Business
Unaudited Preliminary Results
Unaudited Preliminary Results.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 3268F Eurasia Mining PLC 16 May 2017 \n\n \n \n \nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\nUnaudited preliminary results \nfor the year ended 31 December 2016\n \n \nChairman's statement\n \nIt is my pleasure to report to you this year as a new mining company, and present our unaudited preliminary results for the year ended 31 December 2016. Eurasia has worked for some time towards production and this has now been achieved at our PGM and gold operation at West Kytlim in the Urals. In parallel, we have also made significant progress and had feasibility study and reserves approved by the state at our Monchetundra Project.\n \nFirstly, to the mine. We started production initially using Eurasia's own washplant, while the main production unit was being commissioned. Ultimately this was achieved later in the season. And in November 2016 platinum had been produced and indeed the grades of in-situ metal exceeded those in our calculated reserves. We look forward to a full season of production in 2017, with the main washplant operating from the outset. If permitting of a second area at Kluchiki goes to schedule then it is possible a second plant will be established before the end of the field season. \n \nMeanwhile at Monchetundra, a major compilation effort, combined with new hydrogeological and metallurgical work, culminated in a feasibility study being lodged in December 2016 as an application for the approval of reserves under the Russian classification system. At the time of writing, this study had been approved and the Company was awaiting the formal registration of these reserves. The next step is the application for a Discovery Certificate and then a production licence for a 25-year term. This will allow us to complete a development plan for the two deposits discovered by our exploration work.\n \nEurasia completed our due diligence work at the Semenovsky tailings project and confirmed robust economics using a straightforward cyanide leach circuit. The Company is evaluating several project finance options for this operation and continue to work with the owner under exclusivity. As with West Kytlim, the Company aims to achieve production without issuing further equity, indeed minimising shareholder dilution has remained a key concern for th...