Eurasia Mining has announced what amounts to a maiden reserve calculation under Russian standards for the Semenovsky project where it is working in partnership with Metal Tiger.
- Reserves approved totaling 2.99 million tonnes of ore grading 1.18 grams/tonne (g/t) of gold and 16.44 g/t of silver, with contained metal calculated as 3.5 tonnes of gold and 49.3 tonnes of silver.
- An agreement to extend the exclusivity option on STP until 15 November 2016.
As reported on the 26 April, a Russian pre-feasibility study equivalent - the TEO of Conditions - had previously been reviewed and approved by the expert panel at the Bashkirian mines department.
A reserves report incorporating a fresh Reserve calculation was immediately lodged for approval and has now been approved. Previous reserve calculations had not been approved at the deposit due to insufficient metallurgical work - Eurasia have integrated metallurgical work carried out on-site in 2014 which has now been considered sufficient for approval of C2 category reserves.
Managing director Christian Schaffalitzky said: "We are pleased to confirm what amounts to a maiden reserve calculation under Russian standards for the Semenovsky project.
"It is a significant milestone and shareholders can see positive results less than 12 months from announcement of the initial Heads of Terms. Our focus now turns to the ongoing SGS metallurgical work, updated on 4 July, from which we hope to see results of our optimisation study on cyanide gold recovery in September."
At 1:56pm: (LON:EUA) Eurasia Mining PLC share price was -0.05p at 0.53p