Highlights for the Second Quarter 2004

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Highlights for the Second Quarter 2004 Ivar Kreuger

Highlights for the Second Quarter 2004

 
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Second Quarter Report 2004 to 30 June 2004
President’s Message to Shareholders

I am pleased to present the quarterly report for the period ended June 30, 2004 on behalf of the Board of Directors.


Highlights for the Second Quarter 2004

Operational

• Production of 7,222 ounces of precipitated gold during the second quarter

• Tonnes of ore placed on pads during the second quarter was 387,939 tonnes

• Gold sold during the first six months was 9,804 ounces

• Completed construction of crushing and agglomeration complex at Central Mukur Corporate

• Andas Altyn LLP has completed the consolidation and restructuring their loan facilities with Centercredit Bank and provided additional finance for the new crushing and agglomeration complex at Central Mukur Subsequent event

• On July 28, 2004 TKA Corporation has completed the purchase of 57.7% shares of Eurasia owned by CIDEM, a wholly owned French subsidiary of Thistle Mining Inc.


Overview

Mining operations for the first six months were in line with the budget for the period and gold sales for the first six months of 2004 amounted to 9,804 ounces compared to 10,335 ounces in 2003 for the same period.

• For the six months ended June 30, 2004, revenue from gold sales $3,887,000.

• Gold prices received during the 6 months averaged $396 per ounce.

• Total cash operating cost for the 6 months averaged $336 per ounce.

• General and administrative expenses were $195,000, equivalent to $20 per ounce.

At Central Mukur the construction of the crushing and agglomeration complex was completed by the end of the second quarter and has now been commissioned. Full scale mining operations have re -commenced at the Myaly mine site during the second quarter after the granting of an extension to the mining licence. Corporate Mr. William P. McLucas and Mr. Harvey McKenzie resigned from the Board of Directors of Eurasia and as Chairman of the Board and Chief Financial Officer, respectively, on the completion of the purchase of 57.7% interest in Eurasia held by CIDEM, a wholly owned French subsidiary of Thistle Mining Inc. by TKA Corporation (the “Transaction”). Prior to the Transaction, Mr. Gerry Roe resigned from the Board of Directors of Eurasia to pursue other business interests in the oil industry. The Board of Directors of Eurasia wishes to thank them for their contribution and to also announce that Mr. Richard Lachcik has been appointed as a Director of Eurasia. Mr. Richard Lachcik has been a partner of the law
firm MacLeod Dixon LLP since August 1998 and prior thereto was a partner of a Toronto law firm. He holds a law degree from Queen’s University and was called to the bar in Ontario in April 1983. Mr. Lachcik specializes in the areas of corporate and securities law. He currently serves as a director and/or officer of several other public companies.

On behalf of the Board of Directors
(Signed) Graham Bevan
Graham Bevan
President
August 16, 2004

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