Atalaya Mining Regulatory News (ATYM)

23 Oct 2006 07:01

Eastern Mediterranean Res. Pblc LD23 October 2006 AIM: EMED 23 October 2006 GOLD DISCOVERY IN SLOVAKIA EMED Mining Public Limited ("EMED Mining" or "the Company") announces that ithas received excellent initial results for the first of three prospects testedin its current drilling programme in Slovakia: we have discovered a gold systemat Biely Vrch in the Detva Licence area. The assay results reported below reveal+100 metre intersections consistent with gold epithermal and porphyry gold/copper systems - the type of structure EMED Mining is targeting: > Hole DVE1: 108 metres depth (entire hole) at 1.26 grams per tonne gold, terminating in 2.38 grams per tonne gold in the last metre > Hole DVE2: anomalous gold, 103 metres depth (entire hole) at 0.18 grams per tonne gold, maximum 1 metre at 1.72 grams per tonne gold. Comment on the assay results: Biely Vrch is a virgin discovery made by theCompany's prospecting team by applying, for the first time in this prospectivedistrict, modern low-detection geochemical and other survey techniques. TheCompany has so far only drilled two holes in the identified large target area.These first 2 drill holes, DVE1 and DVE2 were drilled 60degrees to the east todepths of 108 metres and 102.8 metres respectively. Drilling was centered on anarea of 500 metres by 200 metres identified by geochemical testing of soils.That anomalous zone returned +100 parts per billion gold in the soils, withmaximum values of 877 and 456 parts per billion gold. Geophysical surveys alsodemonstrate that an anomalous "magnetic high" is present immediately east of thedrill-tested soil anomaly. Drill hole DVE 1 intersected wide zones ofhydrothermal alteration, quartz stock-work veining and sulphide mineralisationin andesitic volcanics. Drill hole DVE2, drilled 200 metres to the south ofDVE1, intersected dispersed zones of quartz veining and secondary magnetiteveins are present at 70 to 108 metre depths. The nature of the mineralisation is consistent with an epithermal stock-workvein style developed above a porphyry gold-copper body. There is a large zone ofpotentially open-cuttable mineralization at shallow depth. It is alsointerpreted that a mineralised porphyry may be present at shallow depth adjacentto and east of the gold-in-soil anomaly. Other Initiatives in Eastern Europe: > In respect of the other two priority prospects in Slovakia, drilling has been completed Banska Bela (assays pending) and is currently being completed at Vyhne-Klokoc in Stiavnica-Hodrusa in Slovakia. > EMED Mining is conducting first-pass stream-sediment work at its two Bulgaria licences (assays pending). These licences are being transferred to new 71%-owned Kefi Minerals Plc which will focus on Turkey and Bulgaria and which will be listed in the next twelve months > EMED Mining has successfully tendered for the Sumuleu exploration licence in neighbouring Romania. -Ends- Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Justine Howarth/Ana Ribeiro+357 9945 7843 +44 20 7710 7400 +44 20 7493 3713www.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 Drilling Results Details: Biely Vrch DVE1 0 metres -108 metres , 108 metres at 1.26 grams per tonne gold, including86 metres -108 metres, 22 metres at 1.92 grams per tonne gold. Gold grades are uniform in value; maximum value over 1 metres is 4.24 grams pertonne gold. Gold grades appear to strengthen with depth, the drill holeterminated in 2.38 grams per tonne gold in the last drill metre interval.Mineralisation is hosted in quartz stockwork and pyrite veining in alteredandesitic volcanics. DVE2 0 metres -103 metres, 103 metres at 0.18 grams per tonne gold. The entiredrilled interval is anomalous in gold. The intervals of magnetite veiningtowards the bottom of the drill interval are mineralised. This suggests that amineralized porphyry gold-copper body lies at depth. The broad intercepts of gold mineralisation cut in the first two Biely Vrchdrill holes indicate the existence of a large mineralized hydrothermal systemspanning epithermal to porphyry gold-copper styles of mineralisation. Infill diamond drilling along strike and at depth is planned. Exploration Licence - Romania EMED Mining successfully tendered for the Sumuleu license in Romania, located inHarghita County, East Carpathians. Sumuleu license covers an area of 95 squarekilometres within the southern Romanian part of the Carpathian Belt ofmineralization which also hosts EMED Mining's main Slovakian licence areas. Thearea is prospective for copper and gold mineralization of theepithermal-porphyry style and contains well-preserved volcano-plutonic edificesanalogous to those is the historically prolific Baia Mare Province in NorthenRomania. Field work in 2007 aims to identify initial targets for drill-testing. About EMED Mining 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 over 3,000km from Eastern Europe to Iran. The strategy is to rapidlyevaluate exploration opportunities in several jurisdictions throughout thisquality mineral belt with a high rate of project turnover. EMED has now established a strong position in the following zones within itsarea of interest: • Cyprus/Middle East 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%. EMED is undertaking a preliminary feasibility study on mining copper-zinc resources in the Klirou District. • Eastern Europe exploration areas are centred on a cluster of volcanic centres in Slovakia and Romania. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. 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, form a cluster of gold prospects centred in Georgia. EMED Mining's main prospects are within the Upper Racha Licence with reserves and resources (Russian classification) of 2.4 million ounces of gold. A field programme is in progress and a progress report will issue as results are assembled and interpreted. • Turkey/Bulgaria exploration areas being transferred into 71% owned Kefi Minerals Plc which is to be listed within 12 months. Kefi's holds two clusters on tenements in Turkey and the Lehovo tenement in Bulgaria, along with an extensive proprietary database. 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