Eurasia Mining PLC
21 September 2006
Eurasia Mining Plc
('Eurasia' or the 'Company')
Strategic change by AngloGold precludes continuance of joint exploration with
Eurasia
AngloGold Ashanti Limited ('AngloGold') has informed Eurasia it intends to
withdraw from the gold exploration alliance established between the parties in
April 2005. The arrangement had covered the exploration for gold and other
minerals in certain areas of eastern Siberia, as well as the future development
of any suitable sites which were discovered. The withdrawal is prompted by a
potential conflict of interest following a new alliance involving AngloGold in
Russia.
Eurasia Managing Director Christian Schaffalitzky said: 'While this joint
operation with AngloGold is ending, we are pleased the alliance has given us a
firm footing in gold exploration in Russia and achieved significant progress at
no expense to Eurasia as well as developing a good portfolio of projects for
Eurasia to follow up. We will be continuing this work on our own account after
AngloGold leaves the alliance at the end of this year'.
To enter the alliance, AngloGold paid a fee of US$100,000 to Eurasia in
recognition of Eurasia's previous costs and it has subsequently spent
approximately US$1 million on the project. These costs are not refundable but
the final details of the termination of the alliance have yet to be determined.
Christian Schaffalitzky also said: 'Meanwhile work continues at an rapid pace in
our joint venture with Anglo Platinum Limited ('Anglo Platinum') in both the
Urals and Kola Peninsula where Anglo Platinum have committed to spend up to $10
million to earn 40% on three licence areas where drilling is currently
underway.'
For further information contact:
Christian Schaffalitzky/Michael Martineau/Michael de Villiers, Eurasia Mining Plc: +44 (0) 20 7976 1222
Laurie Beevers, W H Ireland: +44 (0) 7903 164 004
Allan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486
Nicholas Bealer King & Shaxson Capital Limited +44(0)20 7426 5975
This information is provided by RNS
The company news service from the London Stock Exchange