Bombed-out Eurasia Mining has cheered punters with a new platinum discovery in Russia's Central Urals region.

The company says it has found a 'virgin alluvial platinum deposit' at the Tylai River in its West Kytlim licence area. This has encouraged managing director Christian Schaffalitsky to suggest it forms part of a project 'which could produce 15,000 oz of platinum a year', worth around £10 million a year before capital and extraction costs.

According to Eurasia, initial drill results across the Tylai River terraces average 335 milligrammes of platinum group metals per cubic metre. The company says the results are 'consistent with Eurasia's exploration model', which has identified this target as having an 'estimated total potential of 5.1 million cubic metres', with a second, untested target to be explored on the north side of the Tylai River.

If all goes as hoped, Schaffalitsky says the project could start generating cash flow next year. A second, as yet untested, target remains to be explored on the north side of the Tylai River.

Floated in 1996 at 310p a share, Eurasia has hitherto proved a catastrophic market performer, slumping to a mere 3.12p last January. The West Kytlim find has lifted the shares from 3.75p to 8.5p today, where they have some speculative recovery potential.

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Eurasia Mining	AIM	£2.47m	1.75p	0.00p
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