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2 key Russian agencies approve Eurasia's Monchetundra permit

Russia's Ministry of Defense and Federal Securities Board approved Eurasia Mining PLC's permit application for the Monchetundra platinum group metals project in the Russian Arctic.

The permit has now progressed to the ministries of natural resources and economic development for review before final approval from Prime Minister Dmitry Medvedev.

The company expects the permit to be granted by late summer.

Eurasia Mining filed a permit for the project in the fourth quarter of 2017. The site has state-approved reserves and resources of 2 million ounces of palladium group metals with major additional gold and base metal credits.