LONDON (ShareCast) - (Sharecast News) - Palladium, platinum, iridium, rhodium and gold producing company Eurasia Mining announced on Monday that it has been officially informed that it would be granted an additional 71.1 square kilometre exploration license at its West Kytlim Open Pit Mine, in production in Russia's Ural Mountains.
The AIM-traded firm said the area was applied for under exclusive rights granted for new applications adjacent to existing mining licences.

It said it believed that the new areas had the potential for future reserves of its focus metals.

"The company has been informed by Uralnedra, the agency responsible for subsoil licensing and mine permitting in the area of the company's West Kytlim Mine, that a resolution approving the granting of an additional exploration permit adjacent to and surrounding the current West Kytlim mine permit has now been issued," the board explained in its statement.

"The area adds an additional 71.1 square kilometres of prospective ground to the West Kytlim Project in production since 2018 and contains areas already worked by Eurasia within a previous exploration permit."

Eurasia Mining said the new area, referred to previously as the 'Flanks' or 'West Kytlim Flanks' was submitted for licensing in February and had been fully assessed by Uralnedra and all other relevant parties to the granting of new exploration permits.

It said the Uralnedra resolution confirmed that an exploration license over the new ground would be issued "in due course" as a new exploration license.

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