EKA are expecting to mine 3.8 million lbs of Molybdenum this year. For the more sceptical amongst you, read this to confirm:

http://moneyam.uk-wire.com/cgi-bin/articles/200412150700023844G.html

They own the mine and the molydbenum in it has been independently varified as stated in the announcement linked above.

Molydbenum currently trades at around $38.50 per lb, you can check this at:

http://www.monterrico.co.uk/s/MetalPrices.asp

so do the sums 3.8m x $39.25 = $149m = 82m

Eureka Mining's market cap is 26m

In 2006 they expect to pull over 10,000 tonnes (20m lbs) of Moly out of that mine.

On top of all that they have recently aquired a mine in Russia with estimated contained metal of 3.32 million tonnes of copper, 3.26 million
ounces of gold and 98.9 million pounds of molybdenum. They hope to complete the feasibility study for this one in 2006:

http://moneyam.uk-wire.com/cgi-bin/articles/200501130700033169H.html

yes 50k bought so far today. There seems to be a very steady upward path forming in this share.

Good day occasional chunky sells, people doing some trimming as price rises ?

or something else ?

Up again but chunky selling going on with lots small buys

opinions welcome !

50/- at 155. nice. i am in (not the 50/- though!)

Still waiting for the news.

the moly price is now up to $39.25. If there is going to be a major drop off in the price of moly, then it looks unlikely to be happening this year.

i agree. tallsiii - check out the CSB thread. the IB Daiwa stake has quadrupaled since i saw them...speak later.

Tallsii U still planning to go to AGM?

Will u give us a summary?

Yes will do.

not a bad little announcment...



Eureka Mining PLC
15 June 2005


Eureka Mining Plc

Cooperation agreement with
Chelyabinsk Government, southern Russia

Eureka Mining Plc ('Eureka' or 'the Company') (Tic: EKA) today announces the
signing of a cooperation agreement with the Government of Chelyabinsk Oblast
('Government'), southern Russia.

Under the agreement, the Government will provide Eureka with full support in the
form of regulatory assistance, access to infrastructure and public utilities and
permitting to ensure the Company's successful development of the Chelyabinsk
copper/gold project and future projects in the region.

The agreement confirms the commitment of Eureka and the Government to
work together in the socio-economic development of the Projects

The Government will provide to Eureka regulatory assistance, access to
infrastructure and public utilities and assistance in obtaining future
consents.

Eureka will implement a series of social programmes to assist
the Government in developing the State welfare structures in the region over
the lifetime of the Projects

Eureka will reimburse the funds historically invested by the Government of
approximately US$2.5m in geological research relating to the Projects

Commenting on the agreement today David Bartley, CEO, of Eureka said: 'The
massive resource potential in the FSU is well known and today Eureka has laid
the foundations of a long term relationship with the Chelyabinsk Government in
southern Russia. With such firm support from the Chelyabinsk Government
administration as we progress the development of our gold-copper project, we
look forward to the completion of the Economic Scoping Study in Q3 2005.'
First Vice Governor Dyatelov confirmed the interest of the Chelyabinsk Region in
the development of modern mining enterprises in the region and said of the
recently signed agreement between Eureka and the Regional Administration, 'We
support any investment project which helps develop the social and economic
sphere of our region, assuming that it operates in a legal manner, is
economically effective, and ecologically safe.'

For further information:

David Bartley 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/Amanda Harris
Conduit PR
Tel: +44 (0)20 7618 8760 / +44 (0)7979 955923

Chelyabinsk Copper-Gold Projects in Russia

On 13th January 2005, Eureka announced the acquisition of 51% of the Chelyabinsk
Copper/Gold Project in the southern Urals region of Central Russia and, subject
to the satisfactory conclusion of a feasibility study, the Company has the
exclusive option to acquire 100% of the project.

The Chelyabinsk copper/gold project comprises three separate deposits,
Miheevskoye, Tominskoye and Taruntinskoye. Drilling to date has delineated total
C1 and C2 resources of 609 million tonnes at 0.74% Cu equivalent. Contained
metal is currently estimated to be 3.37 million tonnes of copper, 3.61 million
ounces of gold and 99 million pounds of molybdenum. Preliminary mining studies
on two of the deposits have identified high grade ore in excess of 1% copper
equivalent in the initial years, with low mining strip ratios.

