Atalaya Mining Regulatory News (ATYM)

12 Aug 2005 10:45

Eastern Mediterranean Res. Pblc LD12 August 2005 12 August 2005 Eastern Mediterranean Resources Public Limited ("EMED" or "the Company") Issue of 4,125,000 New Ordinary Shares The Directors of EMED (AIM:EMED) announce that the Company has acquired adatabase in respect of certain projects in a number of countries from DCCGGeoconsulting Public Ltd ("DCCG") for a consideration of £100,000 satisfied bythe issue of 1,000,000 New Ordinary Shares in the Company at 10p per OrdinaryShare. In addition EMED has issued the 2nd instalment of 3,125,000 New Ordinary Sharesto RAB Capital at 8p in accordance with the teams of the Company's InitialPublic Offering in May 2005. The details of this transaction were outlined inthe Company's Admission Document which can be viewed on the Company's website:emed-resources.com. Application has been made for the total of 4,125,000 New Ordinary Shares to beadmitted to trading on AIM. Issue of 700,000 Unlisted Options over Ordinary Shares In addition the Company has granted an option to subscribe for 500,000 OrdinaryShares with an exercise price of 10p per Ordinary Share to DCCG and a similaroption to subscribe for 200,000 Ordinary Shares to Braeburn Holdings Pty Ltd.("Braeburn"). DCCG is a company associated with Demetrios Constantinides , EMED's Head ofRegional Development. Braeburn is a company associated with John Leach, EMED'sChief Financial Officer. These options are exercisable as to one third at any time, one third immediatelyfollowing the first anniversary of the grant and one third immediately followingthe second anniversary of the grant. 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 Notes to editors 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