23rd Aug 2006 Write Up : http://www.proactiveinvestors.co.uk/articles/article.asp?EKA



Main Web Site : http://www.eurekamining.co.uk

EKA is now a Molybdenum producer in Kazahkstan, and is in the process of bringing the Chelyabinsk Copper/Gold project into production in 2008.

Latest Presentation June 2006 : Presentation Link (10MB PPT file)



Research Report : http://www.fox-davies.com/FDC_Eureka_Report_220605.pdf

26th Jan 2006 Press Commentary : Press Link

About Eureka Mining

Key contact : Mr Kevin Foo Non-Exec Chairman
E-Mail : kevin.foo@eurekamining.co.uk


Eureka Mining Plc is a UK based mining exploration and project development company, focusing on projects in the Former Soviet Union. It is the Companys view that Kazakhstan and other central Asian FSU countries represent an area of significant opportunity. This belief is supported by the quality of the portfolio of assets which Eureka has acquired including;
the Shorskoye molybdenum deposit;
the acquisition of the Chelyabinsk Copper Project; and
the advanced exploration projects of Kentau, Mykubinsk and Central Kazakhstan projects. The Mykubinsk and Central Kazakhstan polymetallic project has assets situated in northern Kazakhstan and the Kentau exploration project has identified several gold and base metal deposits.

Shorskoye Molybdenum Project:

50/50 JV with KazAtomProm, largest Kazakhstan State Mining Company
Production projected for 1st Qtr 2006
Project Finance in place

Chelyabinsk Copper Project

Production planned for 2008
Very large resource base with with 3.57Mt Cu / 4.2Moz Au
First western group into Russian Copper Heartland and consequential opportunities in base metals


Kazakhstan Exploration Projects

At the Dostyk Copper-Gold Projects in Central Kazakhstan, we have reviewed all historical data and identified at least six drill targets, with particular focus on base metal projects. During 2004, we drilled five projects and completed significant field activity on two projects, including the high priority targets Berezky Central, Maiozek, Akkuduk (porphyry style), Ushtagan (epithermal gold), Maikain, Baygustam and Burovoy (VMS). We intend to focus on the most promising of these deposits in 2005/2006.

The Kentau Project in southern Kazakhstan has undergone an extensive data review, with a comprehensive Geographic Information Systems database being created. This has enabled us to plan a focused exploration programme on previously identified targets. Drilling is expected to commence in May 2005 at two of the best targets, using a large Reverse Circulation (RC) rig.

We entered into an option agreement to acquire the Nova Dnieprovka (Nova) Gold Mine in northern Kazakhstan. However, after a thorough assessment and reinterpretation of the project, including the completion of a drilling programme, we decided not to exercise the option and purchase agreement over the Nova project.

Our exploration and assessment teams are continuously reviewing potential projects for Eureka across the FSU and only the very best are selected for further work.
__________________________________________________________________


Some figures to think about (thanks to unionhall)

Current Market cap (@ 1.37) - 36m

Chelyabinsk NPV 508m (@ $1.60 copper and $550 Gold)

Shorskoye - 10m profit p/a @ $20 Moly



Major shareholders
Latest major holder figures are, from 26.6 million shares in issue :

Celtic Resources hold 15.02%
RAB Capital hold 6.19%
Kevin Foo holds 3.43% (Director)
David Bartley holds 3.02% (Director)
Malcom James holds 1.070% (Director)
Andrzej Sliwa holds 0.76% (Director)
JSB holds 0.177% (Director)

Latest News / Links / Research Reports

Reserach Report : http://www.fox-davies.com/FDC_Eureka_Report_220605.pdf

25th April 2006 Moly Update :
http://www.resourceinvestor.com/pebble.asp?relid=19141

2006 Moly Report : http://www.golden-phoenix.com/documents/TheEconomicsofMolybdenum.pdf

____________________________________________________________________



The Company has used an average molybdenum price of US$19/lb throughout the first year and US$12/lb thereafter to calculate cash flows arising from the project.

