Atalaya Mining Regulatory News (ATYM)

29 Oct 2007 07:01

EMED Mining Public Limited29 October 2007 AIM: EMED 29 October 2007 PORPHYRY GOLD SYSTEM EXTENDED AT BIELY VRCH DRLLING COMMENCES AT SECOND PORPHYRY GOLD TARGET EMED Mining Public Limited ("EMED Mining" or "the Company") announces thatresults of further drilling in Slovakia have further extended the zone ofmineralization at its Biely Vrch Prospect to an estimated 50 million tonnes witha grade range of 0.2g/t to 1.9g/t gold, typically 0.8g/t to 1.1g/t gold, andcontaining approximately 1.2 million ounces of gold based on these preliminaryestimations. In-fill drilling will seek to define an initial JORC-compliantMineral Resource at Biely Vrch at the earliest opportunity. The zone ofmineralization remains open, north and south. The Company also announces that it has now been granted a total of sevenexploration licences in the Central Slovakian Volcanic Field totalling 1107square kilometres believed to be the largest holding of any company in Slovakia.These licences cover several additional porphyry gold targets identified byprospecting and geological mapping. Scout drilling has just commenced at theKralova Prospect, the Company's second gold porphyry discovery. Background: • Biely Vrch and Kralova are classical porphyry gold systems which is a rare deposit type globally and exemplified by several multi-million ounce deposits in northern Chile. • Porphyry gold deposits typically occur in clusters and are usually large ( > 100 million tonnes), low-grade (0.7g/t to 1.8g/t gold), bulk-mineable deposits. • Several other prospects within the Company's Slovakian Licence have been recognised as having potential to host porphyry gold mineralization. • EMED Mining has so far completed 5,000 metres of drilling in Slovakia (15 drill holes at Biely Vrch) and aims to complete a further 2,000 metres this year, weather permitting. A drill rig has been brought over from Georgia to increase the drilling rate within the limited period remaining in this year's drilling season. Further background information on porphyry gold deposits is available in EMEDMining's announcements dated 9 July 2007 and 21 August 2007. Commenting on the results, Managing Director Harry Anagnostaras-Adams said: "We believe we have discovered a significant gold province. This type of goldsystem, porphyry gold, is typically noted for its clusters of orebodies withsubstantial intervals of consistent mineralisation, enabling multi-million ouncegold orebodies to be delineated. "The first 15 holes at Biely Vrch suggest that the zone of mineralisationcontains approximately 1.2 million ounces of gold and that it will be increasedwith further drilling. The deposit remains open to the north and south. "Porphyry gold deposits typically occur in clusters and we have begun scoutdrilling at the Kralova Prospect. In addition several other nearby prospects inour 100%-owned licences are known to have the appropriate geology andgeochemistry to host porphyry gold mineralisation." Enquiries:EMED Mining RFC Corporate Finance Fox-Davies Capital Parkgreen CommunicationsHarry Anagnostaras-Adams Stuart Laing Daniel Fox-Davies Justine Howarth / Erica Nelson+357 9945 7843 +618 9480 2500 +44 20 7936 5220 +44 20 7851 7480www.emed-mining.com www.emed.tv Regional Surveys The recognition of Biely Vrch as a porphyry gold deposit has provided valuableinsights which assist EMED Mining's plans for exploration of its Slovakianlicences. Several prospects have already been recognised as having potential tohost porphyry gold mineralisation. A regional stream geochemical survey and follow-up geological mapping isdefining further areas within the Company licences that are prospective for goldporphyry deposits. A technical workshop was recently conducted with the regional exploration teamof 10% EMED Mining shareholder, Gold Fields Netherlands Services B.V., anindirect wholly owned subsidiary of Gold Fields Limited, which also yieldedworthwhile targeting tools including geophysical techniques which will also beconsidered. Biely Vrch Prospect Drilling: Technical Summary Drilling results continue to confirm that gold mineralisation underlies thetargeted 300m by 500m soil geochemical anomaly. Gold mineralisation isassociated with a potassic alteration assemblage and contained in aquartz-veinlet stockwork. Table - Significant Drilling Intercepts at Biely VrchHole Number Total From To Downhole Grade Depth (m) (m) Intercept (g/t gold) (m) (m)DVE1 108 0 108 108 1.3including 86 108 22 1.9DVE2 103 0 103 103 0.2DVE3 220 0 220 220 0.5DVE4 252 0 252 252 1.2including 155 252 97 1.8DVE5 559 228 559 331 1.1DVE8 258 0 154 154 1.3DVE9 350 62 103 41 0.7DVE10 368.3 25 33 9 0.83DVE11 401 0 401 401 1.24DVE12 400 0 400 400 0.54DVE13 400 205 400 196 0.50DVE14 301 0 213 213 0.66DVE15 400 43 94 52 0.51 The Company