Eurasia Mining's Ural operations to commence with specially formed contractor

Eurasia Mining confirmed on Monday that its subsidiary Kosvinsky Kamen has agreed with contractor Uralmetmash to carry out mining at the West Kytlim mine in Russia's Ural mountains.

Uralmetmash, which was set up by the directors of the mine's previous contractor Techstroy to specifically focus on the West Kytlim project, is expected to commence works on the platinum, palladium, rhodium, iridium and gold mine immediately, with concentrate production expected in April.

Christian Schaffalitzky, executive chairman of Eurasia Mining, said: "We are pleased to be working again with the team that proved so effective during 2018. They were a very efficient operator last year, with a zero accident record, and financially motivated to develop the asset in a sensible manner."

Work is set to continue initially at the Kluchiki area, where work finished on schedule in November, and going forward platinum revenues will be split on a 65%/35% basis, in favour of the contractor.

"Furthermore, we are looking at ways to improve metal recoveries, based on the measured efficiency of the existing process flowsheet. We look forward to updating shareholders on progress and also our longer term development strategy for the West Kytlim reserves and resources before the season commences," said Schaffalitzky.

Eurasia Mining's shares were up 1.01% at 0.50p at 1618 GMT.