LONDON (Alliance News) - Eurasia Mining PLC on Tuesday said it saw a positive production results from its West Kytlim mine while awaiting for the Monchetundra mine permit in Russia.
Prior to its annual general meeting, the exploration company said its collaboration with building company Techstroy Ltd has been positive.
Back in March, Eurasia Mining appointed Techstroy as contractor for the West Kytlim platinum & gold mine, locate in the Ural mountains, to manage mining, trucking, construction, delivery and installation of mining & processing equipment.
The company confirmed that it saw a successful mining season with 100 kilograms of raw platinum mind so far, achieving the total production estimates for the season. Grades have also been much higher than anticipated, Eurasia Mining said.
Meanwhile, at the Monchetundra mine, also in Russia, permit application process has gone very well, the company said. It expects to be granted the mine permit within three weeks, but this cannot be guaranteed.
"Indeed, assuming the mine permit is granted, the Monchetundra Mine will open a new chapter in the company's history," said Chairman Christian Schaffalitzky.
"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," added Schaffalitzky.
Shares in Eurasia Mining were trading 10% higher on Tuesday at 0.80 pence each.