Eurasia Mining (EUA) on Monday provided an update to investors regarding its West Kytlim Open Pit Mine in Russia.
Eurasia Mining told investors it is mining and stockpiling ore at the project ahead of gravel washing, with around 30,000m3 of ore stored.
The company said it allows for continuous feedstock for its onsite wash plant, as well as sampling during excavation to confirm grades.
Chairman, Christian Schaffalitzky commented: “We are confident of a strong second year at West Kytlim in 2019 with mining ongoing since the first quarter and with the full scale production and washing started in Q2.”
“Our own team and that of our Contractor are building on their experience of last year with several modifications to the circuit aimed at further increasing efficiency and metal recovery.”
Shares in Eurasia Mining ticked up 0.95% to 0.53p following the update
Chairman, Christian Schaffalitzky added: “We will publish the improved grades and recovery numbers later this year, after these improvements are confirmed over longer term production period.”
The company obtained its mining licence on its flagship Monchetundra Project in 2018, and has plans to develop it with its partners Sinosteel, one of the largest corporations in China, and Central Kola expedition, a major Russian and international contractor.
Eurasia Mining told investors in its annual report, that it has ambitions to grow its West Kytlim operation to become the “largest alluvial platinum mine globally”.
Follow News & Updates from Eurasia Mining here: