2nd May 2006 07:01
Eurasia Mining PLC02 May 2006 Two million dollar programme begins with drilling on Kola platinum project 2 May 2006: AiM-quoted Eurasia Mining (EUA) has started a US $2 millionexploration programme on its recently-acquired Kola Peninsula platinum projectsin northwest Russia. Drilling is underway on one of the company's three Kola licence areas, WestImandra, where Eurasia plans an initial 10-12 drill hole campaign. It will focuson targets that have already yielded encouraging grades of over 1 gram per tonneof platinum group metals (g/t PGM) at the surface, on a zone extending for atleast 7 km and potentially 20 km based on regional geology. Anglo Platinum, the world's largest platinum producer, is wholly funding theprogramme as Eurasia's joint venture partner. Under the terms of the agreement,a total of US $10 million expenditure from Anglo Platinum will earn them aninitial 40% interest in the three Kola projects. This initial $2 millionprogramme represents Anglo's entire budget for Kola for 2006. The programme isbeing managed by Eurasia. Eurasia CEO Christian Schaffalitzky said: "We are excited about startingexploration in this prospective area. Although West Imandra is the leastadvanced of the three Kola projects, access conditions have allowed us an earlystart to drilling at the beginning of the field season. We look forward toseeing the results and extending our drilling programmes to the other two Kolalicence areas." A number of other target zones on the southeastern flank of the Yevgeny massifat West Imandra will also be tested in an area not previously drilled forplatinum. Here, PGM values up to 2.9 g/t over one metre width were reported inprevious trenching. Eurasia is a mineral exploration company specialising in platinum and goldexploration in Russia. In addition to its three licences totalling 475 squarekilometres on the Kola Peninsula, Eurasia holds exploration interests in theUrals where the company recently announced a new discovery. Both projects aresubject to joint ventures with Anglo Platinum. The company also has anexploration alliance funded by AngloGold Ashanti concerning gold exploration ineastern Siberia. Further details will be published at www.eurasiamining.co.uk. For further information contact: Christian Schaffalitzky / Michael Martineau, Eurasia Mining Plc:+44 (0) 20 7495 4877 Laurie Beevers, W H Ireland:+44 (0) 7903 164 004 Sarah Samworth, First City Financial Public Relations:+44 (0) 20 7436 7486+44 (0) 7977 276 023 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Eurasia Mining