Discovery confirmed in KolaJV

8 Aug 2007 07:00

Eurasia Mining PLC08 August 2007 Eurasia Mining plc ("Eurasia Mining" or the "Company") Discovery confirmed in Kola JV with Anglo Platinum Eurasia is pleased to announce further confirmation of a platinum group metals(PGM) discovery on the Kola Peninsula in north-west Russia. Anglo Platinum, the world's largest primary platinum producer is funding theexploration programs up to US$10million and these results complement the twopreviously announced discoveries in areas covered by the joint venture. Confirmation of the discovery on the Monchetundra licence follows completion of2,339 metres of drilling in 12 holes to the end of July. Platinum grades of upto 10.7 grams per tonne (g/t) and palladium of up to 2.88 g/t were identifiedwithin a one metre section of the mineralised zone measuring 17 metres inthickness. Eurasia Managing Director Christian Schaffalitzky said: "We are of coursedelighted by these latest results which confirm an continuation of themineralised zone identified in our initial Monchetundra discovery. We are nowdrilling to seek further extensions." Drilling work is also continuing on the neighbouring Volchetundra licence, andby the end of July a total of 851 metres was completed in four holes to followup the initial discovery announced in March 2007. The holes have yet to beassayed but summary logging indicates the mineralised zone appears to continueboth along strike and down dip. Eurasia's joint venture with Anglo Platinum covers the Monchetundra,Volchetundra and West Imandra licences which together cover a total of 450 sq kmon the Kola Peninsula. The licences lie on an extension of a geological trendwhere the Canadian groups Barrick Gold and Consolidated Puma MineralsCorporation are carrying out advanced exploration and feasibility studies onnearby deposits.. Results from the earlier discoveries on the Volchetundra and Monchetundralicences showed the presence of platinum and palladium with grades of up to 11grams per tonne. Initial appraisal work is also under way at West Imandra. The technical information and opinions contained in this announcement have beenreviewed by Christian Schaffalitzky, the Company's Managing Director who is aProfessional Geologist and Chartered Engineer and a member of the Institute ofMaterials Metals and Mining and the Institute of Geologists of Ireland. For further information contact: Christian Schaffalitzky, Michael Martineau orMichael de Villiers, Eurasia Mining Plc: +44 (0) 20 7495 4877Laurie Beevers, W H Ireland: +44 (0) 7903 164 004Allan Piper, First City Financial Public Relations: +44 (0) 20 7242 2666Nicholas Bealer, King & Shaxson Capital Limited +44 (0) 20 7426 5975 Background details follow: Detailed drill results Confirmation of the discovery on the Monchetundra licence follows completion of2,339 metres of drilling in 12 holes to the end of July. Of these, three holesintersected the mineralised zone, the best hole (MT-38) intersecting, 17 metresgrading 3.2 grams per tonne (g/t) platinum and palladium, where the Pt:Pd ratiois 1:1.5. Significantly, two high grade zones were also identified within thissection, with 1 metre grading 8.8 g/t Pt and 2.05 g/t Pd, with a second 1 metreinterval grading 2.88 g/t Pt and 10.7 g/t Pd. These high grade intervalsindicate a potential new target with a different strike and dip from theoriginal discovery. The other drillholes were testing other parts of the beltand did not give any significant grades. Details of MT-38 are provided inAppendix 1, along with MT-39 which had a mineralised interval of 5.5 metres with1.37 g/t Pt+Pd, at a ration of 1:2.2, and MT-18, with a 15.6 metre intercept at1.2g/t Pt+Pd. On the neighbouring Volchetundra licence, Eurasia has contracted a drill rigmounted on a tracked, all-terrain vehicle to cope with the hilly conditions. Itis capable of potentially completing 2,000 metres per month and to work throughthe winter, and will allow planned completion of some 3,000 metres of drillingthis year. DRILL HOLE MT-38 Interval Thick Pt g/t Pd g/t Pt+ Pd/Pt Pt + Pd ratio ness Pd From to 128,7 129,6 0,90 0,025 0,08 0,11 129,6 130,7 1,10 0,30 0,51 0,81 1,70 130,7 131,7 1,00 0,2 0,38 0,61 1,65 131,7 132,7 1,00 0,6 0,90 1,54 1,41 132,7 133,7 1,00 0,5 0,74 1,21 1,57 133,7 134,7 1,00 0,8 0,82 1,63 1,01 134,7 135,7 1,00 1,4 1,91 3,27 1,40 17m @ 135,7 136,7 1,00 1,2 1,78 3,00 1,46 3.2g/t 136,7 137,7 1,00 8,8 2,05 10,83 0,23 137,7 138,7 1,00 1,4 2,05 3,49 1,42 138,7 139,7 1,00 2,40 3,50 5,90 1,46 139,7 140,7 1,00 1,6 2,32 3,92 1,45 140,7 141,7 1,00 0,5 0,62 1,09 1,32 141,7 142,7 1,00 0,8 1,05 1,82 1,36 142,7 143,7 1,00 0,48 0,71 1,19 1,48 143,7 144,7 1,00 0,1 0,23 0,36 1,77 144,7 145,7 1,00 0,39 0,52 0,91 1,33 145,7 146,7 1,00 2,88 10,7 13,58 3,72 146,7 147,7 1,00 0,025 0,08 0,11 DRILL HOLE MT-39 Interval, m Thick- Pt Pd Pt+Pd Pd/Pt Pt + ratio Pd ness m g/t g/t g/t From to 42,20 43,10 0,90 0,03 0,08 0,11 43,10 43,90 0,80 0,03 0,01 0,04 43,90 44,90 1,00 1,10 1,99 3,09 1,8 2.8 g 44,90 45,90 1,00 0,86 1,46 2,32 1,7 /t /5 45,90 46,90 1,00 1,30 2,48 3,78 1,9 m 46,90 47,90 1,00 1,04 1,86 2,90 1,8 47,90 48,90 1,00 0,83 1,31 2,14 1,6 48,90 50,30 1,40 0,03 0,07 0,10 61,30 62,00 0,70 0,14 0,39 0,53 2,8 1.2 g 62,00 62,80 0,80 0,61 1,15 1,76 1,9 /t / 62,80 63,30 0,50 0,03 0,14 0,17 7.0 m 63,30 64,30 1,00 0,10 0,36 0,46 3,6 64,30 64,80 0,50 0,09 0,35 0,44 3,9 64,80 65,40 0,60 0,53 1,11 1,64 2,1 65,40 66,30 0,90 0,51 0,79 1,30 1,5 66,30 67,30 1,00 0,46 0,81 1,27 1,8 67,30 68,30 1,00 0,89 1,64 2,53 1,8 68,30 69,10 0,80 0,03 0,07 0,10 69,10 70,00 0,90 0,03 0,03 0,06 70,00 71,00 1,00 0,03 0,01 0,04 71,00 71,50 0,50 0,26 0,57 0,83 2,2 71,50 72,50 1,00 0,40 0,78 1,18 2,0 72,50 73,50 1,00 0,27 0,50 0,77 1,9 73,50 74,50 1,00 0,25 0,49 0,74 2,0 74,50 75,50 1,00 0,32 0,74 1,06 2,3 75,50 76,5 1,00 0,03 0,28 0,31 76,50 77,40 0,90 0,03 0,21 0,24 77,40 78,30 0,90 0,35 0,67 1,02 1,9 78,30 79,10 0,80 0,03 0,01 0,04 79,10 79,90 0,80 1,16 2,06 3,22 1,8 