REG - Eurasia Mining PLC - Approval of DFS and management changes

Eurasia MiningAnnouncement

03/07/2023 07:00

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RNS Number : 6537E  Eurasia Mining PLC  03 July 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN REGULATION NO.
596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS
UNDER ARTICLE 7 OF THAT REGULATION.

 

3 July 2023

 

Eurasia Mining Plc

 

Approval of DFS and management changes

 

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum,
rhodium, iridium and gold producing company, is pleased to announce that
Rosendra has approved the Definitive Feasibility Study for the Monchetundra
project in the Kola peninsula, northwest Russia (the "Monchetundra DFS"). In
parallel, management changes have been made to reflect the Company's focus on
the possible sale of its assets in Russia, including the Monchetundra project.

 

With the completion of the Monchetundra DFS, the two open pit mines, with
their related plant and facilities, are ready for construction work to
commence. While we have an EPCF agreement with Sinosteel in place, the Board
does not believe it is appropriate to commence construction immediately due to
the ongoing sale process of its Russian assets. It is expected that
counterparties will have their own plans for future development, and it is
important to leave such options open.

 

In that regard, James Nieuwenhuys, a mining, processing and EPC specialist, is
retiring as the Company's Chief Executive Officer with immediate effect. James
has worked hard at taking the project to this milestone after similar work at
West Kytlim and the Board wishes him well in his future activities.

 

In parallel, the project manager in Kola, Konstantin Firstov, is taking on
additional responsibilities in accepting the appointment as Country Manager.
Konstantin will have oversight of the ongoing discussions regarding the sale
process. At present, there can be no guarantee that Eurasia will enter into
binding agreements regarding the sale process.

 

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements
(https://www.eurasiamining.co.uk/investors/news-announcements)

 

 

For further information, please contact:

 Eurasia Mining Plc                             +44 (0) 20 7932 0418
 Christian Schaffalitzky / Keith Byrne
 SP Angel (Nominated Advisor and Joint Broker)  +44 (0) 20 3470 0470

 Jeff Keating / David Hignell / Adam Cowl
 Optiva Securities (Joint Broker)               +44 (0) 20 3137 1902

 Christian Dennis

 

 

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