Eurasia Mining PLC
9 July 2001
PRESS RELEASE
EURASIA SECURES SOUTH AFRICAN PLATINUM GROUND
Eurasia Mining PLC is pleased to announce that it has secured an option over
the mineral rights to approximately 3,900 hectares of prospective platinum
bearing ground in the Bushveldt Complex of South Africa, the world's largest
source of Platinum Group Metals. It is the company's intention to carry out
the initial drill testing as soon as the necessary permits have been obtained
using part of the proceeds of the recent fund raising.
Field mapping by Eurasia shows that platinum-bearing reef (known as the UG2)
outcrops or lies under shallow soil cover over a distance of at least 1.5
kilometres. A second reef (known as the Merensky) has been found in a single
outcrop and is elsewhere covered. The two reefs have a potential strike length
within the optioned area of 7 kilometres the majority of which is in an area
of zero outcrop. A hand sample of the 'UG2 Reef', which would be expected to
be leached following weathering at the surface, assayed in excess of 2.5 gm/t
Pt+Pd+Au. 'Gossan' which is often indicative of disseminated or massive
sulphides that can also host Platinum Group Metals has been found along the
base of the Complex below the reefs.
The optioned ground which constitutes the major part of the 'Kliprivier Farm'
abuts and lies to the South of the licence hosting Aquarius Platinum Limited's
Everest South project on which they have reported that they are planning the
development of a deposit containing about 25 million tonnes assaying about 5
gm/t Platinum Group Metals. Eurasia's target is for a similar deposit located
within a large basin-like structure that has been identified, by Eurasia's
mapping, near the centre of the optioned ground. This constitutes an immediate
drill target with the objective of defining shallow mineralisation that can be
recovered by underground mining through a 'decline'.
The Kliprivier option is one of the last substantial pieces of platinum
potential along the base of the Bushveldt Complex. It has long been recognised
on mineral maps as hosting the reefs. It has remained open largely because it
is extensively split between the heirs and assignees of the original estate.
Over the past six months by working with local parties and through
negotiations with more than 50 title-holders the ground has been consolidated
under the umbrella of a single company with whom Eurasia holds the option
agreement.
Dr Martineau, Senior Executive and Deputy Chairman of Eurasia said 'The
consolidation of this ground is a major achievement and an important step
forward in Eurasia's aim of acquiring and defining substantial Platinum Group
Metals deposits. This option covers a large and strategically located block
that offers immediate drill targets capable of hosting an extensive and
shallow Platinum deposit. It well complements our Russian projects where we
are also making excellent progress in our land acquisitions and drilling'.
09 July 2001
Listing: Alternative Investment Market, London Stock Exchange
Code: EUA
Web Site: www.eurasia-mining.plc.uk
Email: info@eurasia-mining.plc.uk
For further information please contact:
Michael Martineau - Executive Deputy Chairman Tel: + 44 (0) 20 7976 1222
Laurie Beevers - WH Ireland Tel: + 44 (0) 7903 164 004
John Molyneux - WH Ireland Tel: + 44 (0) 20 7397 3000
Tim Blackstone - Blackstone Business Communications Tel: + 44 (0) 20 7251 2544