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Russia - Gold/Platinum

Project Collaboration & Investment with Eurasia Mining PLC

Metal Tiger PLC (“LON:MTR”) entered into a New Project Collaboration and Investment Agreement (“Agreement” or “Collaboration Agreement”) with AIM listed Eurasia Mining PLC (LON:EUA) (“Eurasia”) on 24 December 2014, this included a direct equity investment of £150,000 by Metal Tiger in the ordinary shares of Eurasia.

The Agreement gives Metal Tiger the right of first refusal to participate and co-fund, on an equal basis with Eurasia, any new projects or investments undertaken by Eurasia for the period of 18 months from the date of the Agreement. It enables Metal Tiger to participate on opportunities in Russia and the former Soviet Union, a region where Eurasia has extensive knowledge and operational capability.

The project Agreement covers any existing projects under review by Eurasia but not yet formally announced to the market, but excludes the West Kytlim Urals Alluvial Platinum project and the Kola Peninsula Monchetundra PGM project which were active prior to the Agreement.

Details of current New Project Collaborations and investment options are set out below.

Semenovsky Tailings Project - Republic Of Bashkiria, Russia

The Semenovsky Tailings Project (“STP” or the “Project”), a near term gold production opportunity in Russia, is the first potential project to emerge from the EUA/MTR Collaboration Agreement, and is the first in a potential series of near-term producing opportunities available. The opportunity consists the exclusive right to negotiate to acquire up to 67% of the STP, under a Heads of Terms (“HOT”) agreement signed between Eurasia and the Russian minerals company OOO Metallurg Complect.

The STP concerns the reprocessing and recovery of gold and silver from mineral processing tailings located near to the former Semenovsky Mine in the Republic of Bashkiria.

As announced on 16 November 2015, Metal Tiger have paid $25,000 to secure an option that affords them the opportunity to elect to participate in the STP on equal terms with Eurasia. The option period expires on 12 February 2016. If Metal Tiger exercises its option, it will fund up to $100,000 of exclusivity work programme costs i.e. an additional $75,000 plus the $25,000 option already paid. The forecast exploration costs of the exclusivity period are $72,000, with the additional $28,000 being a contingency for unforeseen expenses.

Should Metal Tiger exercise its option, and both companies confirm they wish to pursue the STP opportunity by the end of a 6 month due diligence exclusivity period, the project financial and operational risks and rewards will be shared equally between Eurasia and Metal Tiger. It is anticipated that this will be in the form of a specially formed Joint Venture held through a UK private limited company. The STP acquisition will be contingent on the completion of successful due diligence on the project and the execution of an acquisition agreement with OOO Metallurg Complect.

Details of the terms of the HOT have been released by Eurasia click here to view

Tanzania - Gold/Uranium

Metal Tiger PLC (“LON:MTR”) currently has two 50/50 Joint Venture (“JV) agreements with Kibo Mining PLC (“LON:KIBO”) in respect of gold and uranium holdings in Tanzania.

The gold JV which commenced on 26 February 2015, concerns the Morogoro Portfolio (“Morogoro”) of gold prospective licences, offers, applications and tenders held under the JV company Kibo Jubilee Ltd (“KB Jubilee”). KB Jubilee is equally owned 50% MTR and 50% KIBO.

Under the terms of the Morogoro JV, MTR will meet the expenses in relation to the licence renewal fees and other maintenance costs for a minimum of 1 year up to a maximum of 3 years. MTR is to expend the first US$800,000 under the JV in expenses and exploration relating to Morogoro, at which point costs moving forward are shared 50/50 between the parties. Full details of the Morogoro JV agreement can be reviewed here.

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