Vancouver, British Columbia, January 19, 2007 (TSX Venture Exchange: EMX) - Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to provide a year-end review on the Company’s 2006 exploration programs. During the year EMX added quality new gold and copper properties in Turkey, including the Akarca gold-silver discovery, established a drill-ready, bulk tonnage target at the Orgatash intrusionhosted gold prospect in the Kyrgyz Republic, initiated new exploration programs in Romania and Haiti, and entered into several transactions covering projects in Turkey, Serbia and the Kyrgyz Republic.
In Turkey, EMX’s generative exploration efforts resulted in the grassroots discovery of the Akarca goldsilver prospect, increased the understanding of existing gold and copper properties in the portfolio, and provided the basis for additional new acquisitions as well as disposition of existing projects. In addition, the Company made progress towards resuming exploration at the Sisorta gold project, and expects that drilling will resume in 2007 on this flagship property.
The Akarca discovery in Western Anatolia hosts several zones of gold-silver vein mineralization with strongly anomalous soil and rock-chip samples over a 1.2 by 1 km area. The Akarca mineralized system is especially noteworthy due to the thick and laterally extensive vein zones which have returned multiple high grade gold and silver assays.
The Golcuk copper-silver property was also advanced in 2006, with rock chip samples assaying up to 3.95% copper and 38.1 g/t silver. Copper zoning at Golcuk suggests that mineralization may increase in grade down-dip, and beyond the limits of previous drilling conducted by the Turkish Government.
The Company also acquired the Alankoy high sulfidation gold-copper property from Turkish miner Dedeman Mandencilik (“Dedeman”) through a property exchange. Alankoy was originally discovered and drilled by a Turkish-Japanese government initiative from 1989 to 1991. 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.
At the Sisorta gold project, the Company continued to take significant steps towards resuming exploration. Drilling was suspended in late 2005 in order to identify a source of potable water for the nearby village of Guzelyurt. EMX has worked to resolve the issue and re-initiate exploration drilling. Recently, EMX received government approval for a pipeline project to provide potable water to Guzelyurt, with the signing of the final protocol documents expected later in January, 2007. EMX has received interest in the Sisorta from a number of companies, with confidentiality agreements signed and field and data reviews conducted.
The 2006 Kyrgyz program returned encouraging results on EMX’s gold, copper-gold, and uranium exploration licenses, including the delineation of excellent 2007 drill targets at the Orgatash prospect (Gezart property) and Akoguz property. EMX is now poised to aggressively advance these high priority targets, while continuing to evaluate and build value on the other properties in the Kyrgyz portfolio. The most significant exploration results for the year came from the Orgatash intrusion-hosted gold prospect, which is one of multiple target areas identified at the Gezart property. EMX’s 900 meters of trench sampling encountered significant zones of gold mineralization. The mineralized footprint of Orgatash covers a 350 by 300 meter area that remains open in all directions. The best trench (T-1) returned a mineralized interval averaging 1.48 g/t gold over 208.3 meters, with a higher grade sub-interval of 20 meters averaging 4.52 g/t gold, and ended in a 12 meter interval averaging 5.58 g/t gold. The grade, continuity, size, and intrusion-hosted deposit setting of the Orgatash prospect represents an excellent bulk tonnage gold target for drill testing in 2007.
Exploration results were also generated from EMX’s other Kyrgyz properties. At the Akoguz license a 3.5 km long structurally controlled zone of mineralization has been identified with trench samples returning up to 22.7 meters averaging 2.1 g/t gold. Ground geophysical surveys suggest that the mineralization is potentially open at depth as well as along strike. Akoguz hosts multiple gold targets that are drill–ready for 2007. Work continued on the Kemin license at the Koisu prospect, where a porphyry style, gold-copper target has been identified. An east-west zone of breccia bodies (dimensions of 1100 by 120 meters) was sampled, returning intercepts ranging from 10 to 65 meters and averaging 0.2 g/t gold and 0.2% copper. At the Ottuk license, EMX identified black shale-hosted uranium-vanadium prospects explored during the Soviet era. The Soviet estimated historic, non NI 43-101 compliant uranium resources at Ottuk are currently under review.
