LONDON (ShareCast) - (Sharecast News) - Platinum group metals and gold producer Eurasia Mining on Tuesday received approval for its Monchetundra PGM mine from the Russian ministry of economic development.
The AIM-listed company said the permit, which concerns 2m-ounce PGM Monchetundra mine, is still awaiting signing off from the ministry of natural resources before heading to the office of Prime Minister Dimitri Medvedev for the last stage of permitting.

Eurasia said it expects the permitting process for its 80% owned project to be completed by the end of summer.

The mine itself is located near the town of Monchegorsk on Kola Peninsula and is comprised of Russian standard C1 and C2 categories of 55.9 tonnes (about 2m ounces) of palladium equivalent at two open-pittable locations, West Nittis and Loipishnune.

Christian Schaffalitzky, executive chairman and managing director of Eurasia Mining, said: "The process is now entering its final stages, in fact the final stage of approval before the anticipated signing at the office of the Prime Minister. Thus far the application has progressed faster than at the West Kytlim Project."

Eurasia Mining said it is currently evaluating several gold targets in Eastern Russia and is focused on the ongoing advanced exploration projects at West Kytlim and the Semenovsky tailings Project, as well as at Monchetundra.

As of 0853 BST, Eurasia Mining's shares were up 8.89% at 0.49p.

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