Eurasia Mining PLC
13 May 2002
PRESS RELEASE
EURASIA COMPLETES FIRST PHASE OF VISSIM DRILLING
Eurasia Mining Plc, the AIM quoted company exploring for Platinum Group Metals
In Russia and South Africa is pleased to report that it has successfully
completed the first phase of its resource definition drilling on the Vissim
Platinum Chromite project. The exploration programme is fully funded by Anglo
Platinum with budgeted expenditure for 2002 of US$1.2 million.
The initial programme was designed to define the grade and mineability of one
million cubic metres of platinum and chromite bearing alluvials representing
about one year's production from any future mine. Eighty-eight resource
definition holes have now been completed. Having adequately sampled this first
block the drill rigs have been moved on to the second and third areas.
The determination of the platinum grades from these holes is still in progress.
Because of the small volume of high unit value platinum present in each sample
in comparison with the chromite content an additional processing stage is
required. It is also desirable that the results in key areas be checked through
the processing of bulk samples. Four large diameter holes have therefore been
completed adjacent to selected resource definition holes, which have each
provided several tonnes for processing.
To date the processing of approximately 25% of the samples from across the area
has been completed to the stage of determining the chromite grades. The chromite
results are in line with expectations and range from 10 to 80 kilos per cubic
metre (average 45 kilos) over thicknesses from 1-8 metres (average 4.5 metre).
The drilling confirms the presence of at least two separate channels containing
thicker gravels and higher chromite grades separated by a barren terrace with
thin gravels and low chromite grades. The regularity of the thicknesses and
grades within the channels is considered encouraging for any future operation.
Subject to the confirmation of similar grades from the fill-in holes, for which
results are outstanding, the initial objective of defining over one million
cubic metre resource of potentially economic grade will have been achieved.
A series of chromite samples from the processing of recent drilling have been
submitted for testing to a local chromite consuming company who have confirmed
interest in receiving high-grade chromite product. Further samples are being
submitted to other potential consumers.
A dredge and alluvial processing consultant has visited the site and reported on
possible equipment and costs for any future operation.
Dr Michael Martineau, Executive deputy Chairman, said 'We have made a good start
on the studies at Vissim. The preliminary results are encouraging especially
with respect to the local market for chromite and the success of our drilling
and mineral recovery techniques. We remain on target to complete our feasibility
studies for the development of a platinum-chromite combined operation by
year-end with the intention of achieving production in 2003
13 May 2002
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
Allan Piper/Tim Blackstone - Blackstone Business Communications Tel: + 44 (0) 20 7251 2544
Laurie Beevers - WH Ireland Tel: + 44 (0) 161 819 8724
This information is provided by RNS
The company news service from the London Stock Exchange