Eurasia Mining PLC
28 February 2002
EURASIA RECEIVES EXPLORATION PERMIT FOR BUSHVELD PLATINUM PROJECT
Eurasia Mining Plc, the AIM-listed company exploring for Platinum in South
Africa and Russia, has received the Exploration Permit that is an essential
prerequisite to initiating physical exploration including drilling on its
previously announced 3,900 hectare Kliprivier project in the Bushveld Complex of
South Africa.
Eurasia's Executive Deputy Chairman, Dr Michael Martineau said 'Kliprivier is
one of the last major platinum plays within the Bushveld and has remained open
largely because it was split between a large number of land owners with whom we
have negotiated five year options to purchase the mineral rights. With this
permit finally in place we can now look forward to starting the sustained and
methodical drill programme which will be required to adequately test the targets
within this large prospective area'.
The Kliprivier project is located on the Eastern side of South Africa's Bushveld
complex, which is the source of approximately 90% of the world's platinum
production. The project lies immediately South of the farm that hosts the 5
million ounce Everest South deposit which is being prepared for development by
Aquarius Platinum.
A detailed, low-level, aeromagnetic survey was recently completed over the
property. This type of survey can reveal features below the surface and is
therefore of great value in interpreting the size and shape of targets already
indicated by the surface mapping and in the siting of drill holes to test them.
It is expected that the drill testing will commence following the receipt of
this data from the contractor and its interpretation.
The exploration programme will be supervised by Michael Skead who was recently
appointed as exploration manager.
Following the announcement of the acquisition of the Kliprivier ground last year
Eurasia has received a number of unsolicited approaches from companies wishing
to earn an interest in the project by funding the exploration. These approaches
are currently being evaluated.
28 February 2002
This information is provided by RNS
The company news service from the London Stock Exchange