LONDON (ShareCast) - (ShareCast News) - Russia focused gold explorer Eurasia Mining reported a maiden reserve calculation at its Semonvsky tailing project, which is in partnerhsip with Metal Tiger.
The AIM-listed company reported a calculation for the mine under the Russian system of reserves assessment standards.

The tailings dam was approved by Russian C2 standard to 2.99m tonnes of ore grading at 1.18g per tonne of gold and 16.44 grams per tonne of silver. Contained metal was calculated as 3.5 tonnes of gold and 49.3 tonnes of silver.

The work at the site is being carried out under the heads of terms agreement from November 2015, which allows Eurasia and Metal Tiger to acquire 67% of the Semenovsky tailings project owned by Russian registered company, OOO Metallurg Complect.

As per the agreements signed between Eurasia, Metal Tiger, and OOO Metallurg Complect, the exclusivity option on the project was extended from 15 August to 15 November to continue metallurgical test-work.

Eurasia, as manager, aims to complete due diligence work on the project and if it passes, the company would finish the acquisition under the terms agreed, although it is not guaranteed.

Christian Schaffalitzky, managing director at Eurasia Mining said: "It is a significant milestone and shareholders can see positive results less than 12 months from announcement of the initial heads of terms. Our focus now turns to the ongoing SGS metallurgical work, updated on 4 July, from which we hope to see results of our optimization study on cyanide gold recovery in September."

Shares in Eurasia Mining fell 7.13% to 0.534p at 1457 BST and shares in Metal Tiger were down 0.06% to 3.52p at 1609 BST.

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