estimates the zone of mineralization identified by drilling to dateis roughly 50 million tonnes with a grade range of 0.2g/t to 1.9g/t gold,typically 0.8g/t to 1.1g/t gold, and containing approximately 1.2 million ouncesof gold. This estimate is conceptual in nature and it remains uncertain iffurther exploration will result in the determination of a Mineral Resource asdefined in the JORC Code. In due course in-fill drilling would seek to definean initial JORC-compliant Mineral Resource at Biely Vrch. The zone ofmineralization remains open, north and south. Kral'ova Prospect Geochemistry and drilling: Technical Summary Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/4956g_-2007-10-29.pdf The Kral'ova Prospect, located 20 km to the south west of Biely Vrch, is thesecond target being drill tested. Soil sampling and low detection goldgeochemistry completed by the Company has defined a large, significant goldanomaly. The anomaly is 1000 x 500 metres in size with greater than 10 ppb gold andpeaking at 409 ppb (0.4 g/t Au). The anomaly corresponds with an area of poorlyoutcropping potassic altered andesite porphyry hosting a quartz vein stockworkvery similar in style to that at Biely vrch. Rock chip sampling of the sparseoutcrop and float has produced very encouraging assay results to 5.05 g/t Au.Drilling of five planned scout diamond drill holes has commenced. The threeholes drilled to date have intersected a stockwork of quartz veinlets and it isevident that the Company has discovered a second porphyry gold system. Competent Person 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. Sampling and Assaying Procedures All drilling on the Biely Vrch Prospect has been done with PQ, HQ and NQ sizecore samples. Core recovery has averaged 95% throughout the mineralised zone.All core has been logged and separated into 1.0m lengths. PQ size core has beenquartered, while HQ and NQ sized core have then been cut in half by a diamondsaw. The split core has then been sent for assay. Sample preparation has been done by ALS - Chemex in Romania and assayed for goldby 30gm fire assay (method Au-AA25). Both standards and blanks have been used inthe sample batches sent by EMED to ALS - Chemex in line with EMED companyquality control procedures. Laboratory sample preparation, assaying procedures and chain of custody areappropriately controlled. The Company maintains an archive of half-core samplesand a photographic record of all cores for future reference. 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 16p 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 andreporting processes. • Promoting a strong environmental ethic throughout the company and thecommunity. • Complying with, as a minimum, all applicable local and European Unionlaws and regulations. • Communicating with community stakeholders in a responsible andtransparent manner. In the framework of our community relations policy, we will co-host with theFaculty of Environment of the Technical University of Zvolen and the localmunicipalities an international conference on Responsible Mining andEnvironmental Protection. The conference will take place in Detva (CentralSlovakia) on 12 November 2007. EMED Mining has now established a strong position in the following selectedzones: • Exploration areas in Slovakia are centred on a cluster of volcaniccentres. Low-detection geochemical methods are being applied to these areas forthe first time together with open pit bulk mining concepts. The principaltargeted mineralisation style is low-grade, bulk-mineable porphyry gold. Thecompany has announced a gold discovery at Biely Vrch in Slovakia. • The mines at Rio Tinto in Spain are probably amongst the best known inthe world. They are, with the possible exception of those in Cyprus, the oldestcapable o f still being worked. EMED Mining's goal is to restart copperproduction at its projects in both of these well-endowed, historical miningdistricts. Both Spain and Cyprus are progressive members of the European Unionand EMED Mining has been made to feel welcome in both host countries. The stylesof mineral deposits and production techniques are similar in both miningdistricts. A goal of the Company is complete the acquisition of an initial 51%interest in and to restart production at Proyecto de Rio Tinto ("PRT") in 2008and commence producing significant cash flows and profits. This remains subjectto satisfaction of conditions precedent, the principal one of which isregulatory consent to the restart. • EMED Mining's main prospects in Georgia are gold prospects within theUpper Racha 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. • Exploration areas in Turkey were vended into 34%-owned KEFI MineralsPlc which 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 licenses 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