The Kuru Tegerek scoping study will be an independent, preliminary re-assessment of the potential viability of the Southern Zone oxide mineralization, given current metal prices and recent advancements in mining and processing technologies. An updated oxide resource model based upon over 4,900 meters of sampling from 123 core holes drilled at a nominal 25 meter grid spacing by Hemmco-Kyrgyzstan Corp. during 2000-2001 is currently in progress, and will be reviewed by Behre Dolbear. The study will assess previous work performed for Hemmco’s scoping study completed in 2001 (“Kuru Tegerek Deposit, Conceptual Project Analysis”, unpublished company document, May, 2001), and provide updates on mining method requirements, capital and operating cost estimates, metallurgical beneficiation and process flow, infrastructure requirements, an optimized pit based upon the new resource model, and a project financial analysis. The preliminary nature of the study may limit the detail and accuracy of its estimates to within a range of 30 to 50 percent. Behre Dolbear’s work will provide the foundation for a technical report on the Kuru Tegerek property (prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects) as well as the information necessary for Company management to decide on whether to proceed with a more comprehensive pre-feasibility study.
Concurrent with the scoping study, the Company’s geologists are evaluating further resource potential on the Kuru Tegerek licenses. This includes sampling the western flank of the Southern Zone mineralization that is open along strike, developing a program to re-open Soviet underground workings to sample and map copper-gold mineralization that may be mineable underground, and mapping and sampling the Northwestern and Northeastern Zones that host copper-gold mineralization identified by the Soviets from both underground workings and surface trenching. This exploration work in combination with reassessing the Southern Zone’s oxide mineralization will allow the Company to understand the full value of this important asset.
Dr. Pavel Reichl, the Company’s Kyrgyzstan Exploration Manager, will be granted a bonus of 25,000 common shares of the Company, subject to regulatory approval, in recognition of his successful efforts in acquiring the Kuru Tegerek property.
Kyrgyzstan Exploration Update
The Company is also evaluating over 7,000 square kilometers of its exploration licenses in Kyrgyzstan, including Tiup in eastern Kyrgyzstan, Oital in southwestern Kyrgyzstan, and Kemin in northeastern Kyrgyzstan (see Company press release dated February 5, 2004). To date, the Company’s field teams have collected over 2,000 stream sediment samples as follow-up to regional scale targets delineated from Soviet era exploration results. The Company is on track to collect a total of 4,000 stream sediment samples during the current field season, which will allow detailed follow-up, including field mapping and rock chip sampling of selected targets. The regional stream sediment samples are being analyzed at ALS Chemex, Vancouver, and the initial assay results are expected in September.
Mr. Dean Turner, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical mining information, including sampling, analytical and test data, contained in this news release.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.