Atalaya Mining Regulatory News (ATYM)

3 Oct 2005 07:00

Eastern Mediterranean Res. Pblc LD03 October 2005 3 October 2005 COMMENCEMENT OF INITIAL CYPRUS DRILLING PROGRAM The Board of Eastern Mediterranean Resources Public Limited (AIM: EMED)announces the commencement of drilling prospects with potential forvolcanic-hosted massive sulphide ("VHMS") copper-gold deposits in the TroodosComplex of Cyprus. A drilling program totalling approximately 3,000 metres isplanned over the coming three months and aims to test prospects defined byrecent ground geophysics. Mr Anagnostaras-Adams, EMED's Managing Director, said, "This program providesthe prospect of drilling a number of massive sulphide targets. EMED is the firstcompany to utilise modern geophysical techniques to systematically explore theTroodos Complex for blind copper-gold deposits beneath relatively shallow coverrocks. EMED's exploration progress is in line with the strategy and timetableset out when the Company was formed in late 2004 and announced in the Company'sMay 2005 AIM Admission Document." Modern techniques of deep-penetrating ground geophysics (TransientElectro-Magnetic and Induced Polarisation methods) have been used in order topenetrate to a greater depth below the surface than previous exploration. Theaim of these surveys is to detect economic copper mineralisation covered byshallowly dipping pillow lavas or sedimentary rocks. Ground geophysical surveys have been underway since mid-July. Interpretation ofthe data collected has defined a number of drill targets within the largertarget areas previously defined by geological mapping and re-processing ofhistorical airborne geophysics. Drilling commenced last week at the Klirou target area which comprises 2prospects with several geophysical anomalies interpreted as being at depths ofbetween 100 metres and 150 metres. These prospects are immediately north of anorientation survey that calibrated the new geophysical methods in an area ofknown mineralisation. The North Alestos target area exemplifies the results achieved to date. Forimages of the North Alestos target area, click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/0568s_-2005-9-30.pdf The targeted scale of the typical EMED prospect, including those identified atNorth Alestos, is at least 150,000 tonnes of contained copper at economic oregrades. The planned first-pass drilling program should provide a good indication ifthese geophysical anomalies relate to economic copper mineralisation and thuswarrant further follow-up exploration. Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Nigel Atkinson / Justine Howarth / David Nabarro Ana Ribeiro+357 9945 7843 +44 (0) 7710 7400 +44 (0)20 7493 3713www.emed-resources.com References in this announcement to exploration potential have been approved forrelease by employees of the Company - Mr Ron Cunneen and Mr Alasdair Murray whoeach have more than 5 years relevant experience in the field of activityconcerned and have consented to the inclusion of the material in the form andcontext in which it appears. About Eastern Mediterranean Resources Public Limited The Company listed on AIM in May 2005 following an initial public offering ofits shares. The Company is headquartered in Cyprus as a demonstration of themanagement and technical staff's commitment to the region. About Mining in Cyprus Cyprus has a mining history of over 3,000 years and hosts one of the world'smost highly mineralized regions. The Troodos Complex, a Cretaceous-agedophiolite - a distinct layered sequence of mafic and ultramafic rocks - forms aneast/west range across the central/southern part of the island. Its major mines were Mavrovouni, Skouriotissa and Limni - all of which exceeded10 million tonnes of ore containing copper and gold. The largest was Mavrovouniwith reported production of 15 million tonnes of ore containing 4% copper andunreported gold grades. Mavrovouni was operated by Cyprus Mines Corporation, amajor US-based mining company, until the Turkish invasion of Cyprus in 1974. Group Strategy and Future Prospects The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds from Eastern Europe to Iran. This belt extends for over 3,000km. TheGroup's strategy is rapidly to evaluate exploration opportunities in severaljurisdictions throughout a quality mineral belt with a relatively high rate ofproject turnover. It is intended that each new prospect will be prioritised for consideration onthe following basis: • that it has a history of previous production or exploration; • the Group has the opportunity to apply the most up to date exploration techniques; and • the resource potential is greater than 150,000 tonnes of copper or 1 million ounces of gold. It is intended that the Group's exploration budget will be divided broadlyequally between activities on Cyprus and activities outside of Cyprus. EMED has an extensive proprietary database relating to Cyprus inherited from thework done by predecessor explorers over the past 50 years, including OxianaLimited. For further information on the Company's activities, visitwww.emed-resources.com This information is provided by RNS The company news service from the London Stock Exchange