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									Goldletter I N T E R N A T I O N A L
the international independent information and advic e bulletin for gold and related investments

 Special Situation – Update September 2007                                    www.eurasianminerals.com

                                                          Eurasian Minerals Inc. (Cdn$ 1.60)
                                                          TSX.V                           : EMX

                                                          H+L prices (12 months)          : Cdn$ 2.50 – 0.77

                                                          Net shares issued               : 25.1 million

                                                          Fully diluted                   : 33.2 million

                                                          Market Capitalization           : Cdn$ 40.2 million

                                                          Next price target: Cdn$ 3.00

Company Profile

Eurasian Minerals is focusing its efforts on the identification, acquisition and exploration of high quality
properties in Turkey, Kyrgyz Republic, Romania and Haiti. More specifically, the Company focuses on
conducting base-line geologic and geochemical studies resulting in prospect definition, value enhancement,
and joint ventures within major mining companies that can earn an interest in the properties by funding the
necessary, but costly
expenditures for drilling
and feasibility studies.
Eurasian calls this the
“prospect       generation”
business model, and the
strategy     allows     the
company to preserve
shareholder capital while
increasing the odds to
take part in multiple

Eurasian holds one of the largest exploration land positions in Kyrgyz Republic. All of the Company’s 5
exploration licences are in the prolific Tien Shan metallogenic gold belt, home to numerous gold and copper
deposits, including Muruntau, the largest single gold deposit in the world at 175 million ounces. Historically,
the northern part of the country has been explored in some detail and now contains several major gold
deposits, such as Centerra’s 16.7 million ounce Kumtor Mine and Oxus Gold’s 3.5 million ounce Jerooy

The Company’s success in advancing the Kuru Tegerek Gold-Copper Project in the Kyrgyz Republic attracted
a number of potential business partners, and in December 2006, Eurasian sold its Kuru Tegerek exploration
and mining licences for gross proceeds of US$ 7.0 million.
Goldletter International                        1           Special Situation – September 2007 Update
In Turkey, Eurasian controls 2,000 km² of prospective ground, as a result of which the Company has become
one of Turkey’s largest exploration landholders, focusing on the highly prospective western Anatolia and
eastern Pontides mineral provinces. The exploration targets consist of high sulphidation gold-silver, and
porphyry copper deposits.
In August 2007, Eurasian signed a non-binding Letter of Intent to joint venture its Sisorta Gold Property with
Chesser Resources.

Having sold its Serbian properties to Reservoir Capital Corp., Eurasian is pursuing business opportunities in
the prolific Tethyan mineral belt of eastern Europe, with an early-stage exploration program established in

Eurasian’s recognition of Haiti’s exploration potential for world class mineral deposits, resulted in the
establishment of an exploration program in 2006.

Eurasian’s exploration investments and business initiatives have left the Company with a strong cash position
of Cdn$ 10 million, and an additional $2.8 million pending upon the completion of its recent private placement
of 2 million shares.

The Company’s exploration investments, equity holdings, and royalty agreements, also provide a strong
contribution to Eurasian’s asset base. These include 1.1 million shares of Reservoir Capital Corp. from the
sale of the Serbian properties and a Cdn$ 500,000 convertible note representing investment in a private
company exploring for gold and copper in the western United States.

In addition, Eurasia is building a royalty portfolio, which now includes an NSR on the sale of three properties
in Turkey sold to Dedeman, and a net smelter royalty of 2% for gold and silver and 1% for all other metals on
Brestovac and various other properties in Serbia sold to Reservoir Capital Corp..

Overview of projects


Ø Sisorta Gold Property, Sivas Province, north-central Turkey

There are a number of high quality properties within the over 2,000 square kilometres of exploration licences
that Eurasian controls in Turkey. These properties include bulk tonnage gold, high-grade vein gold-silver, and
porphyry copper targets that have attracted attention from a number of potential business partners.

Goldletter International                        2           Special Situation – September 2007 Update
Effective September 1, 2005, Eurasian entered into a 4-year regional exploration joint venture with Barrick
Gold to explore existing Eurasian properties and pursue additional acquisitions in Turkey. Barrick was to fund
US$ 2 million in total in this program and could elect to advance any property to Designated Project status.
In February 2006, Barrick terminated the joint venture at the Sisorta Project, which was the first Designated
Project and the companies mutually agreed to terminate the regional exploration joint venture.

As part of the agreement, Eurasian received a cash payment of US$ 450,000 from Barrick.
As a result Eurasian continues to retain a 100% in all of its exploration licences in Turkey, including the
Sisorta Gold Project.

