Atalaya Mining Regulatory News (ATYM)

29 Jan 2007 07:01

EMED Mining Public Limited29 January 2007 AIM: EMED 29 January 2007 EXPLORATION RESULTS OF FIRST FIELD SEASON IN GEORGIA Highlights • Renewal of the Upper Racha Licence until 2018 as an exploration andmining licence, which is Georgia's largest minerals licence. • EMED Mining now recognized as the first western company to commencesystematic exploration for gold in this prospective and rapidly advancingcountry which a recent World Bank survey proclaimed the most improved countryfor doing business in 2005/06. • Completed first field season in Georgia including the establishment ofan exploration team and the review of many prospects. • Selected the Ipari Prospect as a high priority along with othersimilar and perhaps associated intrusive structures. At Ipari, EMED Miningdiscovered a broad zone of high-grade gold mineralisation based on limitedsampling within a 25m wide alteration zone that included one-metre channelsamples assaying 13.8g/t, 22.2g/t and 15.5g/t gold. • Identified high-grade silver and base metal mineralisation at theKirtisho Prospect with maximum channel sample values: 275g/t silver, 3.8g/tgold, 7.1% lead and 4.5% zinc. • Preliminary assessment of over 800 assays from the Zopkhito Prospectsupport the previously published Russian Resources totalling 0.9 million ounces.An updated Russian Resource will be issued in the current quarter. Theconversion to international JORC-compliant standards would require undergrounddrilling from some of the existing 27 kilometres of tunnels into parts of thedeposit. EMED Mining Public Limited ("EMED Mining") reports the results of its firstfield season in Georgia. In late 2005 EMED Mining acquired control of the largeUpper Racha Licence covering in northern Georgia along the Greater CaucasusMountains. Previous explorers had reported Russian resources totalling 2.4million ounces spread between seven prospects. By early 2006 EMED Mining hadcomputerised data, conducted a desk-audit and acquired 100% ownership. Themetallogenic signature and tectonic setting of the Greater Caucasus Mountains isprospective for large gold deposits. The Licence has now been expanded andrenewed to 2018 and the results of the Company's first field season has resultedin a revised ranking of the prospects for 2007 work. EMED Mining's field program in 2006 was primarily comprised of geologicalmapping and sampling of prospects with gold resources that were estimated byprevious explorers along and limited reconnaissance of new prospects. Over 1,000assays from samples taken during the field season have been received and havenow been evaluated. The prospects evaluated during 2006 include Zopkhito,Lukhra, Ipari, Kazakh Tvilby, Kirtisho and Karobi. Enquiries EMED Mining Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Clare Irvine+357 9945 7843 +44 20 7710 7400 +44 20 7851 7480www.emed-resources.comwww.emed.tv References in this announcement to exploration results and potential have beenapproved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen is Head ofExploration for EMED Mining and has more than 20 years' relevant experience inthe field of activity concerned. He is a member of The Australian Institute ofGeoscientists ("AIG") and has consented to the inclusion of the material in theform and context in which it appears. Notes to Editors: About EMED Mining Public Limited EMED Mining was admitted to trading on AIM in May 2005 following an initialpublic offering of its shares. The company is based in Cyprus and has a strongcommitment to responsible development in the region. The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds over 3,000km from Eastern Europe to Iran. The strategy is to evaluateexploration and development opportunities in several jurisdictions throughoutthis quality mineral belt and to promote sustainable development practicesthrough implementation of EU and other leading-edge international standards.EMED Mining recently co-hosted with the Green Party of Cyprus an internationalconference on Responsible Mining and Environmental Management. EMED has, fromthe outset, strictly implemented its Environmental & Community Policy whichincludes: • Integrating environmental management into our business, planning andreporting processes. • Promoting a strong environmental ethic throughout the company and thecommunity. • Complying with, as a minimum, all applicable local and EU laws andregulations. • Communicating with community stakeholders in a responsible andtransparent manner. EMED Mining has now established a strong position in the following zones withinits area of interest: • Cyprus/Middle East exploration is centred on the Troodos ophiolitecomplex. The targeted mineralisation style is volcanic-hosted massive sulphidecopper 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%.EMED Mining is completing a preliminary feasibility study on mining copper-zincresources in the Klirou District and seven target areas are being explored foradditional mineable deposits. • Slovakia/Eastern Europe exploration areas are centred on a cluster ofvolcanic centres in Slovakia and Romania. Low-detection geochemical methods arebeing applied to these areas for the first time together with open pit bulkmining concepts. The targeted mineralisation styles are high-grade epithermalgold, or bulk-mineable epithermal gold and porphyry copper-gold. The companyannounced on 23 October 2006 a gold discovery at Biely Vrch in Slovakia whichhas now become a major priority for 2007. • Georgia/Caucasus exploration areas form a cluster of gold prospectscentred in Georgia. EMED Mining's main prospects are within the Upper RachaLicence with previously reported reserves and resources (Russian classification)of 2.4 million ounces of gold along with many untested prospects; and • Turkey/Bulgaria exploration areas were vended into 39%-owned KEFIMinerals Plc which was admitted to AIM in December 2006. KEFI is owns twoclusters of tenements in Turkey and the Lehovo tenement in Bulgaria, as well asan extensive database of regional exploration data providing a pipeline offurther projects. For further information on the Company's activities, visit www.emed-mining.comor www.emed.tv TO VIEW THE PICTURES AND DIAGRAMS IN THE TECHNICAL BACKGROUND PLEASE VIEW THEPDF LINK. http://www.rns-pdf.londonstockexchange.com/rns/2563q_-2007-1-26.pdf Technical Background EMED Mining's large licence area is located in the Mestia-Racha District ofnorthern Georgia along the Greater Caucasus Mountains. Zopkhito Prospect Historical exploration and mining at Zopkhito focused on mineralisation innarrow (