(*Note : Molybdenum does not trade on the London Metals Exchange or any other publicly traded commodity exchange. Its price is determined solely by supply/demand in the marketplace and supply contracts. In a report dated Oct. 28, 2005, RBC Capital Markets forecast that 2006 and 2007 molybdenum prices would be approximately US$25/lb and US$15/lb, respectively [source: RBC Capital Markets, Global Base Metal Equity and Commodity Report Card, company reports].*)

How will the Moly be processed ? Eureka pulled off a deal with KazAtProm.Eureka has 15-year access to state-owned KazAtomProm's processing facilities, which will allow the company to start producing molybdenum concentrate in February.The processing plant also handles other minerals.The proximity of the plant to the Chinese border, allows for quick, cheap and simple transport links to a major demand area for Moly

Implementation and schedule of Moly production

Utilising the Stepnogorsk processing facility allows Eureka to develop the Shorskoye asset and take advantage of the buoyant molybdenum market, commencing mining in Q3 05 and saleable concentrate by Q1 06. The key project milestones are:

August 2005 - award contracts
August 2005 - first blast and ore to crusher
September 2005 - first ore to Stepnogorsk
October 2005 - first equipment to Stepnogorsk
February 2006 - concentrator commissioning (Stepnogorsk)
February 2006 - Chelyabinsk 100% purchased by Eureka

May 2006 - first production from Stepnogorsk (Skorshoye)

____________________________________________________________________

Molybdenum Information Links

http://www.freemarketnews.com/Analysis/60/3742/2006-02-10.asp?wid=60&nid=3742

http://www.gold-eagle.com/editorials_05/reser092205.html

http://321energy.com/editorials/fross/fross120605.html

http://www.cozine.com/archive/cc2005/01370511.html

At 25$ / lb Moly prices : (Shorskoye Project)

2006 Moly production = 600,000 lbs = 14.7 million dollars sales price
2007 Moly production = 1,200,000 lbs = 29.4 million dollars sales price
2008 Moly production = 1,200,000 lbs = 29.4 million dollars sales price
2009 Moly production = 1,200,000 lbs = 29.4 million dollars sales price
2010 etc etc etc
___________________________________________________________

Recent Director Buying :

Kevin Foo BUY 5,000 on 21 June 2006 @ 81p
Kevin Foo BUY 18,000 on 21 June 2006 @ 90.3p
Kevin Foo BUY 9,000 on 22 June 2006 @ 92pb>

Moly prices rising, Copper outlook bullish, and now everything in place for EKA, it is wonderful news.

The Fox Davies reports gives target prices, and its all in the link above.

Copper prices are currently at $4900. I think that equates to $2.45 per lb. Moly should hopefully pick from it's current downtrend and the cash should start rolling in for EKA. Once that starts happening I can't see the SP stopping short of 10!

Some figures to think about (thanks to unionhall)

Current Market cap (@ 1.37) - 36m


Chelyabinsk NPV 508m (@ $1.60 copper and $550 Gold)

Shorskoye - 10m profit p/a @ $20 Moly

This should be heading way higher tomorrow :)

Certainly is heading higher. Target price for 2008 will be over 500p, so we should see a nice rising trend into that :)

Looks like the profit takers are out after the news, and now we edge up slowely into the next major news, that Moly production is on line, should be around the end of March :)

http://www.freemarketnews.com/Analysis/60/3742/2006-02-10.asp?wid=60&nid=3742

MOLYMANIA HAS JUST BEGUN
Friday, February 10, 2006

The path of moly appears to be on the up again.

Yes tallsii, the chart above shows Moly rising again.

Shame about David and hope he gets well soon, he deserves a rest after gettin Chelyabinsk in the bag.

Good news from it, the Foo man say "iminent first production" !!


