Atalaya Mining Regulatory News (ATYM)

7 Jan 2008 07:01

EMED Mining Public Limited07 January 2008 AIM:EMED 7 January 2008 EMED Mining Public Limited Update on Klirou Copper-Zinc Project and Other Opportunities in Cyprus EMED Mining Public Limited ("EMED Mining" or "the Company") announces that AMCConsultants (UK) Ltd have completed their independent review of the KlirouCopper-Zinc Project preliminary feasibility study. This review confirmed andbuilt on many of the key conclusions of the internal preliminary feasibilitystudy. Financial modelling based on the available information and work completedto date continues to indicate that the project is worthy of further work andpotential development utilising the Mitsero processing plant. This review highlighted the following key areas for further work in a fullfeasibility study for the Klirou Copper-Zinc Project: • Diamond core drilling to verify and upgrade categorisation of known resources, as well as collecting samples for further metallurgical testwork. • Further assessment of the refurbishment of the nearby Mitsero processing plant, as well as preparation of a metallurgical plan for the resources and a processing strategy. • Collection and collation of firm cost estimates. The verification drilling has commenced using the Company's recently purchasedmultipurpose drilling rig which has redressed the historical lack of reliablediamond drilling capacity in Cyprus. Review of historical data has indicated thepotential for additional resources adjacent to existing and planned open pits.Drilling to test this potential is also planned. EMED Mining's new drilling operation is beginning to perform well, achievingmetreage and core recovery not previously recorded in the difficult groundconditions (for diamond drilling) in Cyprus. The Company's drilling team willmove to Slovakia in the first half of 2008 to increase the Company's commitmentthere, while the Cyprus drilling results are reviewed. A full feasibility study would in due course form an integral part of theEnvironmental Impact Study ("EIS"), which is the key permitting document forpublic and community input. EMED Mining has continued to build relationshipswith the Government of Cyprus and local community as part of its ongoingconsultation process. Other Opportunities in Cyprus The Government of Cyprus has recently initiated its own study on reviving theCypriot mining industry and is also encouraging certain types of joint ventureswith Turkish Cypriots. It is notable that EMED Mining owns a proprietary GIS(Geographical Information System) which represents the most comprehensivedatabase of all relevant geological and historical exploration data for theentire island, including the work done by previous explorers. Cyprus is a largeproducer of copper historically, most of which was from deposits in landoccupied by Turkish military forces in the invasion of 1974. The largest depositwas the high-grade deposit known as Mavrovouni ("Black Mountain") which yieldedsome 16 million tonnes of ore grading approximately 4% copper plus gold credits. The largest historical producer and explorer was Cyprus Mines Corporation, whichoperated in Cyprus until 1974 and later became part of Cyprus Amax and now partof Phelps Dodge. More recent explorers include Oxiana Resources Limited ofAustralia, which is a substantial shareholder in EMED Mining, and Cypriotconglomerate Hellenic Mining Company Limited, which is the local partner of EMEDMining, holding 5% of the Company's local subsidiary. The Company has alsorecently formed a joint research venture with a Turkish Cypriot business leaderto identify and assess opportunities over the whole island and elsewhere. Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining, noted that: "EMED Mining's option over the Proyecto Rio Tinto ("PRT") project in Spain iscurrently our priority development project as it can potentially be brought intoproduction relatively quickly, subject to regulatory consents being forthcoming.Following the potential re-start of PRT in the second half of 2008, we willconsider commencing a full feasibility study on the Klirou Copper-Zinc Project.In the interim, EMED Mining will continue low-cost evaluation work on variousopportunities in Cyprus and related business opportunities elsewhere". -Ends- EnquiriesEMED Mining RFC Corporate FinanceHarry Anagnostaras-Adams Stuart Laing+357 9945 7843 +61 8 9480 2500 Fox-Davies Capital Parkgreen CommunicationsRichard Hail Justine Howarth / Erica Nelson+44 207 936 5220 +44 20 7851 7480 Notes to Editors: About EMED Mining Public Limited EMED Mining was admitted to trading on AIM in May 2005 following a placing ofits shares. In the two years since then the share price has increased from 8p tothe current 20p and market capitalisation has increased from approximately £4million to approximately £30 million. The Company is based in Cyprus and has astrong commitment to responsible development of metal production operations inEurope, with an initial focus on copper and gold. The Company's rapid growth reflects the experience of its specialist team andthe clarity of its strategy. The Group's region of interest are the tectonic belts spanning across Europe andover to the Middle East. The strategy is to evaluate exploration and developmentopportunities in several jurisdictions throughout this quality mineral belt andto promote sustainable development practices through implementation of EuropeanUnion and other leading-edge international standards. The Company has, from theoutset, strictly implemented its Environmental & Community Policy whichincludes: • Integrating environmental management into our business, planning and reporting processes. • Promoting a strong environmental ethic throughout the company and the community. • Complying with, as a minimum, all applicable local and European Union laws and regulations. • Communicating with community stakeholders in a responsible and transparent manner. In the framework of our community relations policy, EMED Mining co-hostedinternational conference on Responsible Mining and Environmental Protection inCyprus in 2006 and in Slovakia in 2007. A similar conference will be arranged inSpain in 2008 after other relevant stakeholders are consulted. EMED Mining has now established a strong position in the following selectedzones: • Exploration areas in Slovakia are centred on a cluster of volcanic centres.Low-detection geochemical methods are being applied to these areas for the firsttime together with open pit bulk mining concepts. The principal targetedmineralisation style is low-grade, bulk-mineable porphyry gold. The company hasannounced a gold discovery at Biely Vrch in Slovakia. • The mines in Cyprus and at Rio Tinto in Spain, located in the Iberian PyriteBelt, are probably amongst the best known in the world. EMED Mining's goal is torestart copper production at its projects in both of these well-endowed,historical mining districts. Both Spain and Cyprus are progressive members ofthe European Union and EMED Mining has been made to feel welcome in both hostcountries. The styles of mineral deposits and production techniques are similarin both mining districts. • EMED Mining's main prospects in Georgia are gold prospects within the UpperRacha Licence, the country's largest minerals licence with many untestedprospects. The Company has confirmed Russian Resources of 1.0 million ouncesgold at the Zopkhito Prospect and discovered high grade mineralisation atsurface at other prospects (detailed in 2006 Annual Report). • Exploration areas in Turkey were vended into 34%-owned KEFI Minerals Plcwhich was admitted to AIM in December 2006. KEFI Minerals owns carefullyselected licence areas in Turkey, as well as an extensive proprietary databaseof regional and specific exploration data providing a pipeline of furtherprojects to evaluate. The KEFI Minerals team has mobilized into the field toexplore the company's tenements and to expand the portfolio of licences asopportunities warrant. See www.kefi-minerals.com. For further information on the Company's activities, visit www.emed-mining.comor www.emed.tv. This information is provided by RNS The company news service from the London Stock Exchange