Atalaya Mining Regulatory News (ATYM)

30 Oct 2006 07:01

EMED Mining Public Limited30 October 2006 AIM: EMED 30 October 2006 EMED Mining Public Limited - PLACING Placing of up to 20.9 million new ordinary shares to raise net £1.67 million ("the Placing") EMED Mining Public Limited ("EMED Mining" or "the Company") announces that ithas today conditionally placed up to 20,850,000 new ordinary shares of 0.25pence each ("New Ordinary Shares") at a price of 8.5 pence each ("Placing Price") with existing and new shareholders. The Placing will raise £1.8 milliongross (£1.7 million net after associated expenses) and is conditional uponadmission to trading on AIM of the New Ordinary Shares. Application is beingmade for the New Ordinary Shares to be admitted to AIM and it is expected thatAdmission will be effective and the Placing will be completed on Thursday 2November 2006. Fox-Davies Capital was the lead broker, supported by Lewis Charles Securities asjoint broker. The placing roadshow commenced on Tuesday 24 October and closed onFriday 27 October oversubscribed. Investors included the Directors, OxianaLimited, other existing shareholders and new institutional investors. The funds raised increase the cash at bank to £2.4 million, which will allowfollow-up of the recently announced Slovakia gold discovery as well as theCyprus development feasibility study and associated exploration programs. TheCompany is advancing in accordance with the objectives and plans set out in itsAIM Admission Document (dated May 2005). Harry Anagnostaras-Adams, EMED's Managing Director, said: "The Placing leaves the Company with a strong balance sheet and well positioned to pursue new developments and previously planned programs." -Ends- Enquiries EMED Mining Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Ana Ribeiro+357 9945 7843 or +61 412 369 710 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713www.emed-resources.com www.emed.tv Notes for Editors: About EMED Mining (Formerly Eastern Mediterranean Resources) EMED Mining listed on AIM in May 2005 with one exploration project and a clearlong term vision for the establishment of a leading mining company in and forthe Eurasian region. Headquarters were established in Cyprus and rapid progresshas been made from the outset. The Company has already established a strongposition in the following zones within its area of interest: • Cyprus/Middle East exploration is currently centred on the Troodosophiolite complex. The targeted mineralisation style is volcanic-hosted massivesulphide copper deposits under shallow cover, similar to the larger Cypruscopper mines - three of which exceeded 10 million tonnes of ore, at gradesbetween 1% and 4.5%. In August 2006, EMED commenced a feasibility study on itsfirst project development. • Eastern Europe exploration is currently centred on volcanic centres inSlovakia and Romania. Low-detection geochemical methods are being applied tothese areas for the first time together with bulk mining concepts. The targetedmineralisation styles are high-grade epithermal gold, or bulk-mineableepithermal and porphyry copper-gold. In October 2006 EMED made a gold discoveryon the first prospect drilled. Assays on drilling of two other prospects will bereported in the current quarter. • Caucasus exploration is currently focused within the Upper RachaLicence with reserves and resources (Russian classification) of 2.4 millionounces of gold on several previously known prospects with many others beingtested for the first time. EMED field teams have completed the first fieldprogramme and assay results from 900 samples will be reported in the currentquarter. • Turkey/Bulgaria. 71% owned Kefi Minerals Plc is to be listed within 12months with a corporate and personnel structure designed to suit its mission inTurkey in particular, which has recently re-emerged as important for theinternational mining industry. Kefi currently holds two clusters of tenements inTurkey and the Lehovo tenement in Bulgaria, along with an extensive proprietarydatabase. 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