RNS Number:8784Y
Eureka Mining PLC
24 February 2006
Eureka Mining PLC
("Eureka" or "the Company") (TIC: EKA)
David Bartley temporarily steps down as Eureka CEO

Eureka Mining Plc announces that David Bartley is temporarily stepping down from the position of Chief Executive Officer due to health reasons; he remains a non executive director of the Company. David anticipates resuming the role of CEO towards the middle of the year.

During this period, the Board has appointed Jonathan Scott-Barrett, a
non-executive Director of Eureka since listing, as Chief Executive Officer. Mr
Scott-Barrett will be assisted in this role by Andrzej Sliwa, Executive
Technical Director, Vernon Martins, General Manager Operations, Karl Herrington, Director Russia and Mukhtar Tuyakbayev, Director Kazakhstan.

Mr. Scott-Barrett, 61, is a Chartered Surveyor and has had an extensive career
in senior management and executive positions, including nine years as a
non-executive director of Hanson Plc whose operating companies at that time
included Peabody Coal, the largest coal producer in the US. He was also a
publishing director of Centaur Communications Ltd for over 15 years, one of the
largest business to business publishers in the UK and was publisher of Money
Marketing, The Lawyer and Chairman of Perfect Information, a City based
financial information provider.

Eureka Chairman Kevin Foo said, "David has, through his untiring efforts,
positioned the Company well to take advantage of the high molybdenum prices with imminent first production from the Shorskoye project in Kazakhstan and the advancement of the pre-feasibility study on the Chelyabinsk Copper-Gold project in Russia. We wish David a rapid recovery and with Jonathan assuming the position of Chief Executive Officer the Company will continue to make rapid
progress."

For further information:

Jonathan Scott-Barrett/Kevin Foo Laurence Read
Chief Executive Officer/Chairman Conduit PR
Eureka Mining Plc Tel: +44 (0)20 7429 6666 /
Tel: +44 (0)20 7921 8810 +44 (0)7979 955923

www.eurekamining.co.uk

The new ammended version comfirms what has been rumoured, mid April for Moly.


Directorate Change - Amended

RNS Number:8950Y
Eureka Mining PLC
24 February 2006

Eureka Mining PLC
("Eureka" or "the Company") (TIC: EKA)
Eureka CEO

The following replaces the Directorate Change Announcement released on 24
February 2006 at 07.01 under RNS No. 8784Y. The notice did not include details
of the timing for studies of the Shorskoye and Chelyabinsk projects
respectively. These are now included. The full amended text appears below, all other information remains unchanged.

Eureka Mining Plc announces that David Bartley is temporarily stepping down from the position of Chief Executive Officer due to health reasons; he remains a non-executive director of the Company. David anticipates resuming the role of
CEO towards the middle of the year.

During this period, the Board has appointed Jonathan Scott-Barrett, a
non-executive Director of Eureka since listing, as Chief Executive Officer. Mr
Scott-Barrett will be assisted in this role by Andrzej Sliwa, Executive
Technical Director, Vernon Martins, General Manager Operations, Karl Herrington, Director Russia and Mukhtar Tuyakbayev, Director Kazakhstan. This team is responsible for the Shorskoye Molybdenum project in Kazakhstan and the
Chelyabinsk Copper-Gold project in Russia. Shorskoye is scheduled for first
production in April and the Chelyabinsk pre-feasibility study is due for
completion in May. The main feasibility study for Chelyabinsk is planned for
completion by end 2006.

Molybdenum Oxide
57%min Europe
23.0-24.0 USD/lb Mo

We are now just 4 to 5 weeks away from the first Moly production for Eureka, and also 8 to 10 weeks away from news the pre BFS is done.

The Fox Davies report puts the value at this stage at over 300p with a long term price target of over 500p when Chelyabinsk is on line from 2008, therefore we should be looking for a price of well over 200p once Moly production is on line and news comes from the pre BFS :


http://www.fox-davies.com/FDC_Eureka_Report_220605.pdf

Base Case: Around 330380p/share: this assumes US$1.10/lb copper long-term, US$20/lb molybdenum in 2006, and a discount rate of 20%.

