Atalaya Mining Regulatory News (ATYM)

AIM: EMED 28 June 2010

Start of Biely Vrch Permitting and Refinements to Scoping Study

EMED Mining Public Limited ("EMED Mining" or "the Company"), the AIM quoted mining exploration and development company, is pleased to provide an update on permitting and feasibility studies for the development of its 100%-owned Biely Vrch Gold Project in Slovakia.

Highlights -

> Classification of Biely Vrch Mineral Resources approved by the Slovakian State Commission for Classification of Mineral Resources;

> Certificate for an "exclusive deposit" to be granted by the Slovakian Ministry of Environment;

> AMC Consultants has updated and enhanced the Scoping Study;

> EMED Mining to proceed with preparation of the Preliminary Environmental Impact Assessment; and

> Revised Scoping Study confirms the attractive economics of developing a mine at Biely Vrch.

On 21 June 2010, the State Commission for Classification of Mineral Resources approved the initial Biely Vrch Mineral Resource, having received the requisite submissions by Eastern Mediterranean Resources Slovakia s.r.o., a wholly-owned subsidiary of EMED Mining. Following on from the formal approval of the resource the next step is for the Slovakian Ministry of Environment to issue a certificate for an "exclusive deposit". That should occur within 30 days. Classification as an exclusive deposit gives priority to the land being used for mining activities over all other land uses. This is the first statutory step of the permitting process leading to the development of the Biely Vrch Gold Project.

AMC Consultants (UK) Ltd ("AMC") has completed an updated Scoping Study which takes into account community consultation and project refinements by EMED Mining. The Company and its environmental consultants are now able to proceed with preparing the Preliminary Environmental Impact Assessment.

Aspects of the project which have been materially adjusted in the updated scoping study include:

> A new site has been selected for ore leaching and the entire site layout has been designed in detail. The preferred site and its topography will reduce impact on the community.

> Enhanced environmental protection measures have been incorporated into the design, which added to the capital cost. The total initial capital cost estimate has increased from US$45 million to approximately US$64 million.

> Operating costs have been reduced from an estimated ±US$590/ounce to ±US$530/ounce.

Geotechnical drilling is currently underway and may lead to further operating cost improvements if the planned pit slopes can be steepened in part of the designed mine. A mine design with steepened slopes would be able to access additional high grade ore by deepening the planned pit, without a significant increase in waste material required to be mined.

The revised Scoping Study has confirmed the attractive economics of developing a mine at Biely Vrch - based on gold prices of >US$1,000/ounce (currently >US$1,200/ounce).

Project parameters which remain essentially unchanged at this stage include:

> mining 3Mtpa of ore at a waste-to-ore ratio of 1:1;

> a recovered grade of 0.6 to 0.7g/t gold (which is a recovered grade, after mining and processing, similar to comparable gold porphyry mining operations internationally);

> producing approximately 60,000 ounces per annum for 10 years; and

> planned employment of over 200 people during construction and commissioning and approximately 120 people during mining production. The Biely Vrch mine will lead to annual expenditure in the local region of approximately US$35 million;

Biely Vrch has additional drill-confirmed potential below the current Mineral Resource (41.7 million tonnes at 0.79g/t gold, containing 1.1 million ounces). This depth potential is to be evaluated further after progressing the open-cut mine towards development. Of particular interest is the relatively higher grade core of the deposit, which increases in grade with depth and remains open at depth.

European Raw Materials Initiative

The Company is further pleased to report that Managing Director Harry Anagnostaras-Adams and Head of Government Relations and Managing Director of EMED Slovakia Dr Demetrios Constantinides have been invited to participate in industry committees as part of Euromines - The European Association of Mining Industries. These committees provide support for the Raw Minerals Initiative of the European Union (to promote and facilitate Europe's access to minerals and the resurgence of the mining industry in Europe).

One specific activity is to protect international metal production from the proposals of some single-issue lobby groups to ban the use of the industrial chemical cyanide (only 13% of cyanide usage globally is by the minerals extraction industry but its use is essential for the efficient recovery of valuable metal in the majority of gold processing facilities and many copper and other base-metal processing facilities).

Harry Anagnostaras-Adams, Managing Director of EMED Mining, commented:

"EMED Mining has a strong commitment to the responsible development of metal production operations in Europe. The weakening of European economies and of the EURO itself enhances the political importance and also the economics of the Company's projects. Biely Vrch can potentially be developed safely and responsibly for the benefit of all stakeholders.

"The revised Scoping Study for Biely Vrch has provided a much better understanding of our development options. We are now scheduling the next phase of the permitting process along with the associated community consultation and development feasibility studies.

"The regulators have just approved the initial Biely Vrch gold resource estimate. That recognition by the State Commission constitutes a vital first step in the permitting process.

"In parallel, we are continuing to explore our large licence area in central Slovakia and are conducting due diligence on synergistic opportunities in the region."

Enquiries

Competent Person

Information in this announcement that relates to Mineral Resource estimates and exploration results is based on information compiled by an appropriate team of geologists and specialists consultants under the monitoring and supervision of Mr Ron Cunneen, BSc (Hons.) Geology. Mr. Cunneen is Head of Exploration for EMED Mining and a full-time officer of that company. He has had more than 20 years' experience in the field concerned and is a Member of The Australian Institute of Geoscientists. Mr. Cunneen has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities he is undertaking to qualify as Competent Persons as defined in the JORC Code. Mr. Cunneen consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Notes to Editors: About EMED Mining Public Limited

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on AIM in May 2005. The Company is committed to responsible development of metal production in Europe, with a focus on copper and gold.

The Group's region of interest is the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through the implementation of European Union and other international standards. The Company strictly implements its Environmental & Community Policies.

EMED Mining has now established a strong position in the following selected zones:

Copper in Spain: The copper-mining district of Spain is probably among the best known in the world for its metal endowment. The Company's first priority is to commence production of its wholly-owned Rio Tinto Mine which is the largest metal deposit in Spain and contains a fully installed and maintained operational complex - an open pit mine, copper-concentrator and waste disposal facilities.

Gold in Slovakia: The Company has made a significant gold discovery at Biely Vrch and is advancing planning and permitting for its potential development. A core value of EMED Mining is to invest in a socially and environmentally responsible manner with a view to creating enormous social benefits via collaborative partnerships. A matter of equal importance to the assessment of the technical merits of our projects in Slovakia is the degree of social licence gained. EMED Mining personnel have built-up outstanding relationships with the Slovak government, local communities, business chambers, scientific societies and other stakeholders that are based on integrity, transparency and progress. These stakeholders have been very supportive of the responsible development of metal production operations in Slovakia. The Government is supportive and, notably for Central Europe where the gold industry has confronted some unusual activist opposition, in 2007 legislated to permit the use of conventional industrial-cyanidation techniques for metallurgical gold-recovery processes, subject to community support and proper controls in accordance with normal international standards. The Company carries out open dialogue with stakeholders to ensure that its exploration and potentially its mining and metal production activities are undertaken in appropriate locations and in an appropriate manner.

EMED Mining has other notable earlier-stage activities focused on copper and gold, as follows:

·; Exploration licences in the copper-mining districts of Cyprus;

·; A large mining lease in Georgia, Caucasus; and

·; A 25% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Turkey and the Kingdom of Saudi Arabia.

For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv