Eurasia Mining PLC Board Changes (3726Z)

TIDMEUA

RNS Number : 3726Z

Eurasia Mining PLC

18 September 2020

EURASIA MINING PLC

("Eurasia" or "the Company")

Appointments of Chief Executive Officer, Chief M&A Officer and Board Changes

Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce the appointment of James Nieuwenhuys, formerly a Non-Executive Director, as Chief Executive Officer and Executive Director of the Company with immediate effect. Christian Schaffalitzky remains as Executive Chairman. The Directors have agreed to release Dmitry Suschov from the Board in order to allow him to focus as the Company's Chief M&A Officer on the M&A work streams with Eurasia's professional advisers.

Mr Nieuwenhuys has held senior positions including Chief Executive Officer at South African Lesego Platinum Mining Limited, Chief Operating Officer at Polyus Gold, Russian largest gold producer. James also held senior positions at a number of EPC organisations. The Directors believe that the experience of James and his relationships especially among PGM producers in Russia, China and South Africa, are beneficial for the Company in its ongoing work streams.

Mr Suschov has a successful track record of leading the strategic sales of companies in the natural resource sector including the sale of a silica sand mine and the second largest global carborundum production company to Indian Murugappa Group, the sale of a natural resource company to Danish natural resource fund, the sale of a gas company to a major Russian investment group and other deals.

Comments

Christian Schaffalitzky, Eurasia's Executive Chairman commented: "This reorganization is designed to optimise our execution team. We are delighted that James has agreed to take on the CEO role. James's focus will be to work with our advisers on the sale process. Since joining Eurasia in November 2019 after completing due diligence on behalf of a potential buyer, James has got detailed knowledge of Eurasia's assets and he is of immense help both in terms of the sale process and in terms of demonstrating to the interested parties the strength of our own management team and its capacity to execute. Dmitry changes his routine Board roles for the role of Chief M&A Officer and together with James will strengthen the management team involved in the work streams with several interested parties. We are grateful to Dmitry for his long-term hard work on the Board level over 10 years and the Directors look forward to working with him in his new capacity".

James Nieuwenhuys, Eurasia's CEO and Executive Director: "In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the Company and its world class assets, Monchetundra and West Kytlim, leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders".

Dmitry Suschov, Eurasia's Chief M&A Officer commented: "I am grateful to my fellow Directors for their support in taking over my functions on the Board, so that I could focus on the work with our professional advisers. I am delighted that James has decided to assume the CEO position. I am thankful to the Board and to James for offering me the Chief M&A Officer position, as I am already working with our advisers on M&A".

Further details:

James Nieuwenhuys has a mining engineering background and has held senior positions at Lesego Platinum, Polyus Gold in Russia, Polyus Gold in China, SNC-Lavalin EPC, Bateman EPC and XCEL Engineering and Management EPC. James has Mechanical Engineering Degree from the University of Cape Town.

Dmitry Suschov has investment, finance and M&A background with a successful strategic sales track record. Dmitry has Diploma with honours in finance from Finance University under the Government of Russia and Advanced Diploma in management accounting from CIMA/UK.

A new company presentation has now been uploaded to the presentations section of our website and may be reached by the following link:

https://www.eurasiamining.co.uk/investors/presentations

ENQUIRIES:

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

[phone]

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Soltan Tagiev

[phone]

Optiva Securities (Joint Broker)

Christian Dennis

Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

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September 18, 2020 02:00 ET (06:00 GMT)