British mineral exploration company Eurasia Mining has executed a legally binding Memorandum of Understanding (MOU) to acquire an interest in the Kamushanovsky uranium project in Kyrgyzstan.
The company said that this acquisition is in line with its expanded search for near to production mining projects in the region.
The project is located in the flood plain of the Chui River, 60km northwest of the capital Bishkek, in northern Kyrgyzstan.
Eurasia is acquiring a 10% stake in IMC Invest, which owns the uranium project, in return for $1m.
So far, $150,000 has been paid and the rest is due at the beginning of March, according to the company.
Eurasia can acquire a further 45% of its partner’s holding in IMC Invest if Eurasia finds an investor to finance capital and operational costs within 12 months of the signing of this MOU.
A bankable feasibility study (BFS) is currently being prepared and this study is planned to incorporate pilot work directed at optimizing uranium extraction.