9th Mar 2015 08:53
LONDON (Alliance News) - Eurasia Mining PLC saw its shares rise sharply early Monday after it revealed it has received two approaches for an outright acquisition or acquisition of an interest in its Monchetundra platinum group metals licence on the Kola Peninsula in Russia.
In a statement, the company said it has started commercial negotiations with both interested parties, and got good feedback from recent site visits to the project.
Eurasia also said its review of new project opportunities has accelerated since it announced a collaboration with Metal Tiger PLC in December.
"At present the company has numerous project opportunities under review, but is focusing its attention on certain opportunities with near term production possibilities. This focus is in line with the company's desire to become self-financing through the inclusion of production assets sitting alongside and financing exploration opportunities," it said.
"In all cases we are ensuring that financing and managerial requirements for any new interests are well within our means, and this is assisted in part should Metal Tiger plc agree to participate with Eurasia Mining on equal terms, as is proposed within the collaboration announced on 29 December 2014," it added.
Eurasia is currently focused on developing platinum, palladium and gold deposits in Russia, but is going through a revamp as it looks to also take on nearly-producing assets that it can push into production cheaply.
It said Monday that it will create two new internal divisions, one for its exploration assets and the other for development and production assets.
Last month the company got a boost when it said it had received verbal confirmation that Russia's Department of Defence and Federal Security Service had approved the company's mining licence application for the West Kytlim project.
"We have completed detailed operational plans for West Kytlim development, against which debt financing negotiations can be undertaken. Those operational plans are subject to the specifics of the final Mining Licence, but having a planning structure in place enables us to amend and adapt provisional plans more easily than awaiting the Mining Licence and preparing plans thereafter which could lead to operational delays," it said Monday.
Eurasia Mining shares were up 30.0% at 0.650 pence Monday morning, a five-month high for the stock.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Eurasia Mining