Upper Case: Around 550p/share: this uses the Base Case metal prices, but uses a lower discount rate of 15%. The market will apply this lower rate over time, as management demonstrates success at Shorskoye and Chelyabinsk

Moly prices are still above 20$ and the Long Term outlook for Copper remains bullish. This was recent comment from Hemscott on copper 9th March :

There has been some nervousness over mining stocks on uncertainty over metal pricing negotiations and some oversupply. Copper prices fell back over the past few days to a low of around $4750/t although there are signs of recovery. 2006 commodity prices overall are set to be pretty buoyant against historical levels but not as high as in 2005, an exceptionally strong year. None of this, though, changes our fairly bullish long term view on commodities overall - there will inevitably be short term relaxation of sector performance and accompanying investor nervousness but, in our view, the long term path is up.

Nice moves today, L2 is 4 v 1 so there should be more to come as well.

If you have read the FoxD report on EKA and price targets, this takes a US1.1 per lb figure for copper long term. Presently the markert is volatile however long term many are expecting to see copper remain over 2$ on average.

Presently its 2.21$ per pound as per below :


"DJ Comex Copper Review: Reverses From Lows To End Higher 10th March

NEW YORK (Dow Jones)--Comex copper overcame a lower open and pressure
throughout the session to settled higher on Friday at the New York Mercantile
Exchange.

The most-active May contract settled 1.45 cents higher at $2.2100 per pound.
During the session the contract dipped to a $2.1550 low but buying interest
moved in to take it higher by the close.

Analysts at Barclays Capital in London said current trading conditions remain
highly nervous, creating large price volatility, with market participants
particularly uncertain over the effects of a rising interest-rate environment
across major economies.

"While higher borrowing costs might limit fund involvement, we think the
recent negative reaction in the base metal markets is exaggerated, based on the
outlook for supply and demand fundamentals," said Barclays.

Bill O'Neill, a managing partner at LOGIC Advisors, said copper has been
easing along with other metals, but he added that strong U.S. economic data on
Friday was helpful for copper.

The U.S. data, which also took the dollar higher, included a rise in nonfarm
payrolls by 243,000 after rising by a revised 170,000 in January and 145,000 in
December. The unemployment rate rose slightly to 4.8% last month from 4.7% in
January. The jobs figure rose above market expectations of 212,000 but
economists had been looking for a steady 4.7% unemployment reading.

Settlements (ranges include overnight and day sessions):
March(HGH06) $2.2170; up 1.25c; Range $2.1660-$2.2220
May (HGK06) $2.2100; up 1.45c; Range $2.1550-$2.2130 "

Molybdenum Price
US$24.50/lb
(Metal Bulletin,
U.S. molybdenum oxide,
Feb. 28, 2006)


Another link to get up to date Moly prices on :

http://www.bluepearl.ca/s/Home.asp

Good news for future Molybdenum prices in this article !

http://tinyurl.com/hhvrc


"In other news, South Korea plans to begin stockpiling strategic reserves of industrial metals needed for making electronic goods, according to an official at a state-run resources agency, cited in a Reuters report.
"If the metal imports from the countries are suspended because of war or natural disaster, this would badly hit South Korea's IT industry," an official at the Korea Resources Corporation was cited as saying.
Seoul will reportedly start from 2007 to stock pile 14 types of minor metals including indium, ferro-molybdenum, cobalt, manganese, antimony, ferro-titanium and ferro-tungsten. "

It would be good to get some detailed figures on just how much S Korea are going to stockpile, if they start to build up a large amount (like 1 year to 2 supply) then it will surely impact future prices by keeping them high, or even raising them.

It might also point to them getting ready for war before the end of this decade, as a final solution to the problems with North Korea.....that is not such a nice thought.

10K MM buy and a nice strong start to the week.