International mineral exploration company Eurasia has secured approval from the State Reserves Commission for expanded multi-site reserves at its West Kytlim licence at the Ural mountains in Russia.
West Kytlim is said to be one of two licences the company operates in Russia.
The platinum group metals and gold exploration and development company noted that the increased reserves at the site would be enough to sustain production from multiple sites, rather than as single site operation, which was originally planned.
The reserves were approved based on a Russian standards compliant report in September.
Detailed technical substantiation of the project has been provided in the report, which also demonstrated the possibility to develop a multiple production site operation within the Tylai Kosvinsky Placer's discovery area.
For mining, the company is seeking the application for a discovery certificate, followed by the application for an enlarged mining licence.
The company expects to have all regulatory approvals completed by the mid year.
Eurasia noted that that on 26 February, the Russian State Duma adopted the first reading amendments to the Subsoil Law, which will not include alluvial deposits and occurrences of platinum group metals in the list of strategic minerals.
This amendment is expected to shorten the time required for the final permitting of the West Kytlim project.
Eurasia focuses on developing platinum group metals mining projects in Russia and the Former Soviet Union.
Eurasia managing director Christian Schaffalitzky said the company will be ready to plan platinum production for Eurasia later in the year.
"We also welcome the decision of the Russian Duma, which should simplify the procedures to advance our project to mining," Schaffalitzky said.