Drilling was suspended on the Sisorta property in late 2005 in order to identify a source of potable water for
the nearby village of Guzelyurt. Eurasian worked to resolve the issue and supported the construction of a
pipeline to provide water to the local community.

The pipeline is now complete, the water is flowing, and the Company has once again commenced drilling at

The Company’s previous drill results, focused on zones of intensively altered and gold mineralised volcanic
rocks. These targets had been drilled previously by the Turkish government (MTA) in the late 1990s, and
have yielded multiple near surface, oxide gold intercepts averaging from 0.47 g/t to over 5 g/t gold. In
addition, drill holes focusing on the deeper extents of the system, intersected porphyry-style alteration and
anomalous copper mineralization. This altered and mineralised system remains open in all directions.

At the end of August, three core holes totalling 385 metres have been completed, with the drill program
progressing on the fourth hole. All assay results from this ongoing campaign are pending.

In August 2007, Eurasian signed a non-binding Letter of Intent to joint venture the Sisorta Gold Property with
Chesser Resources (CHZ – ASX). Subject to a 35 day due diligence period, Chesser has the opportunity to
finalize a joint venture by which it will issue 500,000 shares and pay US$ 100,000 upon execution of a
definitive agreement with Eurasian.

Chesser may earn a 51% interest in the Property by spending US$ 4 million over a 3-year period including
US$ 750,000 in a firm one year commitment. Chesser will issue an additional 1 million shares and pay US$
100,000 on the second anniversary of the agreement and 1.5 million shares and US$ 100,000 on the third

Chesser may subsequently earn an additional 19% interest (for a total 70% interest) in the Project by sole
funding exploration to delivery of a bankable feasibility study and annual cash payments of US$ 100,000 over
the following 5 years.

Goldletter International                        3           Special Situation – September 2007 Update
Ø Akarca Gold-Silver Discovery, western Anatolia

The Akarca Gold-Silver Property was discovered by Eurasian in 2006 by following-up regional stream
sediment anomalies. The Property is covered by 135 square kilometres of exploration licences.
There are multiple zones of gold-silver vein mineralization that trend both northeast-southwest and northwest-
southeast. The zones consist of parallel to sub-parallel quartz veins and veinlets.
Although it is early times for the Akarca Project, the work to date has identified three primary target zones of
gold-silver vein mineralization with rock chip samples returning maximums of 25.7 g/t gold and 248 g/t silver.
There is the potential for additional vein discoveries beneath a shallow cover of soil.

Eurasian expects to have drill results later this summer.

Ø Balya and Sofular Lead-Zinc properties exchanged for Alankoy Gold-Copper Property

Evaluation of the Balya Property, which occurs in a well-known mining district, led Eurasian to conclude that
the Property had significant base metals exploration potential. The Property hosts government drilled, non Ni
43-101 compliant, lead-zinc resources.

Balya served as the key asset exchanged for the Alankoy high sulfidation Gold-Copper Property owned by
Turkish miner Dedeman Madencilik (“Dedeman”). Dedeman has made a US$ 100,000 advance royalty
payment to Eurasian for the Balya Property prior to the first anniversary of the agreement.

Dedeman is also committed to drill a minimum of 12 exploration holes for a total of 3,000 metres during the
first year and incur expenditures of US$ 500,000 in year 2 and US$ 1.0 million in year 3. Eurasian retains a
4% net smelter royalty.

Recently, Dedeman reported that all 9 core holes drilled to date have intersected significant mineralization,
including holes DBHS-1 with 13 metres averaging 82.73 g/t silver, 1.40% zinc, and 6.74% lead and DBHS-8
that returned 6 meters averaging 109.55 g/t silver, 7.89% zinc and 7.48% lead.

Alankoy, originally discovered and drilled by a Turkish-Japanese government initiative from 1989 to 1991, is
similar to Eurasian’s Sisorta Property. Gold mineralization is hosted in high sulphidation-style zones of
capping silica and advanced argillic alteration.

Dedeman also acquired the Sofular properties, and Eurasian retains a 3% net smelter royalty on the

Ø Aktutan Property, eastern Pontides mineral belt

By the end of August 2007, Eurasian sold its Aktutan base and precious metals exploration property to
Dedeman. The sale provided advance royalty payments to Eurasian, as well as potential royalty stream from
future production at Aktutan.

