Eurasia Mining Plc (AIM:EUA) announced that further to previously announced strategic review of its business in order to maximise value for its shareholders it is launching a Formal Sale Process under the UK Takeover Code. Eurasia owns and operates several open pit mines. West Kytlim is one of the lowest cost PGM producers with a significant palladium and rhodium content, and is the largest soft rock PGM mine in production globally. Monchetundra with flanks, the Company's area of exclusivity to which Eurasia is entitled pursuant to Russian sub-soil licensing laws, is a world class open pit deposit that has a palladium-rich PGM resource base of 15Moz (including the flanks) with a potential to increase to 40Moz (as announced on 4 December 2019), and is on track to start mining as one of the lowest cost open-pit miners in the world. Monchetundra is located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula and is fully financed through to production via agreement with Sinosteel. Further details of the Monchetundra Project resource base and the flanks are set out below and in the Company's announcements of 4 December 2019 and 17 December 2019. In relation to the additional 25Moz of PGMs (those resources in addition to the 15Moz contained in the Mochetundra Project and its flanks) it should be noted that there is no guarantee that all these additional 25Moz of resources will prove to be economic or that Eurasia will be granted a licence over all of these 25Moz of PGM resources. In recent months, Eurasia has received a number of inbound expressions of interest from multiple parties interested in acquiring all of or a stake in its assets. The Board has therefore decided to appoint UBS Investment Bank in London ("UBS") as its leading financial adviser to assist in a review of its strategic options including asset sales or a sale of the Company. The Takeover Panel has agreed that any discussions with third parties about an offer for Eurasia may be conducted within the context of a "formal sale process" as defined in the City Code on Takeovers and Mergers (the "Takeover Code") to enable conversations with parties interested in making a proposal to take place on a confidential basis. Parties with a potential interest in making a proposal should contact UBS (contact details as set out below). The interested parties shall be invited to submit their proposals to UBS. It is currently expected that any interested party wishing to participate in the formal sale process will, at the appropriate time, be required to enter into a non-disclosure agreement with Eurasia on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties participating in the formal sale process, before being permitted to participate in the process. All existing non-disclosure agreements interested parties have already signed with the Company in relation to the potential acquisition of the Monchetundra asset remain valid. The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Takeover Code, and the dealing disclosure requirements listed below will apply. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Eurasia reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate. Eurasia also reserves the right to reject any approach or terminate discussions with any interested party at any time.