29th Apr 2015 12:04
LONDON (Alliance News) - Eurasia Mining PLC Wednesday said the Russian Ministry of Economic Development has approved the company's mining license for the West Kytlim project.
The Russia-focused platinum group metal company said the government ministry reassessed the company's application after Eurasia supplied it with additional information. Written confirmation of the approval has now been received by Eurasia's partner.
The license will now need final approval from Russian Prime Minister Dmitry Medvedev.
"We are also pleased to confirm we have further accelerated our preparatory work with regard to ground operations at West Kytlim, to ensure we are ready to deliver on our promise to commence platinum mining operations as soon as practicable after the issue of the final mining licence. We will be providing a further update with regard to these preparatory measures shortly," said Chief Executive Christian Schaffalitzky.
Eurasia Mining shares were up 2.4% to 0.589 pence per share on Wednesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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