Client NewsEurasia Mining Plc: Nyud Progress Update Eurasia Mining Plc
Eurasia Mining Plc (“Eurasia” or the “Company”), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce progress update on the Nyud project.
As announced via RNS of 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company’s Monchetundra Project in the Kola Peninsula.
As further announced on 15 June 2021, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit (“Nyud”). Eurasia’s 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya (“YGK”) has signed a notarised agreement with Rosgeo group company pursuant to which YGK will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC. Pursuant to the terms of this agreement Eurasia, through YGK, will also have a right to acquire Rosego’s 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report (“CPR”) on Nyud.
Additional drilling has recently been completed on Nyud at Rosgeo’s cost and Eurasia has engaged Wardell Armstrong International in relation to Nyud to among other things:
· Audit the quality assurance and quality control procedures;
· Review the block modelling and open pit optimisations; and
· Prepare CPR under the JORC Code.
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