Eurasia Mining PLC Mining Update From West Kytlim (5801N)
10 May 2018 - 4:00PM
UK Regulatory
TIDMEUA
RNS Number : 5801N
Eurasia Mining PLC
10 May 2018
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Mining update from West Kytlim
Eurasia, the PGM and gold production company is pleased to
provide an update from its West Kytlim Mine, the second largest
alluvial platinum mine in the world, which is now fully operational
for the 2018 mining season. Following a general thaw at the start
of May the operation has now achieved several successive days at
near full capacity, with all machinery now operating to
specification and as planned. Grades in platinum bearing gravels
are considerably higher than had been expected and as a result
initial production figures are also increased.
OVERVIEW:
-- West Kytlim Mine is approaching capacity of circa 2,000m(3)
per day, water is now free flowing and all equipment functioning
according to specification;
-- No unauthorised or unplanned stoppages reported since an
initial trial of the equipment on 3(rd) May 2018;
-- Initial trial reports grades approaching 1g/m(3) ;
-- A total of 4.6 kg of raw platinum was produced from 3rd May
to 9th May inclusive with 1.3kg produced on the 9th May. The 1.3kg
produced in a day represents what the directors believe could be
possible with this process in the future;
-- Mining, washing of platinum bearing gravels and upgrade of
concentrate has been continuous every day from 3(rd) May to
date.
Christian Schaffalitzky, Executive Chairman commented: "We are
very pleased at the level of professionalism and experience shown
by the newly appointed contractor, Techstroy, in the opening weeks
of this year's mining season. The Directors believe that the 4.6kg
produced over the first 6 days is remarkable considering the total
production of just 6kg by our previous contractor in the 2017
mining season. Grades seem to be consistently and considerably
higher than we had calculated, and the machinery operating very
efficiently in terms of costs, ore volumes and precious metal
recovery. We may look forward to more continuous production updates
from site in the coming mining season."
HIGHLIGHTS:
An initial 'first fill' test was completed successfully at the
West Kytlim alluvial platinum and gold mine on 3(rd) May 2018.
500m(3) of gravels were processed to test the new scrubber/tromell
arrangement. The concentrate produced was collected and upgraded at
the on-site laboratory. This first sample returned 428g raw
platinum, for an average grade approaching 1g per m(3) .
Several successive days of continuous production have followed,
the largest amount produced in a single day being 1.3kg raw
platinum on 9(th) May 2018.
Shipments to the refinery in Ekaterinburg are expected to
commence by contracted security professionals on 11(th) May 2018
and further updates will be provided in due course, as
appropriate.
A site visit by Eurasia's auditor Grant Thornton UK was carried
out on 7(th) and 8(th) of May. The site visit is a necessary
element in Eurasia's audit process and ensures best industry
practices in health and safety, mine site security and corporate
and social responsibility.
Mining at 2,000m(3) per day is expected to continue for the
foreseeable future until either (i) the end of the mining season in
early November 2018 or (ii) when the platinum and gold bearing
reserves at Malaya Sosnovka are expired. When the latter occurs
mining is anticipated to progress to the much larger Kluchiki area.
Eurasia's contractor (Techstroy) holds in reserve a further
trommel/scrubber which can be mobilised to site as required. The
next fully permitted site, containing 893,000m(3) of gravels, is
the Kluchiki site which may, at the contractor's discretion, be
developed during this year by mobilising a second washplant, with
both sites operating concurrently. Further updates regarding the
2018 mine plan for the West Kytlim Project will be provided in due
course.
A video blog is to be filmed on site in the week commencing
14(th) May and broadcast soon thereafter. A mine plan for the
Malaya Sosnovka area currently being worked has been uploaded to
the Eurasia website and can be viewed at
https://www.eurasiamining.co.uk/operations/west-kytlim.
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the
Company. He has reviewed the update and consents to the inclusion
of the exploration information in the form and context in which it
appears here. He is a Competent Person for the purposes of the
reporting of these results.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky/Keith Byrne
+44 (0)207 932 0418
WH Ireland Limited
Katy Mitchell/James Sinclair-Ford
+44 (0)161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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