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Eurasia Mining records platinum grades 'considerably higher' than expected
Gold production company Eurasia Mining has recorded several successive days of near full capacity operations at its West Kytlim mine following a general thaw at the start of the month.
West Kytlim, the second largest alluvial platinum mine in the world, has returned grades in its platinum bearing gravels "considerably higher" than had been expected, with the firm increasing its initial production figures as a result.
The AIM-quoted outfit produced a total of 4.6 kg of raw platinum between the 3rd and 9th of May, 1.3kg of which was produced in a single day, representing a volume its directors believe "could be possible" to maintain moving forward.
Christian Schaffalitzky, Eurasia's executive chairman, said, "The directors believe that the 4.6kg produced over the first 6 days is remarkable considering the total production of just 6kg by our previous contractor in the 2017 mining season."
"Grades seem to be consistently and considerably higher than we had calculated, and the machinery operating very efficiently in terms of costs, ore volumes and precious metal recovery. We may look forward to more continuous production updates from site in the coming mining season," Schaffalitzky added.
Separately, Eurasia raised gross proceeds of £500,000 through the placing of 166.66m new ordinary shares of 0.3p, with a 1 for 1 attached warrant exercisable at 0.6p, £300,000 of which was set to be used to reduce its loan from Riverfort Global to a balance of £440,000.
As of 1200 BST, Eurasia shares had grown 8.24% to 0.46p.