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Eurasia Mining looking at options including sale of Russian PGM assets

Eurasia Mining PLC engaged CITIC and VTB Capital for assistance in exploring options for its Kola and Urals platinum group metals projects in Russia, including a possible sale.

The company said Oct. 24 that the disposal of both of its assets would require approval from shareholders, noting there is no guarantee the properties will be sold. The banks agreed to work on a success fee basis.

In mid-September, the company flagged that South Africa's Lesego Platinum was conducting due diligence activities on its Monchetundra and West Kytlim projects as part of its planned joint ventures and purchase of a stake in Eurasia Mining's subsidiaries.

Eurasia Mining applied for an exploration tenement near the Monchetundra project in late September. In March, the company awarded Central Kola Expedition a detailed project documentation contract on the property, with a report anticipated within one year.