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Russian Subsoil Agency Approves Maiden Reserves
Russian Subsoil Agency Approves Maiden Reserves.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6202G Eurasia Mining PLC 31 May 2017 \n\nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\") \n Russian State Subsoil Agency approves Maiden Reserves at the Monchetundra Project\nEurasia Mining plc (\"Eurasia\" or the \"Company\"), the platinum and gold production company, announces that the Reserves Report and Feasibility Study for the Monchetundra palladium and platinum Project, submitted in late December 2016 (see RNS dated 22 December 2016), have now been approved by the Russian State Agency for Subsoil Use (\"Rosnedra\"). \nThese Maiden Reserves are the first to be approved on the Monchetundra License. The notice regarding their approval at the State Commission on Mineral Reserves (\"GKZ\") was given on the 03 April 2017 (see RNS dated 03 April 2017) after which the report progressed to Rosnedra. These Reserves and Resources are attributable to Eurasia's 80 per cent owned Terskaya Mining Company (\"TGK\").\nHighlights:\n· Global, state approved Reserves and Resources within the Monchetundra Project comprise Russian standard C1 and C2 categories of 55.9 tonnes (\"t\") (1.9 million ounces) palladium equivalent (palladium and platinum) with major additional gold and base metal credits, at two open pittable locations.\n· The Reserves are now fully compliant, as defined under GKZ standards, and final approval has been received at Rosnedra and the Reserves and Resources have been entered to the state balance.\n· An application for a Discovery Certificate attributing mining rights to the holder is to be lodged shortly.\nChristian Schaffalitzky, Managing Director of Eurasia commented,\n\"This is an incredibly important development at our Monchetundra Project which we have been working on for more than 10 years now. \n\"Much of the 30 kilometers (\"km\") of drilling on the license was financed through a Joint Venture with Anglo American Platinum who sold their equity to Eurasia in 2014. Since that time, Eurasia have managed to continue to advance the project through to the Feasibility Study and Reserves approval, Engineering Procurement and Construction (\"EPC\") contract and financing - a considerable undertaking for an exploration company with a very limited budget. \n\"This excellent result has come considerably q...