Eurasia Mining PLC Result of AGM and AGM Statement (6219V)
24 July 2018 - 11:26PM
UK Regulatory
TIDMEUA
RNS Number : 6219V
Eurasia Mining PLC
24 July 2018
Eurasia Mining plc
("Eurasia" or the "Company")
Result of AGM and AGM Statement
The Company confirms the 2018 Annual General Meeting, held today
the 24(th) July, all resolutions were duly approved.
Speaking at the AGM, Chairman Mr Christian Schaffalitzky
said:
"Further to our recent updates, regarding mining at West Kytlim,
and the mine permit application process at Monchetundra, which has
moved quicker than most of us anticipated, I would like to take
this opportunity to make some further statements on the Company's
general position.
2018 to date has really been a great success and the we believe
the Company is better positioned than it has been for some years.
The appointment of Techstroy as contractor for the West Kytlim
platinum and gold mine has proven to be a catalyst that has driven
the project into a very successful mining season. We intend to make
a further statement on West Kytlim before the end of next week, and
the total production is already at or around our total estimated
for the entire season, i.e. about 100kg raw platinum, and that with
several months remaining in the season. Grades have also been much
higher than anticipated. We estimate we are running up to a maximum
of 7kg of raw platinum mine product in one day throughput. Our
collaboration with Techstroy has been positive, in that both
parties are comfortable with their respective roles and
responsibilities, with mine progress generally, and with earnings
above initial Q1 and Q2 estimates.
The Monchetundra mine permit application process has gone very
well indeed, we are now 6 months on from the official submission
and have reached the office of the PM. We believe this is fast by
general experience. We do not have exact timing on how long the
process can take from here, our experience from permitting the West
Kytlim mine in just the same manner three years ago suggests we
might expect signing within three weeks, so we may receive notice
soon., but this cannot be guaranteed. We will provide further
updates in due course.
In terms of our financial position, we believe we are much
better provisioned now with our mine generating revenue, and with a
working tested solution in place we have a source of ongoing
revenue to fund the Company, as we pursue other projects. This was
exactly our intention. Also, with our Monchetundra Project so close
to fully permitted we are seeing greater interest from larger
financial institutions. We have always been confident that the
mining right will ultimately be issued, which is why we have
proceeded with work on solutions to fund the considerable capital
requirements for the projects development. Our EPC and Financing
agreement with Sinosteel has been duly executed by all parties and
the drawdown of necessary funds to commence developing the mine to
full production of 130,000oz of PGM per year.
Indeed, assuming the mine permit is granted, the Monchetundra
Mine will open a new chapter in the Company's history. It is our
intention to transform the Company in readiness for full scale
mining at Monchetundra which will certainly require filling out the
board from what is currently a minimum but cost-effective crew. It
is our intention to add mine engineering experience and possibly
additional financial experience, ideally with exposure to far
eastern markets which we increasingly see as a commercial focus for
our operations and a real growth area for commercial transactions
in the PGM space. We have proven our ability to make exploration
discoveries, fund the exploration process, see the project through
the mine permitting process with Russian state approved reserves,
and then lastly see the project through to production and it is our
aim to repeat the West Kytlim model with the much larger
Monchetundra Project.
We look forward to updating further on these developments in the
near future.
Enquiries:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
WH Ireland Limited (Nomad and Joint Broker)
Katy Mitchell / James Sinclair-Ford
+44 (0)161 832 2174
First Equity Limited (Joint Broker)
Jason Robertson
Tel: +44 (0)20 7374 2212
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END
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