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Metal Tiger miner secures funds to extend its gold JV with Euroasia Mining

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Metal Tiger will fund a further US$50,000 of exploration costs in addition to US$50,000 already spent and work alongside Eurasia thereafter.

Metal Tiger plc has received £269,000 in additional funds from warrant exercises over the past two days.

The warrants had been issued at prices of 1.6p and 1.8p.

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The money will help Metal Tiger pay for the take-up of its option over the Semenovsky gold tailings joint venture in Russia with Eurasia Mining.

Paul Johnson, chief executive, said: ”The project fundamentals, particularly recently updated and announced in February made exercise of this option an obvious commercial decision for the company. “

Under the terms of the option, Metal Tiger will fund a further US$50,000 of exploration costs in addition to US$50,000 already spent and work alongside Eurasia thereafter.

Eurasia so far has spent US$135,000on the project, which in February was estimates to have a net present value of US$23mln.

Its last internal valuation pointed to potential total gross revenue of approximately US$86mln over a 10 year mine life with net project total cash inflow of approximately US$51mln.

Christian Schaffalitzky, Eurasia Mining’s manage director, said: “We are pleased to confirm Metal Tiger’s participation in the Semenovsky Tailings Project.

“The board of Eurasia Mining believe that the project offers a very attractive opportunity to move into production generating revenues and cash inflow, something that investors are increasingly keen to see in the junior mineral equity space.”

Source: Proactive investor

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