23rd May 2018 16:03
LONDON (Alliance News) - Eurasia Mining PLC said Wednesday that the fully operational West Kytlim mine located in Russia has been producing up to 1.8 kilograms of raw platinum on a daily basis.
Total West Kytlim raw platinum production stood at 11.8Kg as of Wednesday last week, suggesting average grade over the period of around 771 milligram per cubic meter, the miner said, adding that processing of the first stockpiled ore reserve is nearing completion.
"Future development of the mine site, including the Kluchiki Area targeted for development later in the year will be assessed with our contractor in early June and an agreement reached on expansion of the operation to potentially develop two sites concurrently," the company said.
Eurasia Mining owns 68% stake in the West Kytlim mine, the second largest alluvial platinum reserve in the world currently, with 2,283 kilograms of raw platinum in reserves, with resources and resource potential to a further 10 tonnes of raw platinum.
Shares in the company were trading 5.9% higher at 0.39 pence per share.
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