TIDMEUA
RNS Number : 0449P
Eurasia Mining PLC
23 May 2018
Eurasia Mining plc (AIM: EUA)
("Eurasia" or the "Company")
Platinum Production Update
Eurasia Mining plc (AIM: EUA) ("Eurasia Mining" or the
"Company") the PGMs (Platinum Group Metals) and Gold mining company
is pleased to provide an update on platinum production at its West
Kytlim Mine - the second largest alluvial platinum reserve in the
world.
As reported by RNS on 10(th) May 2018, the mine at West Kytlim
is now fully operational and has achieved full throughput capacity
for an extended period with no unplanned stoppages. Shipments of
the mine product in the form of raw platinum nuggets have commenced
to the Ekaterinburg refinery, a major privately-owned refinery. To
date mine operations have produced up to 1.8kg of raw platinum
daily.
Overview:
- West Kytlim platinum mine now fully operational.
- Washplant has achieved designed capacity of 130m(3) /hour over a minimum 18-hour day.
- Total raw platinum produced of 11.8Kg to 16(th) May 2018.
Suggested average grade over the period approximately 771mg/m(3)
.
- Processing of the first stockpiled ore reserve is now near
complete, with mining to progress to further stockpiles and later
the main reserves of the Malaya Sosnovka Area.
- Full team of personnel now on site from Eurasia's contractor
Techstroy and Eurasia's subsidiary Kosvinsky Kamen providing
geological expertise as well as operating the onsite laboratory
which upgrades sluice concentrate to mine product.
- 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.
Christian Schaffalitzky, Executive Chairman commented: "We are
delighted at the continued progress made at our West Kytlim mine
and indeed it is very satisfying to achieve full operational
capacity. Techstroy continue to meet our high expectations this
year and we have excellent working relations now established.
"We look forward to the 2018 mining season with renewed
excitement and shareholders can expect regular updates on progress
at West Kytlim and other developments across the Company."
Summary of West Kytlim Mining Operation
- Washplant, water pumps and diesel fleet being operated on a 2-shifts per day basis.
- Laser surveying of the open pit to be carried out every two
weeks to establish total gravels washed and therefore run of mine
grade.
- An estimated total of 15,300m(3) of gravels were washed to
16(th) May 2018 for a total raw platinum produced of 11.8Kg.
Suggested average grade over the period approximately 771mg/m(3)
.
- Stripping of overburden from the main reserve blocks has been
contiguous with the gravel washing operation.
The mine at West Kytlim is based on a tried and tested alluvial
mining system used throughout the world on gold bearing sands and
river course gravels. The key item of equipment is a trommel which
is a continuously rotating cylindrical screen driven by diesel
generated electric power. Precious metal bearing gravels are fed to
the trommel using an excavator and are washed by an array of high
pressure jets as they pass through under gravity. Oversize material
is washed and discharged to waste, while material small enough to
pass through the screen falls to a sluice arranged perpendicular to
the trommel. The sluice then separates higher density platinum
bearing nuggets from lower density sand and other rock fragments.
Washing is discontinued daily to empty the sluice mats and for
general maintenance and housekeeping.
The capacity of the washplant is a function of the nature of
gravels washed; variables such as residence time, speed of rotation
and volume of water applied all control the recovery of metal and
should be adjusted according to the nature and importantly the clay
content of gravels washed.
The total amount of gravel processed, measured in volume terms,
requires in-pit surveying using GPS and laser guided instruments.
Grades can then be back-calculated as gravels washed (meter(3) )/
Raw platinum recovered (gram). Directors believe a monthly analysis
of key production numbers and run of mine grade to be the basis of
a fully representative estimate.
A graphic showing details of the Kluchiki area is available on
our website 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 Tel: +44 (0)207 932 0418
Christian Schaffalitzky / Keith Byrne
WH Ireland Limited (Nominated Adviser & Broker) Tel: +44 (0)161 832 2174
Katy Mitchell / James Sinclair-Ford
First Equity Limited (Joint Broker) Tel: +44 (0)20 7374 2212
Jason Robertson
About Eurasia Mining PLC (LSE: EUA)
Eurasia Mining is a long-established platinum and gold focused
production and exploration company quoted on the London Stock
Exchange AIM market, with an operating mine in the Ural Mountains
and a USD$2 billion dollar valued in-situ multi-commodity deposit
at Monchetundra. In addition, Eurasia maintain an interest in the
Semonovsky Gold in Mine Tailings Project, an asset demonstrating
potentially low-cost new-term gold production potential.
Eurasia's two core projects are:
The West Kytlim operating mine (of which the Company owns 68%),
which is 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;
The Monchetundra Project (of which the Company owns 80%), has
state approved reserves and resources of 2 million ounces of
palladium equivalent (predominantly palladium, and includes 28,124
tonnes of copper and 30,410 tonnes of nickel), resulting in a total
in-situ metal value of approximately USD$2 billion, before metal
recoveries and all costs. Eurasia has in place (signed October
2016) an EPCF (Engineering Procurement Construction and Financing)
contract with Sinosteel, a state owned Chinese corporation focused
on mining.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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