79,90 80,80 0,90 0,03 0,05 0,08 80,80 81,70 0,90 0,03 0,02 0,05 81,70 82,40 0,70 0,03 0,32 0,35 82,40 83,30 0,90 0,03 0,06 0,09 83,30 84,30 1,00 0,29 0,67 0,96 2,3 84,30 85,20 0,90 0,42 1,18 1,60 2,8 85,20 86,80 1,60 0,06 0,22 0,28 3,7 86,80 87,80 1,00 0,09 0,35 0,44 3,9 87,80 88,40 0,60 0,54 1,48 2,02 2,7 88,40 89,40 1,00 0,21 0,52 0,73 2,5 89,40 90,10 0,70 0,14 0,39 0,53 2,8 90,10 91,20 1,10 0,31 0,61 0,92 2,0 91,20 92,40 1,20 0,03 0,05 0,08 92,40 93,60 1,20 0,15 0,18 0,33 1,2 93,60 94,60 1,00 0,15 0,48 0,63 3,2 94,60 95,60 1,00 0,11 0,36 0,47 3,3 95,60 96,10 0,50 0,03 0,12 0,15 96,10 96,90 0,80 1,70 3,46 5,16 2,0 1.0 g 96,90 98,20 1,30 0,03 0,01 0,04 /t / 98,20 99,20 1,00 0,20 0,30 0,50 1,5 10.8 99,20 100,30 1,10 0,31 0,91 1,22 2,9 m 100,30 101,10 0,80 0,03 0,01 0,04 101,10 102,00 0,90 0,36 0,62 0,98 1,7 102,00 102,80 0,80 0,03 0,01 0,04 102,80 103,40 0,60 0,63 1,11 1,74 1,8 103,40 103,80 0,40 0,03 0,10 0,13 103,80 105,00 1,20 0,03 0,01 0,04 105,00 106,00 1,00 0,38 0,77 1,15 2,0 106,00 106,90 0,90 0,35 0,91 1,26 2,6 106,90 107,70 0,80 0,33 0,46 0,79 1,4 107,70 108,70 1,00 0,11 0,15 0,26 1,4 108,70 109,70 1,00 0,03 0,01 0,04 109,70 110,90 1,20 0,03 0,01 0,04 110,90 111,40 0,50 0,03 0,04 0,07 111,40 112,40 1,00 0,03 0,01 0,04 112,40 113,70 1,30 0,03 0,04 0,07 113,70 114,90 1,20 0,03 0,02 0,05 114,90 116,10 1,20 0,07 0,14 0,21 2,0 116,10 117,10 1,00 0,03 0,17 0,20 117,10 118,10 1,00 0,06 0,23 0,29 3,8 118,10 119,10 1,00 0,20 0,39 0,59 2,0 119,10 120,10 1,00 0,09 0,16 0,25 1,8 120,10 121,00 0,90 0,06 0,12 0,18 2,0 121,00 121,60 0,60 0,03 0,02 0,05 121,60 122,40 0,80 0,03 0,02 0,05 122,40 123,40 1,00 0,03 0,08 0,11 123,40 124,80 1,40 0,03 0,06 0,09 124,80 125,50 0,70 0,84 2,33 3,17 2,8 1,0/ 125,50 126,50 1,00 0,16 0,36 0,52 2,3 3,5 126,50 127,30 0,80 0,03 0,01 0,04 127,30 127,80 0,50 0,19 0,25 0,44 1,3 127,80 128,30 0,50 0,27 0,45 0,72 1,7 128,30 129,30 1,00 0,07 0,31 0,38 4,4 129,30 130,30 1,00 0,10 0,21 0,31 2,1 130,30 131,30 1,00 0,17 0,91 1,08 5,4 131,30 132,30 1,00 0,07 0,17 0,24 2,4 132,30 133,30 1,00 0,06 0,09 0,15 1,5 133,30 134,20 0,90 0,18 0,36 0,54 2,0 134,20 135,2 1,00 0,12 0,31 0,43 2,6 DRILL HOLE MT-18 Interval, m Thickness m Pt+ Pd/Pt Pt + Pd Pt Pd Pd g/t g/t g/t From to 23,00 24,00 1,00 0,025 0,01 0,04 24,00 24,90 0,90 0,24 0,34 0,58 1,42 24,90 25,70 0,80 0,64 0,94 1,58 1,47 25,70 26,50 0,80 0,48 0,61 1,09 1,27 26,50 27,50 1,00 0,41 0,52 0,93 1,27 27,50 28,70 1,20 0,63 0,81 1,44 1,29 28,70 30,00 1,30 0,42 0,69 1,11 1,64 30,00 30,60 0,60 0,32 0,61 0,93 1,91 30,60 31,60 1,00 0,51 1,09 1,60 2,14 15.6 m @ 31,60 32,60 1,00 0,57 1,36 1,93 2,39 1.2 g/t 32,60 33,60 1,00 0,66 0,88 1,54 1,33 33,60 34,60 1,00 0,49 0,88 1,37 1,80 34,60 35,60 1,00 0,53 0,84 1,37 1,58 35,60 36,60 1,00 0,41 0,53 0,94 1,29 36,60 37,60 1,00 0,35 0,46 0,81 1,31 37,60 38,6 1,00 0,30 0,44 0,74 1,47 38,6 39,60 1,00 0,29 0,53 0,82 1,83 39,60 40,60 1,00 0,025 0,05 0,08 This information is provided by RNS The company news service from the London Stock Exchange