18th Apr 2005 07:00
Eurasia Mining PLC18 April 2005 Eurasia Mining plc ("Eurasia" or "The Company") has agreed to an explorationalliance with AngloGold Ashanti, the world's number two gold producer. It coversgold and related mineral exploration and possible development projects ineastern Siberia. Eurasia Managing Director Christian Schaffalitzky said: "This is a milestoneagreement that combines our exploration management skills in the region withAngloGold Ashanti's resources and carries us into early stage projects thatwould otherwise be beyond our reach financially. We look forward to earlysuccess." The new agreement gives AngloGold Ashanti the exclusive right to participate inearly stage projects proposed by Eurasia, which has been appraising potentialprospects for about 18 months in conjunction with local companies and governmentagencies. Work has now reached the stage where Eurasia is ready to move forward. AngloGold Ashanti will pay an entry fee of $100,000 in recognition of Eurasia'spast costs, and fund the first $2 million of exploration spending. Subsequentspending will be shared equally. AngloGold Ashanti will also have the right to purchase an additional 25% sharefrom Eurasia following completion of any bankable feasibility study, when it canalso take over as operator. Richard Duffy, Executive Officer Business Development for AngloGold Ashanti,comments "This move is consistent with our strategy of investing in thisprospective gold region through collaboration with companies with sound localexperience, and confirms our confidence in the long-term future of the Russiangold mining industry. We are very pleased to be associated with Eurasia Miningas part of this strategy." For further information contact: Michael Martineau/Christian Schaffalitzky, Eurasia Mining plc: +44 (0) 207976 1222Michael Devilliers, Eurasia Mining plc: +44 (0) 7899 917 096Laurie Beevers, W H Ireland: +44 (0) 161 819 8724Allan Piper, First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7736 064 982Gordon Wylie, AngloGold Ashanti Ltd +27 (0) 11 637 6196Nick Fox, AngloGold Ashanti Ltd +27 (0) 11 637 6473 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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