The two largest deposits, Miheevskoye and Tominskoye are copper/porphyry
deposits and are located 200km and 40km respectively from Chelyabinsk.
Taruntinskoye is a skarn deposit located on the Russian-Kazakhstan border,
approximately 100km south of the city.

All three deposits are connected by the same rail network, providing synergies
in transport and production costs.

Many of the key elements required for commercial success of a mine are present
in the Chelyabinsk projects. These include:

Good infrastructure - available and accessible
Low cost grid power near all project sites
Rail access near all project sites
Gas pipeline access
Flat terrain
Secure land tenure/ownership
Low cost mining - low strip ratios
Competitive metal grades and high grade starter pits
Good concentrate grades and recoveries with no penalty elements; and
Close proximity to local smelters

Eureka is now completing an economic scoping study using technical, social and
environmental data for mine development. This work is currently underway with
various international consultants with local Russian experience being utilized
in the initial phases.

The economic scoping study is scheduled for completion in Q3 2005.

The Chelyabinsk Region

The Chelyabinsk region is located in central Russia, in the southern most part
of the Urals and contains over 50 per cent of all Russia's known copper
resources. Chelyabinsk is one of Russia's largest cities with 1.2 million people
and the region has a population of approximately three million people. The
region has excellent infrastructure, with the Project's three deposits located
within a short distance of road, gas, water, high voltage power, smelters and
direct rail access to Asian, Russian and European markets.

The Agreement

The Chelyabinsk Government will fully assist Eureka with:

Continued assistance with regard to the satisfaction by Eureka of the
regulatory requirements of the exploration licences necessary for the
Projects
Access to Government utilities required by Eureka in the region
Allocation of land and infrastructure to Eureka
Assistance in obtaining any future regulatory consents that may be
required

Eureka has confirmed its intention to cooperate with the Government in the
socio-economic development of the region, including the implementation of a
series of social programmes to assist the Government in developing the State
welfare structures in the region including assistance in:

The reconstruction of transport and communication infrastructure
Modernisation of medical and educational facilities
Construction of housing

In recognition of the Government's commitment, as evidenced by the agreement
announced today, Eureka has agreed to recognise the historic costs incurred
during the period from 1997 to 2002 by the Government in relation to the
geological, prospecting and evaluation work at the Projects.

Eureka has agreed to reimburse up to US$2.5m of these expenses to the
Chelyabinsk Government, with such reimbursement being in instalments over the
life of the Projects.


This information is provided by RNS
The company news service from the London Stock Exchange

Tallsii, not a great day today was there a cause at the meeting?

Tallsii, getting a bit concerned by the large number of sells since the AGM should I be or not?

PCF Last week issues an RNS stating that they had been approached in the early stages of a bid. The current valuation is way to low and is about to rocket with the full bid any day. The company is moving back into profit and several broker/tipster recommended it as a buy prior to the bid news

On top of this there is a rumour of a second bidder in the wings going about

This will reach new highs this week, now is the time to get in before it heads toward 100p, current sp is 32p

IMHO

I think the sells are due to the annoucement of the payment to the Russian government and the drifting moly price. It is just off its all time high at the moment. But even at $6 per lb the moly mine will still make money.

The final pieces are being put in place with local processing facilities. Production is still expected by the end of this year. I came away from the AGM very confident in the abilities of the directors of this company. I expect them to make us a lot of money this year.

got the horn today (the stock not me). up 4% on 60,000 shares traded

Don't know why though! MAybe the MMs know something we don't?

maybe a few guys quoting at the same time. often happends. if you are asked a price and size in a stock at then they buy a few to work some more in the mkt then everyone gets wind of it and moves out the way until it settles doen a few spreads higher (or lower!). no complaints!

spiked at the close (MM trades)...no complaints!

Not the best week opinions on cause welcome

lack of info...stale bulls getting out.

i will look to add in the mid 1.20's