LONDON (ShareCast) - Eurasia Mining (LSE: EUA.L - news) has confirmed the extension of its exploration licence at West Kytlim covering the Tylai-Kosvinsky Placer in the Urals Region of Russia.
The permit has been extended for another two years until the end of December 2014 as the company believes further exploration is required in several additional areas for longer term ore reserves. The planned programme of work is fully funded.
Managing Director Christian Schaffalitzky said: "Now that the exploration licence has been extended, we are also pleased that our applications for mining licences are progressing after a long effort. We look forward to moving into the development planning stage that, subject to timely granting of the additional permitting, could lead to our first platinum production in 2013".