Eurasia Mining PLC
02 May 2006
Two million dollar programme begins with drilling on Kola platinum project
2 May 2006: AiM-quoted Eurasia Mining (EUA) has started a US $2 million
exploration programme on its recently-acquired Kola Peninsula platinum projects
in northwest Russia.
Drilling is underway on one of the company's three Kola licence areas, West
Imandra, where Eurasia plans an initial 10-12 drill hole campaign. It will focus
on targets that have already yielded encouraging grades of over 1 gram per tonne
of platinum group metals (g/t PGM) at the surface, on a zone extending for at
least 7 km and potentially 20 km based on regional geology.
Anglo Platinum, the world's largest platinum producer, is wholly funding the
programme as Eurasia's joint venture partner. Under the terms of the agreement,
a total of US $10 million expenditure from Anglo Platinum will earn them an
initial 40% interest in the three Kola projects. This initial $2 million
programme represents Anglo's entire budget for Kola for 2006. The programme is
being managed by Eurasia.
Eurasia CEO Christian Schaffalitzky said: 'We are excited about starting
exploration in this prospective area. Although West Imandra is the least
advanced of the three Kola projects, access conditions have allowed us an early
start to drilling at the beginning of the field season. We look forward to
seeing the results and extending our drilling programmes to the other two Kola
licence areas.'
A number of other target zones on the southeastern flank of the Yevgeny massif
at West Imandra will also be tested in an area not previously drilled for
platinum. Here, PGM values up to 2.9 g/t over one metre width were reported in
previous trenching.
Eurasia is a mineral exploration company specialising in platinum and gold
exploration in Russia. In addition to its three licences totalling 475 square
kilometres on the Kola Peninsula, Eurasia holds exploration interests in the
Urals where the company recently announced a new discovery. Both projects are
subject to joint ventures with Anglo Platinum. The company also has an
exploration alliance funded by AngloGold Ashanti concerning gold exploration in
eastern Siberia.
Further details will be published at www.eurasiamining.co.uk.
For further information contact:
Christian Schaffalitzky / Michael Martineau, Eurasia Mining Plc:
+44 (0) 20 7495 4877
Laurie Beevers, W H Ireland:
+44 (0) 7903 164 004
Sarah Samworth, First City Financial Public Relations:
+44 (0) 20 7436 7486
+44 (0) 7977 276 023
This information is provided by RNS
The company news service from the London Stock Exchange