Vancouver, British Columbia, November 14, 2006 (TSX Venture: EMX) - Eurasian Minerals Inc. (the “Company” or “EMX”), and its wholly owned Turkish subsidiary Eurasia Madencilik Ltd. Sti, is pleased to announce an exchange of properties with Dedeman Madencilik San. ve Tic. A.S. (hereinafter “Dedeman”). The agreement includes transfer of EMX’s Balya and Sofular lead-zinc properties to Dedeman in exchange for the Alankoy high sulfidation gold-copper property. Dedeman is a leading Turkish mining company, with nine active mines that produce lead, zinc, silver, and over four percent of the world’s chrome ore. The property exchange with Dedeman positions EMX with a potential royalty stream from production at Balya, while enhancing EMX’s discovery opportunities in Turkey with the Alankoy property.
Discussion of the Properties
EMX’s Balya and Sofular base metals properties occur in western Turkey’s Anatolia mineral province. The Balya exploration license controls an important sector of the historic Balya mining district. The district produced lead, zinc, silver and copper from skarn, vein, and replacement deposits between 1880 and 1938. The property was drilled by the Turkish government during the late 1970s with eight core holes totaling 1,934 m. Four of the holes intersected lead-zinc skarn mineralization, with historic, non 43- 101 compliant lead-zinc resources reported for the property’s Hastanetepe zone. These drill results, coupled with the districts past production, suggest that there is both upside exploitation and exploration potential at Balya. The Sofular property hosts a structurally controlled lead-zinc (copper) vein with an average thickness of 0.8 m and rockchip grab samples assaying over 3% lead and 10% zinc. There is evidence of historic, but limited, exploration from an adit driven on the vein and a small dump comprised of visibly mineralized material. As well, lead-zinc stream sediment anomalies occur elsewhere on the property.
Dedeman’s Alankoy license, also located in the Anatolia mineral province, is a high sulfidation, epithermal gold-copper property east of the Kirazli discovery. The property was originally discovered and explored by a Turkish-Japanese government initiative between 1989-1991. This work included 12 core holes totaling 1812 m. Alankoy is very similar to EMX’s Sisorta property, with gold mineralization hosted in high sulfidation style zones of capping silica and advanced argillic alteration. EMX will focus on surface mapping, sampling, and geophysical surveys to quickly advance the project to drill-ready targets.
Overview of Commercial Terms
Balya and Sofular Properties to Dedeman
The exchange includes transfer of EMX’s Balya and Sofular base metal properties to Dedeman. Balya consists of one exploration license covering 1,573 hectares, and is located in Balikesir province. A summary of the terms include:
- Dedeman is to make a US$100,000 advance royalty payment to EMX prior to the first anniversary of the agreement.
- Dedeman’s work commitment is to drill a minimum of 12 exploration holes for a total of 3000 meters during the first year of the agreement; $500,000 in year 2; and $1,000,000 in year three.
- EMX retains a four percent net smelter royalty.
- EMX retains a reversionary right to re-acquire the property if Dedeman decides to relinquish the license or does not meet its work commitment.