Atalaya Mining Regulatory News (ATYM)

14 Jan 2008 07:01

EMED Mining Public Limited14 January 2008 AIM: EMED 14 January 2008 ENCOURAGING MINERALISATION IN 3RD PORPHYRY GOLD TARGET IN SLOVAKIA EMED Mining Public Limited ("EMED Mining" or "the Company") announces thatextensive quartz mineralisation was intersected in the initial drillhole at theSlatinske Lazy Prospect. Slatinske Lazy is located 7.5km southwest of Biely Vrchand 9.5 km east of Kralova, EMED Mining's first and second porphyry golddiscoveries in Slovakia. From visual inspection of drill core, Slatinske Lazymineralisation is very similar to that at Biely Vrch and Kralova, and is alsohosted in a similar suite of rocks - a quartz-vein stockwork in apotassic-altered andesite porphyry. Assay results will be reported as receivedand interpreted in due course. During 2008 the Company will further test the three zones discovered to datealong with several more targets identified from surface mapping and geochemicalsampling by the prospecting team within the Company's large (1,107km2),100%-owned licences. The Company also intends to infill drill the Biely Vrchdeposit with the objective of defining an initial JORC-compliant mineralresource. The Slatinske Lazy mineralisation suggests that EMED Mining has discovered acluster of porphyry gold systems. The critical issue in determining economicviability will be grade as these deposit styles are typically large-tonnage andlow-grade. The current gold price, which has recently exceeded the previouslyrecord prices of the 1980's, assists the economics of potential developmentscenarios. Further drilling at Slatinske Lazy will be attempted during the winter as thetopography may make this feasible in this particular location, despitebelow-zero temperatures and snow cover. A matter of equal importance to the assessment of the technical merits of aproject is the assessment of sovereign risk and the degree of local support. Assuch, the Company places an equal emphasis on in the establishment of its sociallicence as it does on exploration. In this regard it is notable that the Companyengages in continuing consultation with the relevant local communities and thatthe Government of Slovakia is encouraging responsible exploration anddevelopment, subject to proper consultation and compliance with all regulations.As part of this consultation process, the Company recently co-hosted in DetvaSlovakia, with the local municipalities and with the Faculty of Environment ofthe Technical University of Zvolen, an international conference on ResponsibleMining and Environmental Protection. Commenting on today's results, Managing Director Harry Anagnostaras-Adams said: "These initial results from the Slatinske Lazy Prospect are furtherencouragement for us to continue to seek porphyry gold deposits in the region.Consultations with the community and regulators in Slovakia continue to indicatestrong support for our activities there." Further background information on porphyry gold systems in Slovakia is availablein Company announcements dated 9 July 2007, 21 August 2007, 29 October 2007 and8 November 2007. -Ends- Enquiries: EMED Mining RFC Corporate Fox-Davies Parkgreen Communications Finance CapitalHarry Stuart Laing Daniel Justine Howarth / EricaAnagnostaras-Adams Fox-Davies Nelson+357 9945 7843 +618 9480 2500 +44 20 7936 +44 20 7851 7480 5220www.emed-mining.comwww.emed.tv 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 Kralova and Biely Vrch Prospects has been done with PQ(85.0mm diameter), HQ (63.5mm diameter) and NQ (47.6mm diameter) size coresamples. Core recovery has averaged 95% throughout the mineralised zones. Allcore 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 20p 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 and reporting processes. • Promoting a strong environmental ethic throughout the company and the community. • Complying with, as a minimum, all applicable local and European Union laws and regulations. • Communicating with community stakeholders in a responsible and transparent manner. EMED Mining has now established a strong position in the following selectedzones: • Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The company has announced gold discoveries at Biely Vrch, Kralova and Slatinske Lazy. • The mines at Rio Tinto in Spain are probably amongst the best known in the world. They are, with the possible exception of those in Cyprus, the oldest capable o f still being worked. EMED Mining's goal is to restart copper production at its projects in both of these well-endowed, historical mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and production techniques are similar in both mining districts. 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 2008 and commence producing significant cash flows and profits. This remains subject to satisfaction of conditions precedent, the principal one of which is regulatory consent to the restart. • EMED Mining's main prospects in Georgia are gold prospects within the Upper Racha Licence, the country's largest minerals licence with many untested prospects. The Company has confirmed Russian Resources of 1.0 million ounces gold at the Zopkhito Prospect (detailed in 2006 Annual Report). • Exploration areas in Turkey were vended into 32%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. The KEFI Minerals team has mobilized into the field to explore the company's tenements and to expand the portfolio of licenses as opportunities 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