24th Sep 2018 10:04
LONDON (Alliance News) - Platinum and gold miner Eurasia Mining PLC said on Monday the West Kytlim mine in the Ural Mountains, Russia has continued to exceed management expectations in terms of production targets and run of mine grades.
Total production from the mine now stands at 141.5 kilograms in the period to date starting from May, when West Kytlim was brought into production, with monthly production averaging greater than 30 kilograms of raw platinum.
The total average grade from production to date is around 1 gram per cubic metre of raw platinum.
In addition, Eurasia's subsidiary Kosvinsky Kamen and the mine contractor Techstroy have jointly decided to progress with the Kluckiki open pit, two kilometres to the south west of the Malaya Sosnovka open pit.
Forestry clearing had begun in July and machinery and equipment were deployed to the site in August, with full production to follow directly afterwards.
"We are pleased to provide some further details on the production performance at our West Kytlim Mine, which we believe has been a great success story this year. We are clearly well ahead of our internal target revenue for the year, and with two months of production remaining in the season," said Chairman Christian Schaffalitzky.
"Commencing work early on at Kluchiki open pit means we believe we are in an excellent position to ramp up to full scale production in 2019. Our contractor Techstroy in cooperation with our own direct staff at site have operated an efficient and safe worksite throughout the year," Schaffalitzky added.
Shares in Eurasia Mining were up 3.8% at 0.43 pence on Monday.
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