Business
Re Alliance
Re Alliance.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n Eurasia Mining PLC\n21 September 2006\n\n\n\n Eurasia Mining Plc\n ('Eurasia' or the 'Company')\n\n Strategic change by AngloGold precludes continuance of joint exploration with\n Eurasia\n\nAngloGold Ashanti Limited ('AngloGold') has informed Eurasia it intends to\nwithdraw from the gold exploration alliance established between the parties in\nApril 2005. The arrangement had covered the exploration for gold and other\nminerals in certain areas of eastern Siberia, as well as the future development\nof any suitable sites which were discovered. The withdrawal is prompted by a\npotential conflict of interest following a new alliance involving AngloGold in\nRussia.\n\nEurasia Managing Director Christian Schaffalitzky said: 'While this joint\noperation with AngloGold is ending, we are pleased the alliance has given us a\nfirm footing in gold exploration in Russia and achieved significant progress at\nno expense to Eurasia as well as developing a good portfolio of projects for\nEurasia to follow up. We will be continuing this work on our own account after\nAngloGold leaves the alliance at the end of this year'.\n\nTo enter the alliance, AngloGold paid a fee of US$100,000 to Eurasia in\nrecognition of Eurasia's previous costs and it has subsequently spent\napproximately US$1 million on the project. These costs are not refundable but\nthe final details of the termination of the alliance have yet to be determined.\n\nChristian Schaffalitzky also said: 'Meanwhile work continues at an rapid pace in\nour joint venture with Anglo Platinum Limited ('Anglo Platinum') in both the\nUrals and Kola Peninsula where Anglo Platinum have committed to spend up to $10\nmillion to earn 40% on three licence areas where drilling is currently \nunderway.'\n\n\nFor further information contact:\n\nChristian Schaffalitzky/Michael Martineau/Michael de Villiers, Eurasia Mining Plc: +44 (0) 20 7976 1222\nLaurie Beevers, W H Ireland: +44 (0) 7903 164 004\nAllan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486\nNicholas Bealer King & Shaxson Capital Limited +44(0)20 7426 5975\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2572,"tagName":"div"}]