Kuru Tegerek NI 43-101 Resource Estimate

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Vancouver, British Columbia, January 21, 2005 (TSX Venture: EMX) - Eurasian Minerals Inc. (the “Company” or “Eurasian”) is pleased to announce that Behre Dolbear and Company (USA), Inc. (“Behre Dolbear”) has recently audited an updated South Deposit resource estimate for the Company’s 100% owned Kuru Tegerek copper-gold property in the Kyrgyz Republic. The South Deposit measured and indicated resource has been estimated as 9.2 million tonnes with average grades of 1.53 grams/tonne gold and 0.53 percent copper, yielding 460 thousand ounces of gold and 108 million pounds of copper. This audited resource is a key component of Behre Dolbear’s NI 43-101 technical report on the property and will be filed on SEDAR within the next 30 days. Behre Dolbear has recommended that the Kuru Tegerek project be advanced to the pre-feasibility stage.

Overview of Kuru Tegerek Historical Exploration

The Kuru Tegerek property is located in the Sandalash Range of northwestern Kyrgyzstan, approximately 300 kilometers south-southwest of the capital city Bishkek. Mineralization at Kuru Tegerek was discovered in 1963 by Soviet geologists. Kuru Tegerek has three principal copper-gold skarn mineralized zones termed the South, Northwest, and Northeast Deposits. These deposits occur at the contact of a quartz diorite porphyry and a lower Mississippian limestone unit.

From 1963 to 1980, the Soviets conducted multiple campaigns of exploration, including over 7,200 meters of trenching, 40,028 meters of core drilling, and 19,037 meters of underground development and sampling on the South, Northwest, and Northeast Deposits. The South Deposit is the largest and most extensively explored, with a copper-gold mineralized strike length of approximately 400 meters and dip extent of over 900 meters. The Soviets terminated their exploration work in 1981. Exploration was reinitiated from 1998 to 2001 by a U.S.-Kyrgyz company, HEMCO-Kyrgyzstan Corporation. HEMCO’s work focused on the shallow oxide zone of the South Deposit, drilling 133 core holes on a 30 meter grid that totaled over 4,900 meters of sampling. The property was acquired by the Company in April, 2004.

South Deposit Resource Estimate

Behre Dolbear audited the Company’s geologic and resource models for the South Deposit. This audit included a review and independent check of the drilling data, quality assurance/quality control results, modeling procedures, grade estimation parameters, and resulting mineral resource estimation and classification. Parameters, methods and assumptions applied to the resource model include: 1) threedimensional geologically constrained geostatistical grade model, 2) drill hole defined grade continuity verified through variogram analysis, 3) capping of assay grades over 10 grams/tonne gold and two percent copper, and 4) gold and copper grade estimation by ordinary kriging interpolation.

Behre Dolbear concluded that the Eurasian resource model has been developed following accepted industry practices, and meets NI 43-101 specifications and requirements. A summary of the audited Kuru Tegerek South Deposit mineral resources, using a gold equivalent cutoff based upon assumed metal prices of US$ 369/oz gold and US$ 1.09/pound copper, and metal recoveries of 79% gold and 73% copper is given below.

Mineral Resources of the Kuru Tegerek South Deposit Oxide Zone
(Gold Equivalent cutoff equals 0.5 grams/tonne)
Gold Gold Copper
Tonnes Equiv. Gold Ounces Copper Pounds
Class Type (000) g/tonne g/tonne (000) Percent (000)
Oxide 3,393.8 2.918 2.038 222.3 0.54 40,522
Mixed 1,481.5 2.023 1.203 57.3 0.50 16,455
Measured ————————————————————-
Sulfide 654.7 1.642 0.751 15.8 0.55 7,908
Subtotal 5,530.0 2.527 1.662 295.5 0.53 64,885
Oxide 1,582.2 2.812 1.970 100.2 0.52 18,044
Mixed 1,421.7 1.961 1.097 50.2 0.53 16,649
Indicated ————————————————————-
Sulfide 665.5 1.661 0.720 15.4 0.58 8,483
Subtotal 3,669.4 2.273 1.405 165.8 0.53 43,176
Oxide 4,976.0 2.884 2.016 322.6 0.53 58,566
Mixed 2,903.2 1.993 1.151 107.5 0.52 33,104
Measured/ ————————————————————-
Indicated Sulfide 1,320.2 1.652 0.736 31.2 0.56 16,391
Subtotal 9,199.4 2.426 1.560 461.3 0.53 108,062
Oxide 122.5 1.720 1.106 4.4 0.38 1,019
Mixed 371.6 2.035 1.290 15.4 0.46 3,750
Inferred ————————————————————-
Sulfide 402.7 1.736 0.679 8.8 0.65 5,774
Subtotal 896.8 1.858 0.990 28.6 0.53 10,543

Behre Dolbear’s report concluded that the Kuru Tegerek property merits advancement to the prefeasibility stage. Behre Dolbear noted that there is significant near-surface exploration potential, particularly at the Northwest and Northeast Deposits, and recommended additional drilling for both targets. In addition, Behre Dolbear recognized the exploration potential for an underground target at the Northeast Deposit’s Red Zone (see Company press release dated November 10, 2004).

The Kuru Tegerek property represents a substantial asset, and the Company will continue exploring during the coming field season with the objective of adding to the current resource base.

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 contained in this news release.


For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: dave@eurasianminerals.com
Website: www.eurasianminerals.com

Kim C. Casswell
Corporate Secretary
Phone: (604) 688-6390
Email: kcasswell@eurasianminerals.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

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.