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From: Nigel
ArtDate: 14th September 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.108
Date: 20/09/06
Time: 09:01
14th September 2006
Eureka Mining - Trading Statement
News Item - Conduit PR
USD1.25m from First Molybdenum Sales, Kazakhstan
Highlights:
First revenues of USD 1.25m received by the JV and further revenue anticipated Molybdenum prices remaining high at $25/$27/Ib Mining rates at Shorskoye 40,000 BCM per month, tonnage rates through the processing facility doubled from 700t/d at commissioning to 1,400t/d at present. Eureka Mining Plc (“Eureka”) (Tic: EKA) announces that our joint venture company has signed contracts for the sale of molybdenum concentrate and has received its first cash payment of USD 1.25 million. This revenue will be used to cover operating costs and repay local bank debt.
Commenting today, Jonathan Scott-Barrett, CEO of Eureka said, “This is an important milestone for Molyken and Eureka, with first revenue of USD 1.25 million from concentrate sales received by the joint venture. Today Eureka realises its key objective of having a revenue producing mining asset within its portfolio. With a very strong joint venture partnership and established production we are well placed to immediately take advantage of high molybdenum prices and we shall look to pursue expansion of throughput at Shorskoye. ”
For further information:
Jonathan Scott-Barrett Kevin Foo Chief Executive Officer Chairman Eureka Mining Plc Eureka Mining Plc Tel: +44 (0)20 7921 8810 Tel: +44 (0)20 7921 8810
Laurence Read/Ed Portman Conduit PR Tel: +44 (0)20 7429 6605 / +44 (0)20 7429 6607
Edward Portman Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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