Eurasia Gold Corp. - Third Quarter Report 2004 -
Net earnings Net earnings for the third quarter of 2004
were US$970,000.00 or
US$0.01 per share compared
to $169,000 or $0.00 per share for the same period in 2003.
- This improvement is primarily due to increased share
- of production and higher realized prices,
- and a new management turning EGX around
- to be a moneymaking GOLD MINES Producer.
- 100% owned -
- Andas Altyn LLP (the “Andas-Altyn”),
- Gold Mining Operations
During the third quarter of 2004,
430,098 tonnes of ore were placed on the leach pads,
compared to 387,589 tonnes in the third quarter of 2003.
The amount of gold precipitated during
the third quarter of 2004
was 10,086 ounces, compared
to 8,596 ounces in the third quarter of 2003.
Gold sales for the nine months of 2004
amounted to 19,791 ounces compared
to 17,778 ounces in 2003 for the same period.
The Board is continuing with its chosen strategy
of running Eurasia on an un-hedged basis.
The increase in gold sales from the previous year
is partly due to the increase in gold recovery
from using the new crushing and agglomeration
complex at Central Mukur and the increase in
gold production from the mining operations
at Myaly.
The mining licence extension at Myaly mine site,
which has been extended and
granted to January 2006 to continue operations
on an economic basis and complete
the recovery process of mined ore,
allows for further exploration of the ore zones
known as East Myaly.
Following this exploration programme the SCR
are prepared to consider a further application
to extend the mining licence to allow
the mining of this area.
It is proposed to continue with additional exploration
of the existing ore zones at Myaly
to further increase the mineable resource.
In line with this exploration programme,
the application, submitted to the SCR in 2004,
was approved in April 2004 to continue mining.
Myaly Gold Mines Operation:
Myaly On Balance Mineral Resource Units
C1 (Indicated) / C2 (Inferred)
Gold Content (kg) 438.8 / 638.5
EGX Eurasia GOLD Mines $447.40 per ounce
Low Cost Gold Production,,,
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www.eurasiagold.com
imo, MfG
