eurasia Mining Plc has secured new acreage to explore for alluvial platinum in the Urals platinum province of Russia. It lies within an area from which an estimated 50 tonnes of platinum have already been commercially recovered. The new 251 square-kilometre West Kytlim licence is situated 470 km north of Ekaterinburg. It covers the junction of the Tylai and Kosva rivers as well as a number of tributary streams which directly drain the platinum-bearing Kosvinsky Kamen complex in the west of the Kytlim Platinum District. The licence conditions also provide for exploration for hardrock platinum. Eurasia Managing Director Christian Schaffalitzky said: 'We have always regarded West Kytlim as the prime target for the initiation of our planned production of alluvial platinum in the Urals. The award of this licence comes as a result of the excellent research and negotiations carried out by our team in Russia over a protracted period. We are delighted to have secured the licence.' Mr Schaffalitzky added: 'Although the licence lies within an existing platinum producing province, a substantial portion of the West Kytlim area has never been mined.' The project will be operated as a joint programme between Eurasia and Anglo Platinum, the world's largest platinum producer. Anglo Platinum will be funding 100% of costs through to the completion of feasibility studies. Anglo Platinum has recently approved continuation of funding for the joint programme, including the West Kytlim work which has already commenced. The licence will be held by ZAO 'Kosvinsky Kamen', a Russian company of which a wholly-owned Eurasia subsidiary, EMS, controls 75%. The minority shareholder, Artel 'Yuzhno-Zaozersky Priisk', is a successful Russian mining company currently producing platinum from the East Kytlim district. It will assist in the provision of facilities and equipment for mining operations at West Kytlim. Targets already identified include: • Large un-mined river terraces adjacent to channels that have yielded 4-7 kg of platinum concentrate per day from dredging. • Large depressions in limestone, considered likely traps for platinum minerals. • Dredge tailings within the Tylai and Kosva rivers (with a combined extent in excess of 17 kilometres) that were mined between 1952 and 1985. • Steeper terrain targets in close proximity to dunitic host rocks, inaccessible to previous dredge based operations. Eurasia hopes to exploit commercial deposits using conventional dry mining methods that will allow rapid development at minimal cost. For further information contact: Christian Schaffalitzky, Managing Director, Eurasia Mining plc: +44 (0) 20 7976 1222 Allan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7050 203 304 Laurie Beevers, WH Ireland: +44 (0) 161 819 8724 This information is provided by RNS The company news service from the London Stock Exchange