Eurasia Mining Share Discussion Threads

[pennstreet] 10/6/2019 08:12

Typical start to the day with sells!

[book5] 10/6/2019 08:10

All our positive criticism has been rewarded with a positive rns

WELL DONE CS

Thanks

[book5] 10/6/2019 08:06

I was expecting it
The delay was bcs Eua insisted a drilling programme , rather than expensive trending was sufficient,

We have been delayed one year but great savings will be achieved in the site investigations works to upgrade reserves

“a new strategy for reserves approvals has been adopted by the Company going forward. All Russian category C2 Reserves at all areas on the West Kytlim license are expected to be upgraded to C1 category in a single drilling program”

Carry on eua

[willmac4671] 10/6/2019 08:04

Yes it will russiaguru, they have to be upgraded to c1 to make them mineable.

WK is the blueprint of what will inevitably happen over at MT by the look of things.

GLA

[cool hand kev] 10/6/2019 08:04

Some people just can't read.
Everything progressing well.
I'm happy with my Friday top up :-)

[russiaguru] 10/6/2019 08:01

Does the same apply to mt as that is mostly c2

[excellance] 10/6/2019 08:01

Rus, I think drilling is a fairly standard practice prior to digging, tho this seems to be a more extensive infill drilling program, designed specifically to get reserves upgraded, not merely for mine planning.

A second shift in the lab is probably an unexpected extra cost as we assay all those big bags of nuggets.

[aidenabettin] 10/6/2019 08:00

A revised reserve calculation, prepared in accordance with the DFS is also scheduled for approval by the Russian Government, in accordance with the Russian Mining standard.Comeback in 2020.Nothing happening this year!!!!

[willmac4671] 10/6/2019 07:58

No john - The drilling program of circa 2,600 m of shallow drilling, 140m of which has already been drilled at the Bolshaya Sosnovka area, is fully funded.

GLA

[johncasey] 10/6/2019 07:56

more funding for drilling?

[willmac4671] 10/6/2019 07:55

C1 now mineable, which leads to what was said in a previous RNS :

"The Company continues to develop plans for adding an additional wash-plant, either contracted or owner-operated during 2019-2020, which should significantly improve total throughput."

From todays RNS - A new strategy for reserve upgrade drilling has been adopted by the Company and is aimed at allowing major capacity expansion.

GLA

[pennstreet] 10/6/2019 07:50

Only one way this is going now, and that's upwards to state the bleeding obvious

[pennstreet] 10/6/2019 07:49

Ex - I couldn't have put it better! Seriously, I couldn't, lol

[russiaguru] 10/6/2019 07:48

Did they budget for the additional drilling

[excellance] 10/6/2019 07:47

It's telling us several things.

Mining is ongoing, thr processing is working well

By year end about 100 holes will be drilled, probably wide bore I'd guess, to recalculate ore body and get it upgraded from C2 to C1, all fully funded, and we can significantly increase capacity.

I wonder if we'll get one of those monster open pit diggers?

Anyway, strategy is approved, major upgrade imminent, significant capacity increase more or less guaranteed, subject to approval from authorities obviously, but I see NO REASON why this agreed strategy wouldn't deliver a significant material rerating for shareholders.

Excellent RNS really.

[sclper] 10/6/2019 07:47

I don't think this is a delay. The drilling is to upgrade the reserves in areas they're not working on at the moment. The second washplant is for Kluchiki and we are now just awaiting for the reserves to be approved there before it can be installed.

[pennstreet] 10/6/2019 07:42

"Ore body upgraded from C2 to C1"That says a lot , cool

[johncasey] 10/6/2019 07:42

still no production figures at WK..something not right

[russiaguru] 10/6/2019 07:41

cc - I dont see it as negative just another delay, and again poor comms, so approval wasnt granted because they questioned the reserves.

[charles clore] 10/6/2019 07:40

Russ sees the news as completely negative. Maybe he is hoping the price will drop further so that he can get in cheap before the second washplant. I personally think the news is great progress and will lead to further enhancements at WK.

[cool hand kev] 10/6/2019 07:37

Correct

RNS doesn't really say much but promising :-)

[sclper] 10/6/2019 07:30

"A revised reserves statement, on which the DFS is based, is now scheduled for approval at a later sitting of the Reserves Commission". I think this is what we're waiting for so that a second washplant can be installed

[excellance] 10/6/2019 07:21

WK DFS approved, ore body upgraded from C2 to C1

Strategy approved going forward, upgrade imminent...

"The new drilling program is designed to save time and cost by reducing the reporting required for approvals at individual sites. It also creates the potential to open the project up to much greater production volumes and, by potentially lifting the majority of ore to higher reserve categories, could increase the market value of the asset. We look forward to updating on the program as it progresses throughout this year."

[russiaguru] 10/6/2019 07:16

Oh, more drilling required, that's slightly out of the blue, no wonder the flanks hadn't been approved needed to prove up more resource.

What I dont get is why the local governments cares, why not just let the mining go ahead, approve the reserves (as already C2) and charge a fee,