In Serbia, the Company entered into a transaction in October 2006 to sell the Serbian portfolio to Reservoir Capital Corp (see below for additional details). EMX is now focusing its European exploration efforts in Romania, and was recently granted the Sopot exploration license. The Sopot license occurs in the Banat metallogenetic belt (southern Romania) where previous work by state-owned organizations identified copper and gold skarn-type mineralization. Reported results (total 151 samples) from historic sampling by state-owned organizations include 33 samples (21.8%) greater than 1 g/t gold (maximum 3.5 g/t) and 1.6% copper. Sopot is EMX’s first exploration license in Romania and represents a first step toward building an exciting portfolio in the country.
Elsewhere in Europe, EMX continues to pursue additional business opportunities. These efforts are furthest advanced in Macedonia, where a local subsidiary has been registered and applications for two exploration concessions have been submitted for approval.
Haiti has the potential for world class mineral deposits, and in early 2006 the Company initiated a regional exploration program. EMX has opened an exploration office in Port Au Prince, acquired the La Miel and La Mine gold properties, and initiated field work. La Miel and La Mine were previously explored under a United Nations Development Program (UNDP) in the 1970s. The UNDP reports describe epithermal alteration and mineralization at La Mine within a 7 km by 1 to 2 km zone with trench sampling results up to 17 meters averaging 7.6 g/t Au. At La Miel, the UNDP reported three prospects hosting epithermal mineralization up to 3.7 g/t gold from rock samples, and a two km long gold in soil geochemical anomaly. Both properties are hosted in a geological terrain similar to the world-class Pueblo Viejo gold deposit located approximately 225 km to the east in the Dominican Republic.
EMX’s inital exploration work confirmed that both La Mine and La Miel host high sulfidation epithermal systems with enriched levels of gold, silver, and copper mineralization. At La Miel, EMX delineated a 15 square km area hosting strongly anomalous gold-silver mineralization in altered and brecciated volcanic rocks. The discovery outcrop at La Miel hosted an interval of 18 meters averaging 3.00 g/t gold, including a 10 meter subinterval averaging 4.45 g/t gold. This zone remains open in all directions due to surrounding soil cover. At La Mine geologic mapping and grab sampling identified anomalous levels of gold, silver, and copper mineralization that extend over 500 meters of vertical extent and 1.7 kms of strike length and suggests that La Mine has the potential to host a significant gold, silver, and copper mineralized system. EMX is proceeding with work on the La Mine and La Miel, while also pursuing additional opportunities in Haiti.
In Turkey, EMX exchanged the Bayla and Sofular lead-zinc properties for the Alankoy gold property of Dedeman, a leading Turkish miner with nine operating mines. The Balya and Sofular properties occur in well known mining districts, and Bayla hosts government drilled, non NI 43-101 compliant lead-zinc resources. The deal with Dedeman positions EMX with a potential royalty stream if production at Balya and/or Sofular can be established and includes certain work commitments and payments in advance of production being established. At the same time the transaction provides the Company with an exciting new gold exploration project.
In the Kyrgyz Republic, EMX advanced the Kuru Tegerek gold-copper project and achieved a number of technical and corporate milestones. EMX’s success in advancing the Kuru Tegerek project attracted a number of potential business partners, and in December EMX sold its Kyrgyz subsidiary Kichi Chaarat JSC, the holder of the Kuru Tegerek exploration and mining licenses, subject to certain terms and conditions.
Also in the Kyrgyz Republic, an option agreement was completed on the Turgeldy gold-tungsten property with Centrasia Mining Corp., a TSX-V listed company. This agreement included an initial cash payment and, if the option is exercised, EMX will receive additional consideration and retain a 1% net smelter return royalty.
In Serbia, the Company entered into a Letter of Intent to sell its Serbian portfolio to Reservoir Capital Corp. for cash, work commitments, a net smelter returns royalty, and future payments on the completion of a bankable feasibility study.
EMX realized significant successes during 2006 by building value within our existing properties, adding new high quality projects, disposing of non-core projects, executing joint ventures and other commercial transactions, and initiating new programs in highly prospective countries such as Haiti and Romania. As a result, EMX is well positioned for 2007 and is very excited about the prospects for success in the coming year.
Mr. Dean Turner, P.Geo., a consultant to the Company and Qualified Person as defined by NI 43-101, has reviewed and verified the technical information contained in this news release.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.