Atalaya Mining Regulatory News (ATYM)

12 Jan 2006 07:01

Eastern Mediterranean Res. Pblc LD12 January 2006 AIM: EMED 12 January 2006 INITIAL CYPRUS DRILLING UPDATE A copy of this announcement containing maps and images is available on thefollowing link:- http://www.rns-pdf.londonstockexchange.com/rns/8115w_pdf-2006-1-11.pdf Eastern Mediterranean Resources Public Limited ("EMED") announces the followingupdate on the Company's initial drilling program for concealed copper depositsin Cyprus. Drilling to date has been undertaken at the North Alestos, Kilrou and South PanoKoutrafas prospects, with the North Alestos prospect providing the mostencouraging results. Assays have now been received from the first three scout holes drilled at theNorth Alestos prospect. As previously announced, these three drill holesintercepted strongly altered pillow lavas containing disseminated sulphides overthick intervals. These initial intercepts display an alteration system which istypical of the periphery of a Cyprus-style copper deposit. The North Alestos prospect contains a magnetic low approximately 1 kilometrewide by 4 kilometres long, which is of similar extent to that of the magneticlow surrounding the Cyprus Mavrovouni deposit which yielded 16 million tonnes ofore within a precinct that yielded an aggregate of approximately 30 milliontonnes or ore and one million tonnes of copper metal. Drill results at North Alestos include: • EMED4 - intersected strongly chlorite-altered and pyritic upper pillow lavas ("UPL") from 42m to 187m, with occasional copper and zinc mineralisation in the form of disseminated chalcopyrite and sphalerite. Best results were 4.0m at 0.4% copper, 0.2% zinc from 58m downhole, 4.0m at 0.3% copper and traces of zinc from 110m downhole. • EMED5 - intersected chlorite-altered UPL with disseminated pyrite from 160m to 221m deep. • EMED6 - intersected chlorite and silica-altered UPL with disseminated pyrite, chalcopyrite and traces of sphalerite from 49 to 202m. The intensity of alteration and copper mineralisation is greater than in drill holes EMR4 and EMR5. Best results from EMED6 were 6.0m at 0.4% zinc and 0.1% copper from 98m downhole. Outside of this interval, eighteen metres contained above 0.1% zinc and twenty (non-coincident) metres contained above 0.1% copper. These results have established that the strong alteration zone at North Alestosextends over an area of more than one square kilometre and is coppermineralised. This alteration system is expected to extend further under coverand is large enough to host several copper deposits of the scale being targetedby EMED in Cyprus ie deposits of more than 10 million tonnes. Ground geophysics defined two anomalous zones within the magnetic low at NorthAlestos. The northern anomaly exhibits strong EM conductivity at depth. Thesouthern zone displays a strong IP response over an extensive area. DrillholeEMED5 was drilled between these two geophysical anomalies on geological groundsand to obtain information for future geophysical modelling. EMED4 and EMED6tested the western and eastern parts of the IP anomaly. To view the North Alestos Location Plan on Aeromagnetic (RTP) Base please clickon link at the start of this announcement. Cyprus Exploration Strategy Cyprus has been a centre for copper mining since ancient times and all knowndeposits are VHMS (volcanic-hosted massive sulphide) style. The results to date at North Alestos have confirmed that EMED's explorationstrategy to discover significant VHMS copper deposits within its tenements is aviable one. This strategy is predicated on: • The recognition that the bulk of the copper mined and all of the larger deposits occur within the shallowly dipping Upper Pillow Lavas (UPL); • There are significant unexplored areas of UPL under shallow sedimentary cover; • Large copper deposits can be hidden within the UPL, close to surface; and • An excellent basis to target such blind deposits is provided by EMED's extensive geological data set combined with new geophysical techniques. The cross section available on the link at the start of this announcementdemonstrates this potential. The section extends from the historical AlestosMine in the south through the North Alestos prospect containing a large area ofpreviously untested, prospective UPL at depths of less than 300m under cover. Planned Cyprus Exploration EMED has made significant exploration progress during 2005. The techniques usedhave demonstrated effectiveness and the North Alestos prospect now ranks as ahigh priority for detailed follow-up. Recent detailed internal and externalreviews of this first year of work have identified areas for continuingimprovement which are now being refined and implemented. Work in the first half of 2006 is anticipated to include: • Further ground geophysics; • Downhole geophysics; and • Follow-up drilling at North Alestos and further scout drilling. EnquiriesEastern 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 www.emed.tv References in this announcement to exploration results and potential have beenapproved for release by Mr Ron Cunneen, an employee of the Company, who has morethan 5 years relevant experience in the field of activity concerned and hasconsented to the inclusion of the material in the form and context in which itappears. About Eastern Mediterranean Resources Public Limited EMED listed on AIM in May 2005 following an initial public offering of itsshares. The Company is headquartered in Cyprus and has a strong commitment tothe region. 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. Thestrategy is to rapidly to evaluate exploration opportunities in severaljurisdictions throughout a quality mineral belt with a high rate of projectturnover. EMED has now established a strong position in the following three areas withinits area of interest: • Cyprus exploration is centred on the Troodos ophiolite complex. The targeted mineralisation style is volcanic-hosted massive sulphide copper deposits under shallow cover, similar to the larger Cyprus copper mines - three of which exceeded 10 million tonnes of ore, at grades between 1% and 4.5%. • Eastern Europe exploration areas are centred on a cluster of volcanic centres in Slovakia and Hungary. Low-detection geochemical methods are being applied to these areas for the first time. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. • Caucasus exploration areas and options over additional prospects forming a cluster of gold prospects in and around Georgia. Main prospect is Zophkito with resources (Russian classification) of 2 million ounces of gold. For further information on the Company's activities, visitwww.emed-resources.com or www.emed.tv This information is provided by RNS The company news service from the London Stock Exchange