Dedeman will make a US$ 40,000 royalty payment to Eurasian prior to the first anniversary of the agreement,
US$ 60,000 prior to the second anniversary and US$ 100,000 for as long as they hold the property.
Dedeman will drill a minimum of 1,000 metres during the first year of the agreement; spend US$ 150,000 on
exploration and development in year two depending on results; and US$ 200,000 in year three also
depending on results. Eurasian is to retain a 4% uncapped net smelter royalty and retains a reversionary right
to re-acquire the Property if Dedeman decides to relinquish the licence.

Eurasian acquired the 4,160 hectare Aktutan exploration licences via government auction in February 2004.
The Company’s surface geologic mapping and geochemical sampling delineated a one kilometre long zone of
mineralization, alteration, and silica veining.

Eurasian tested the vein system by core drilling a fence of four inclined holes totalling 800.1 metres of
sampling. These holes intersected the vein system at an approximate true thickness orientation. All four holes
intersected silver-rich, base metal vein mineralization along approximately 750 metres of strike length.

Goldletter International                         4           Special Situation – September 2007 Update
Hole AK-4 intersected two veins with high grade mineralization. These two intercepts returned 2.0 metres
averaging 3.40% copper, 418 g/t silver, 0.06% molybdenum, 0.11% lead, 0.73% zinc, and 0.90 g/t gold, and
12.85 metres averaging 4.20% copper, 472 g/t silver, 0.10% molybdenum, 3.16% lead, 1.45% zinc, and 0.98
g/t gold.In addition to the primary vein zone, Eurasian identified parallel vein systems that have yet to be drill

Ø Trab-23 Copper Property, northeastern Turkey

The Trab-23 porphyry Copper Property, located in northeastern Turkey was acquired in a competitive
government auction. The property was discovered by BHP in 2001, and hosts porphyry alteration and
mineralization that covers an area of approximately one square kilometer. The porphyry system is overprinted
by later, gold-enriched epithermal veins.

Eurasian is conducting mapping and sampling programs to delineate the porphyry system in detail, and to
select drill targets.


Ø Gezart Licence, southern Kyrgyz Republic

The 336 square kilometre Gezart Licence is one of Eurasian’s most promising exploration properties with the
potential for multiple types of gold targets, including the Orgatash intrusion hosted gold prospects. The
Company’s 139 soil and 238 stream sediment samples delineated two parallel, northeast trending, structures
controlling gold mineralization, each at least 3 kilometres long. The Company’s soil lines delineated a gold
mineralised area measuring 6 kilometres northeast by 3 kilometres northwest, with 7 anomalous (out of 8)
lines, having a weighted average grade of 0.518 ppm gold over an average length of 111 metres.

Goldletter International                          5           Special Situation – September 2007 Update
In addition, Eurasian’s stream sediment sampling defined a 4.4 square kilometre area of anomalous gold
mineralization (values range from 76 to 483 ppb) gold along the same northeast structural trends.

The grades, continuity, size and intrusion hosted style of mineralization at Orgatash presents a promising bulk
tonnage gold target and will be drilled this summer.

Ø Kemin Licence, Koisu Project, north-central Kyrgyz Republic

The 370 square kilometer Kemin Exploration Licence, located in northern Kyrgyzstan, is situated along a
regional scale fault zone that controls mineralization in the Northern Tien Shan, including the Taldybulak Gold
Deposit (over 2.5 million ounces) located approximately 60 km to the west of the Property.

Eurasian’s initial reconnaissance geochemical sampling and field work identified a 24 square kilometer area
with anomalous gold grades hosted within, and proximal to, silicified and altered thrust faults exposed at
surface over a 3 kilometer strike length.

Over a total of 150 follow-up rock chip samples were collected along the thrust zones (including 45 float
samples), of which 36 of these samples returned anomalous assays greater than 0.10 ppm gold, with the
highest grade reported at 79 ppm gold.

A one kilometer soil line of 10 samples taken across the thrust zones at 100 meter intervals returned an
average of 0.5 ppm gold, with a subinterval of 4 samples averaging 1.17 ppm over 400 meters. There are
additional stacked thrust zones on the Property that have not been systematically evaluated as of yet.

In 2006, work continued on the Kemin Licence, where a porphyry style, gold-copper target has been

Ø Akoguz Licence, southern Kyrgyz Republic

In September 2005, Eurasian signed a Purchase and Sales Agreement with Barrick Gold Kyrgyzstan for an
undivided 100% interest in the Akoguz Exploration Licence, located in southern Kyrgyzstan.
Terms of the Agreement include a payment of US$ 250,000 worth of common shares of Eurasian.

