17th Jan 2017 15:21
LONDON (Alliance News) - Eurasia Mining PLC said Tuesday it is continuing to push for more investment in its platinum and gold project in the Ural mountains, but a potential royalty agreement will not go ahead.
Eurasia said a revision to the agreement with SK Region Stroy, its partner in the West Kytlim Platinum and Gold Mine in the Urals, is still being discussed. Eurasia said the revision could include further capital investment from SKRS.
Eurasia noted a meeting with SKRS is scheduled for the last week of January, with discussions including production scheduling for 2017 and a scheduled for resource upgrade drilling.
The company also said the feasibility study for its Monchetundra platinum project, is under review by experts.
However, Eurasia Mining said a previously announced potential royalty agreement, with Lemuria Royalties Corp, will not go ahead. Eurasia said Lemuria only expressed an interest in the West Kytlim project rather than the Monchetundra project, and the company opted to continue with its existing partner.
"Our working relationship with SKRS at West Kytlim throughout 2016 was both amicable and mutually beneficial. It is however imperative [...] to ensure SKRS deploys the necessary capital to allow the project to expand, in this the second year of production," said Christian Schaffalitzky, managing director of Eurasia Mining.
"Whilst there can be no guarantee that this will occur, we remain confident that there is interest on both sides to reaching an agreement on this matter," added the managing director.
Shares in Eurasia Mining were down 3.3% at 0.652 pence Tuesday.
By Adam Clark; [email protected]
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