20th Nov 2018 18:15
LONDON (Alliance News) - Eurasia Mining shares spiked Tuesday afternoon after the office of the Prime Minister of the Russian Federation approved the issue of a mining permit for the firm's Monchetundra PGM and base metals project in northern Russia.
Shares in Eurasia Mining ended the day up 65% at 0.81 pence each.
Chairman Christian Schaffalitzky said: "We are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed. We are also pleased that the company is debt-free as it prepares to develop Monchetundra. A more detailed announcement will follow in due course with the details of the licence and an update on the project."
Monchetundra project comprises 1.9 million ounces of palladium-led reserves and reserves with platinum, gold, copper and nickel with a gross in-situ value of USD2.11 billion.
Eurasia said a contract for engineering, procurement and construction and financing is in place with Sinosteel for the development of the mine.
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