22nd Dec 2016 12:21
LONDON (Alliance News) - Eurasia Mining PLC on Thursday released an update on its projects in Russia and results from the Semenovsky Tailings metallurgical study.
The mining company said its West Kytlim project in the Ural mountains is performing well, after shipments of raw platinum concentrate to a refinery in Ekaterinburg continued through the mining season, with a final shipment in the second week of December.
A final statement on revenue from platinum, gold, palladium, iridium and rhodium is expected from the refinery in January.
Meanwhile, Eurasia said it has submitted a feasibility study from the Monchetundra project for approval at the State Commission on Mineral Reserves. The study documents the economic extraction of the reserves already identified at two open pit targets at the licence.
Finally, Eurasia said it has received results from the latest phase of metallurgical testing completed in partnership with Metal Tiger PLC, the UK-listed natural resources sector investor.
According to Eurasia, cyanide bottle roll test-work recovered on average 38% of gold and 48% silver, while optimisation studies on fine grinding liberated further metals for leaching, including up to 55% gold and 57% silver.
Eurasia also extended its memorandum of understanding with the project owners to the end of February, to allow continued due diligence and follow-up metallurgical analysis.
"Extending the MoU to the first quarter of 2017 protects our work to date and will allow for more conclusive testwork and a well-defined and a costed processing route," Managing Director Christian Schaffalitzky said in a statement.
Shares in Eurasia were trading up 1.8% at 0.712 pence on Thursday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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