The 528 square kilometer Akoguz licence occurs in the southern Tien Shan Gold Belt. The Akoguz prospect
was initially discovered by grassroots stream sediment sampling and explored in the 1998-1999 time frame by
Newmont Kyrgyzstan, with more recent work conducted by Barrick Kyrgyzstan. The previous exploration work
consisted primarily of regional stream sediment, soil and trench sampling. Shaft sampling results included
average gold grades of 2.7 g/t gold over 6 metres and 3.2 g/t gold over 2.5 metres.
At the Akoguz Licence 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.

Eurasian’s 2006 work identified a gold mineralised system with trench sample results that include 208.3
meters averaging 1.48 g/t gold, 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.

Akoguz hosts multiple gold targets that are drill-ready for 2007.

Ø Ottuk Licence

At the Ottuk Licence, Eurasian identified black shale-hosted uranium-vanadium prospects explored during the
Soviet area. The Soviet estimated historic non NI 43-101 compliant uranium resources at Ottuk are currently
under review.

Goldletter International                          6           Special Situation – September 2007 Update

Ø Sale of Serbian properties

Eurasian started out in Serbia in 2003 as the first foreign company granted a metals exploration permit in over
60 years. After three years of building value, the assets were sold to Reservoir Capital Corp. (REO – TSX.V)
in October 2006 for cash and an uncapped royalty and as part of the transaction, purchased 1.0 million
shares of Reservoir Capital for Cdn$ 100,000 with a current market value of Cdn$ 880,000.

Ø Sopot Licence, Romania

Eurasian is now focusing its European exploration efforts in Romania and was recently granted the Sopot
exploration licence. This licence occurs in the Banat metallogenic belt in southern Romania, where previous
work by state-owned organizations identified copper and gold-skarn type mineralization.
The results of 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 Eurasian’s first exploration licence in Romania and represents a first step towards building an
exciting portfolio in the country.

Elsewhere in Europe, Eurasian 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.


Eurasian’s recognition of Haiti’s potential for
world class mineral deposits, coupled with an
improving business climate, resulted in the
establishment of an exploration program in

The Company acquired the La Miel and La
Mine Gold-Copper Prospects in 2006 and the
Treuil Copper Property in early 2007.
All of these properties were identified and
explored during the 1970s to mid 1980s by
the United Nations Development program
(UNDP) evaluation efforts.

Eurasian now holds a total of 6 exploration permits totalling over 500 square kilometres of highly prospective
exploration terrain in Haiti.

Ø Lamiel Project, Savanne La Place Prospect

The Lamiel Project in northeastern Haiti, located approximately 10 km west of the Dominican border, covers a
35 kilometer long segment of prospective geological terrain where the UNDP recognised three prospects
hosting epithermal alteration and gold mineralization.

Eurasian’s reconnaissance field mapping and geochemical sampling at Lamiel has focused on the Savane La
Place Prospect (“SLP”), where a 15 square kilometer area with anomalous gold-silver-copper assays has
been outlined by the Company. A one square kilometer target area has been further defined by a soil grid
anomaly (i.e., + 0.2 g/t gold), which includes the SLP “discovery outcrop”, where the Company’s rock channel
sampling yielded 18.0 metres averaging 3.0 g/t gold.

Goldletter International                          7         Special Situation – September 2007 Update
As follow-up to the soil and rock channel sampling, Eurasian excavated six trenches in altered volcanic rocks
totalling 1,130 metres, and centered over the “discovery outcrop”.

All 6 of the trenches returned significant results, including LM-1, with 243 metres averaging 1.71 g/t gold and
higher grade subinterval of 69.0 metres averaging 3.93 g/t gold, LM-2 with 42 metres averaging 0.65 g/t gold,
LM-3 with 72 metres averaging 1.9 g/t gold, LM-4 with 75 metres averaging 1.19 g/t gold, LM-5 with 81
metres averaging 0.81 g/t gold, and LM-6 with 150 metres averaging 1.03 g/t gold.

The central, higher grade zone delineated by the trenching is surrounded by a broad zone of variable, but
significant, copper mineralization (greater than 0.1% copper), that could develop into a porphyry target.
The SLP gold zone remains open in all directions.

Eurasian is following-up with further mapping and sampling at the SLP high sulfidation, epithermal gold
prospect. Also, additional epithermal gold targets on the Lamiel Property are to be evaluated, including a
second soil gold anomaly located 1.25 km to the north of the SLP prospect.

