Atalaya Mining Regulatory News (ATYM)

2 Aug 2005 09:37

Eastern Mediterranean Res. Pblc LD02 August 2005 2nd August 2005 DETAILED GEOPHYSICAL SURVEYS COMMENCE IN CYPRUS For full release, including graphics, click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/5922p_-2005-8-2.pdf The board of Eastern Mediterranean Resources Public Limited ("EMED" or "theCompany")(AIM:EMED), announces that detailed ground geophysical surveys ofpriority target areas in Cyprus have now commenced. EMED's first major exploration project is in Cyprus and targets volcanic-hostedmassive sulphide ("VHMS") copper-gold deposits. The Company has a groundposition covering 373 km2 over the prospective Troodos Complex in Cyprus. Mr Anagnostaras-Adams, EMED's Managing Director, said "VHMS deposits are verysuited to detection by geophysical methods. EMED is the first company to utilisemodern geophysical techniques to systematically explore the Troodos Complex forblind copper-gold deposits beneath relatively shallow cover rocks. The Cyprusteam is systematically advancing towards the exciting phase of drilling theseprospects in a manner that is both cost efficient and maximises the probabilityof discovering economic deposits". Over recent months, exploration has focussed on eleven target areas ofapproximately 3 km2 each. These targets have now been defined more precisely byon-going geological mapping and detailed processing and interpretation ofexisting geophysical data. From this work, the areas for detailed groundgeophysical surveys have been defined. Modern techniques of deep-penetrating geophysics (Transient Electro-Magnetic andInduced Polarisation methods) will be used in order to penetrate to a greaterdepth below the surface than previous exploration. The aim is to detect blindeconomic mineralisation covered by pillow lavas or sedimentary rocks. Initially, an orientation survey was completed in an area of knownmineralisation, which was discovered by older methods of geophysics andconfirmed by drilling. This calibrated the new geophysical methods against knownparameters and facilitates extrapolating the new geophysical data to greaterdepths. Of the original eleven target areas, six areas have been enhanced by thegeophysical re-processing and two new areas have been added. Several of theseeight primary areas have been found to contain multiple target zones, providingabout 15 prospects for ground geophysical surveys. These surveys have nowcommenced and are planned to cover prospects of one to two square kilometreseach. In addition, further review of the existing geophysical data, together withgeological mapping, has led to the recognition of a number of secondary targetareas on which ground geophysics surveys may be undertaken once results of theprimary targets have been assessed. The North Alestos area exemplifies the results achieved by this review. Click onthe link at the start of this announcement to view the diagram showing theoriginal North Alestos Target Area on a reduced-to-pole (RTP) magnetic base,along with the flight lines and conductivity anomalies of the previous DIGHEMairborne geophysical survey. Reprocessing and reinterpretation of the data from these previous geophysicalsurveys has resulted in recognition of new structures and individual prospects.The planned ground geophysical survey will cover three prospects over the onesquare kilometre area shown. This detailed survey should better define theseprospects and determine their properties to a greater depth than possible fromthe historical data. 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. EMED intends rapidly to advance this exploration programme and plans to drillthe best five target areas by the end of 2005. 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, Mr Alasdair Murray and MrNicos Adamides who each have more than 5 years relevant experience in the fieldof activity concerned and have consented to the inclusion of the material in theform and context 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 mineswere Mavrovouni, Skouriotissa and Limni - all of which exceeded 10 milliontonnes of ore containing copper and gold. The largest was Mavrovouni withreported production of 15 million tonnes of ore containing 4 per cent. copperand unreported gold grades. 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 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. 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