Atalaya Mining Regulatory News (ATYM)

7 Jun 2005 11:31

Eastern Mediterranean Res. Pblc LD07 June 2005 7 June 2005 Eastern Mediterranean ResourcesExploration Update The board of Eastern Mediterranean Resources Public Limited ("EMED" or "theCompany"), announces the following update on its exploration program in Cyprus. Cyprus Exploration Update The Company's exploration program in Cyprus is proceeding according to plan. Todate, the Company has: • Completed the GIS (Geographic Information System), by digitising and integrating all historical databases and verifying data; • Completed the prospectivity map, selecting the best target-areas out of the initially identified 50 anomalies; • Completed preliminary geological mapping of target areas and consequential reinterpretation utilising the GIS; • Awarded contracts for ground geophysical surveys in September quarter, and • Invited contract tenders for drilling in December quarter. The geophysical survey contracts have been granted to the consultants and surveyspecialists who conducted similar work in Oman which led to discoveries ofCyprus-style VHMS (Volcanic-Hosted Massive Sulphides) deposits and which are nowbeing developed into copper mines. Exploration Team - Cyprus Project The management structure of the Company's Cyprus-based exploration team has nowbeen completed. Nicos Adamides has joined EMED as Senior Geologist ; AlasdairMurray is Project Manager - Cyprus Program; Loizos Loizou is Community LiaisonOfficer; and Kristine Kristensen is Environmental Officer. Further details ofthese individuals appear below. This core team for Cyprus is supported by SeniorGeologist Jim Cran, Database Manager Bronwyn Witham and Geophysics ConsultantSteve Webster. The team integrates practical experience of many mines globallywith local expertise in Cyprus. Speaking from the field office in Agia Marina, Cyprus Aristidis (Harry)Anagnostaras-Adams, Managing Director of EMED commented: "The Company listed onAIM on the 9th May and is simply following the strategy set out in its AdmissionDocument and progress continues on schedule. We are particularly pleased withthe quality of some the targets that have so far emerged and with the quality ofthe team we have assembled. The Board and management continue to believe thatthe Troodos Complex in Cyprus is very prospective for VHMS copper-golddiscoveries and the region offers great potential." Enquiries: Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsAristidis (Harry) Anagnostaras-Adams Nigel Atkinson / David Nabarro Justine Howarth / Ana Ribeiro+44 (0)20 7493 3713 +44 (0)20 7710 7400 +44 (0)20 7493 3713 www.emed-resources.com Notes to editors About Eastern Mediterranean Resources Public Limited The Company financed its start-up activities with the resources of its founders, Aristidis (Harry) Anagnostaras-Adams (Managing Director), Ronnie Beevor(Non-Executive Director) and Ron Cunneen (Head of Exploration and ExplorationDirector of all subsidiaries), and through an initial fundraising in December2004 which raised £540,000. Earlier this year EMED's Board of Directors wasexpanded to include Non-Executive Chairman Gordon Toll and Non-ExecutiveDirector Andreas Panayiotou. The Company then raised £2.25million at its IPO inMay 2005. The Company is headquartered in Cyprus, reflecting the organisation'scommitment 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 mineralised regions. The Troodos Complex, a Cretaceous-agedophiolite - a distinct layered sequence of mafic and ultramafic rocks - forms aneast/west range across central Cyprus. Its major mines were Mavrovouni,Skouriotissa and Limni - all of which exceeded 10 million tonnes of orecontaining copper and gold. The largest was Mavrovouni with reported productionof 15 million tonnes of ore containing 4% copper and unreported gold grades. Group Strategy The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds from Eastern Europe to Iran, which extends over 3,000 kilometres.The Group's strategy is rapidly to evaluate exploration opportunities in severaljurisdictions throughout this quality mineral belt with a relatively high rateof project 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 over the next two years willbe divided broadly equally between activities on Cyprus and activities outsideof Cyprus. EMED has an extensive proprietary database relating to Cyprus inherited from thework done by predecessor explorers over the past 50 years, including OxianaLimited. Exploration Team - Cyprus Project Core Team Alasdair Murray, MA, BSc (Hons.) 37 years' experience of field work in Australasia and Greece and has worked for the past 12 years as a consulting geologistProject manager - Cyprus Exploration for many smaller exploration and mining companies including: Silver & Barytes Ores Mining SA in Milos Greece (where he discovered a zone of epithermal gold mineralization); Niugini Mining Ltd; and Gympie Gold Ltd. Prior to that he worked for major mining houses including: Renison Goldfields Ltd as Senior Geologist Western Australia, Chief Exploration Geologist Queensland and Chief Mine Geologist at Wau Gold Mine in Papua New Guinea; for Bougainville Copper Ltd as Senior Economic Geologist for the Panguna porphyry copper-gold mine; and for Alcoa Australia Pty Ltd and CRA Exploration Pty Ltd in various mine and exploration positions. Nicos Adamides, B.Sc (Hons) PhD 30 years' experience of field work in mine geology, exploration and database construction in Australia and especially inSenior Geologist Cyprus. In Cyprus he has previously worked as Exploration and Mine Geologist for Hellenic Copper Mines Ltd, Exploration Geologist for Hellenic Mining Company Ltd and Exploration Geologist for Cyprus Copper and Sulphur Company Ltd. In Australia he carried out consulting assignments for MIM Exploration and CRA Exploration Pty Ltd and worked as Project Geologist for the Geological Survey of Western Australia. Loizos Loizou 36 years' experience in the industry in Cyprus with the Hellenic Mining Company Ltd group of companies includingCommunity Liaison Officer responsibility for administration of prospecting permits, quarry licences and general land issues and , at other times, for accounting report preparation. Currently also serves part-time as Secretary to the Provident Fund and the Medical Fund of Hellenic Mining Company. Kristine Kristensen, B.Sc, B. Ed, M.Sc 20 years practical experience in environmental management and planning. Kris is experienced in field work and theEnvironmental Officer operational side of natural resource management and has been principally employed by Government agencies in Australia to facilitate strategic conservation in co-operation with the community, stakeholder groups and other Government agencies. Outcomes have been achieved through a variety of mechanisms including preparation of environmental management strategies, impact statements, other reports, formal consultative processes, interpretive programs and specific legislative and or policy development. This information is provided by RNS The company news service from the London Stock Exchange