A 3 kilometre road has been constructed to the SLP prospect to facilitate ongoing work programs, and further
mapping and sampling are in progress. A second soil gold anomaly is located 1.25 km to the north of the
Two trenches have been excavated and the samples have been submitted for assay analysis. Also, additional
epithermal gold systems at the Grand Savanne prospect are being evaluated, with results expected shortly.

Ø La Mine Project

The La Mine Property is located approximately 50 km west of Cap Haitian and hosts epithermal and porphyry-
style mineralization initially identified and sampled by the UNDP . Eurasian’s geologic mapping and rock grab
sampling identified alteration and anomalous levels of gold, silver and copper mineralization that extend over
500 metres of vertical extent and 1.7 kilometres of strike length.

Reconnaissance rock sampling from two silicacap outcrops returned 6.49 g/t gold and 238 g/t silver, and 2.49
g/t gold and 40.4 g/t silver.

These initial results have warranted a follow-up exploration program focused on the epithermal gold target
model at La Mine.

Goldletter International                        8           Special Situation – September 2007 Update
Ø Treuil Copper Project

In March 2007, Eurasian was awarded the Treuil exploration licence, which covers 8,800 hectares, and is
located immediately south of the Company’s La Mine Gold-Copper Property.

Historic exploration conducted by the UNDP defined two copper porphyry targets on the property. The copper
mineralization occurs as chalcopyrite with secondary copper sulfides and copper carbonites that occur as
disseminations, stringers and fracture fillings, mainly in a quartz diorite porphyry unit.The copper
mineralization is accompanied by elevated silver and gold values up to 140 g/t silver and 0.70 g/t gold
reported from within the porphyry.

The Coupe Conte quartz-diorite intrusive is reported to have average copper contents that range from 1.1% to
3.0% based on continuous sampling along strike and across mineralised zones in the porphyry unit.


David M. Cole, President, M.S. in Geology, CEO and Director, has over 20 years of industry experience,
coming to Eurasian Minerals from Newmont Mining. At Newmont, he held a number of management and
senior geologic positions, gaining extensive global experience as a project, mine, and generative exploration
geologist in Nevada, Southeast Asia, South America, Europe, and Central Asia. Mr. Cole's success as part of
Newmont's exploration team includes contributions at the world class Carlin Trend, Yanacocha, and Minihasa
mines. Subsequently, he established and managed Newmont's exploration programs in Turkey while also
identifying early stage acquisition targets in Eastern Europe.

Michael Winn, Director, is currently President of Terrasearch, a consulting company that provides analyses
for mining and energy companies. Prior to forming his own company in 1997, Mr. Winn spent four years as an
analyst for a Southern California based brokerage firm where he was responsible for the evaluation of
emerging oil and gas and mining companies. He has worked in the oil and gas industry since 1983 and the
mining industry since 1992, and is also a director of several companies that are involved in mineral
exploration in Canada, Latin America, Europe and Africa.

William Sheriff, Director, has over 25 years of mineral industry experience as a geologist and businessman.
He is President of privately held Platoro West, a western U.S. based minerals exploration and prospect
generation company which he founded in 1985. He is also the President of Pacific Intermountain Gold
Corporation, an advanced Nevada gold project company owned by Seabridge Gold Corporation. Mr. Sheriff's
western U.S. uranium property portfolio provided the nucleus for co-founding Energy Metals Corporation
(EMC), a leading uranium explorer and developer in the United States, subsequently taken over by Uranium
One. In addition to Mr. Sheriffs newly appointed position on EMX's board, he also serves on the board of
directors for EMC, Midway Gold and Pan Nevada Gold.

Brian Bayley, MBA, Director, is President and Chief Executive Officer of Quest Capital Corp. a merchant
bank that provides financial services to small and mid-cap companies operating in industries such as mining,
oil and gas, real estate, and manufacturing. Since 1996 he has also been the President and Director of Quest
Management, a wholly owned subsidiary of Quest Capital. Prior to his positions with Quest, Mr. Bayley
worked with the Vancouver Stock Exchange, now the TSX Venture Exchange, and a private management

K. Peter Miller, B.A., Sc, Chartered Accountant, Director, has been the Chief Financial Officer for Quest
Management Corp. since 1996. From 1987 to 1996, he held various executive management positions with
Quest Oil and Gas, including Controller, Treasurer, and Chief Financial Officer.

