Procurement News Notice |
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| PNN | 4740 |
| Work Detail | The entire tailings dam has been approved at Russian C2 standard to total 2.99mln tonnes of ore grading 1.18 g/t gold and 16.44 g/t silver Eurasia Mining plc (LON:EUA) has unveiled a major milestone at the Semenovsky Tailings Project (STP) in Russia - namely a maiden reserve. The entire tailings dam has been approved at Russian C2 standard to total 2.99mln tonnes of ore grading 1.18 g/t gold and 16.44 g/t silver. The contained metal was calculated as 3.53 tonnes gold and 49.28 tonnes of silver. Eurasia is partnered at the site with resource investor Metal Tiger PLC (LON:MTC) and a heads of terms signed last November allows them to acquire 67% of the project, which is owned by OOO Metallurg Complect. The exclusive option was extended in May to August 15 this year and this has now been further extended to November 15 as work continues on detailed metallurgical testwork. Eurasia's 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 optimization study on cyanide gold recovery in September." When Eurasia first announced the acquisition of Semenovsky it revealed that internal work had indicated that likely revenues from gold and silver content in the project would amount to US$57 mln, and that the internal rate of return would run at US$65 mln. That number was set against an estimated start-up cost of just US$5 mln, given that the ore at Semenovsky is from waste and requires little in the way of crushing or grinding. |
| Country | Russia , Eastern Europe |
| Industry | Mining |
| Entry Date | 03 Sep 2016 |
| Source | http://www.proactiveinvestors.co.uk/companies/news/129861/eurasia-mining-posts-maiden-reserve-for-tailings-project-129861.html |
