Positive progress at Semenovsky Tailings Project

The AIM-traded company said its ‘TEO of conditions’ - the Russian equivalent of a pre-feasibility study - had been submitted to Bashnedra, and was now approved.

Its board said metallurgical testing at the project is now fully underway with five metallurgy-focused drill holes completed and core logging by Eurasia geologists ongoing.

Metallurgical samples have been shipped from the site to Ekaterinburg to be prepared for onward shipment for metallurgical analysis, with results to follow, the board confirmed.

"Approval of the TEO of Conditions is a major step forward for the project and allows us to continue at pace with our other due diligence work and to lay the foundations for the commencement of processing plant construction later in the year,” said Eurasia Mining managing director Christian Schaffalitzky.

He said the company was also very pleased to see activity on the ground at Semenovsky, with the metallurgical testing underway.

“This is a very key part of our project due diligence and we look forward to receiving, analysing and releasing the findings to market at the earliest opportunity.

“Plant construction at Semenovsky is scheduled to commence in Q4 2016 subject to satisfactory completion of remaining due diligence and timing of final permits,” Schaffalitzky explained.

At 1420 BST, shares in Eurasia Mining were up 5% to 0.74p.