Eurasia Mining plc announced that its exploration licence at Monchetundra in the Kola Peninsula in Russia has been extended for a further year to December 2013. This will enable the Company to continue to progress the exploration work at the site with the objective of applying for a production licence by the end of 2013. To summarise the exploration results obtained and announced by the company, on 7 April 2010, 15 December 2010, and 29 March 2011, two areas of PGM and base metal mineralization have been identified in the licence area: Loipishnyun and West Nittis.

In the first area, mineralization occurs within two north-northwest striking lodes. Consistent grades of 1 to 1.3 grams per tonne platinum and palladium over intercepts of 10 to 30 metres have been intersected, from surface to a depth of 150 metres. At West Nittis, some nine kilometres to the north-northwest of Loipishnyun, a stratiform zone grading 2 to 15 grams per tonne gold, palladium and platinum over 1 to 13 metres is cut by a vertical zone with much higher grades, the best being 1 metre at grades of 12.28 gold, 6.52 platinum, 98.8 palladium with accompanying base metal grades of 2.13% nickel and 0.15% copper.

In this area, the mineralization remains open both on strike and down dip.