Dr. Mesut Soylu, Ph.D in Geology, Exploration Manager – Turkey, His 12 years of experience have been
directed toward base and precious metals exploration in southeastern Europe and Turkey. He worked for Rio
Tinto from 1990 through 1996, initially in Turkey exploring for VMS, epithermal, and porphyry deposits, and
subsequently as Technical Manager for the Company's program in Bulgaria. From 1996 through 2000 he
worked as a consultant specializing in porphyry and epithermal deposits of the Tethyan metallogenic belt, with
clients that included companies such as INCO, Mount Isa Mines, and BHP. Dr. Soylu joined BHP Billiton in
2000, and managed that company's porphyry copper exploration programs in Turkey until joining Eurasian

Goldletter International                        9           Special Situation – September 2007 Update
Dr. Pavel Reichl, Ph.D, Exploration Manager – Kyrgyzstan, has been involved with precious, base, and
PGE metals exploration and production for over 15 years. He joined Newmont Mining (1991), and initially
focused on gold exploration in the western United States, as well as mine geology on the Carlin Trend. In
1996 he was selected to lead Newmont's acquisition program in Eastern Europe, and from 1997 through
2002 he served as Newmont's Exploration Manager in Kyrgyzstan and Uzbekistan. Prior to joining Eurasian
Minerals, he was an independent consultant assisting clients with exploration and resource evaluation in
Europe and Central Asia.

Dr. Duncan Large, Ph.D in Engineering, Exploration Manager – Europe, is a European-based geologist
with over 30 years of experience in the mineral exploration and mining industry. His professional record
includes 6 years with Rio Tinto Finance and Exploration, 4 years of applied exploration university research in
Germany, and the past 20 years as an independent consulting geologist working on base- and precious-
metals exploration and mining projects throughout the world.

Keith Laskowski, M.Sc in Geology, Country Manager – Haiti, is a mining industry veteran with over 25
years of international minerals exploration and business experience. He worked for Newmont Exploration
from 1980-1997, including a posting as Caribbean Exploration Manager. Subsequently, Mr. Laskowski served
as the President of Gallant Minerals, and more recently as President and CEO of Solomon Resources.


In September 2007, Eurasian arranged a private placement of 2.0 million units at Cdn$ 1.40 per unit resulting
in proceeds of Cdn$ 2.8 million, Each unit will consist of one common share and one share purchase warrant.
Each warrant will entitle the holder to acquire one additional share at an exercise price of Cdn$ 2.00 for a
period of two years.

Investment recommendation:

Eurasian is one of the largest exploration landholders in both the Kyrgyz Republic and Turkey and is the
largest in the country of Haiti.

Since Eurasian successfully advanced its Kuru Tegerek Gold-Copper Project in the Kyrgyz Republic, the
project was sold for gross proceeds of US$ 7.0 million, contributing to the Company’s currently strong cash
position of Cdn$ 10 million, with an additional $2.8 million pending.
In Turkey Eurasian is focusing on the highly prospective western Anatolia and eastern Pontides mineral
provinces, and has optioned an initial 51% interest on its Sisorto Gold Property to Chesser Resources for a
US$ 4 million exploration commitment over a 2-year period.
In addition, Eurasian is building a royalty portfolio through the sale of three of its Turkish properties to
Dedeman and the sale of all of its Serbian properties to Reservoir Capital.

With the share price having declined strongly in the first half of 2006, due to suspension of drilling at the
flagship Sisorta Gold Property, and Barrick Gold terminating the regional exploration joint venture in Turkey,
the adjustments in the Company’s strategy since last year have resulted in strong price recovery/increase to a
new high of Cdn$ 2.50, as compared to Cdn$ 0.80 a year ago.

However, considering the quality of its well diversified portfolio of assets in Turkey, the Kyrgyz Republic and
Haiti, along with the ongoing exploration in all regions, and considering the Company’s cash position of Cdn$
10 million and increase of the value of its royalty portfolio, at a current market capitalization of just Cdn$ 40.2
million, we consider the shares of Eurasian to be strongly undervalued.

Our next price objective is: Cdn$ 3.00.

Goldletter International, Rokin 115, 1012 KP Amsterdam, the Netherlands Information and investment comments are independently and
thoroughly researched and believed correct. No guaranty of abs olute accuracy can be given however. Investment decisions are fully made
for own risk. VAT number NL0809.10.579.B01        Chamber of Commerce 37108483        tel.:+31-20-5287585 or +31-20-4700249    fax: +31-
20-5287587 www.goldletterint.com e-mail: info@goldletterint.com

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