Calgary-based
Ourominas will purchase 60 million units of Eurasia at 10 cents each. A unit consists of one share and one warrant to buy an additional share at 12 cents per share within six months of closing and at 17 cents per share for an additional 12-month period.
Proceeds will be used to conduct a work program on Eurasia’s Central Mukur and Myaly gold mines in Kazakstan.
The program, recommended by A.C.A Howe International, will include 25,800 metres of reverse-circulation drilling and trenching to determine a resource estimate, as well as metallurgical, agglomeration and crushing tests.
An independent engineering firm in Kazakstan estimates that the Central Mukur project contains a resource of 11 million tonnes grading 1.81 grams gold per tonne and that Myaly contains 2.8 million tonnes grading 2.27 grams.
The two projects, which are producing (though not yet at commercial levels), are owned and operated by Andas-Altyn, Eurasia’s wholly owned subsidiary.
The agreement is expected to close in mid-December, subject to final regulatory approval and certain closing conditions.
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