Eurasia Mining has been granted a discovery certificate for the 1.9 mln ounces of palladium equivalent at its Monchetundra project in Russia.
The granting of the certificate follows swiftly on from the application, announced on 15 June 2017.
Eurasia, through its local subsidiary Terskaya Mining Company, has now been officially credited as the discoverer of the Monchetundra reserves and resources and holds an exclusive right to apply for and receive a mining licence for their extraction.
Eurasia now expects to submit an application for a Mining Licence at Monchetundra in the near future.
The company intends to progress the development of Monchetundra using a similar model to that which has proven successful at its West Kytlim mine, where production has commenced.
“The rate of progress at Monchetundra, from submission of our Feasibility Study, through Reserves Approval to issue of a Discovery Certificate, has been impressive by any international standard,” said managing director Christian Schaffalitzky.
“We look forward to progressing our Mining Licence application as we move towards development of this major asset."