Atalaya Mining Regulatory News (ATYM)

8 Nov 2007 07:02

EMED Mining Public Limited08 November 2007 AIM: EMED 8 November 2007 PORPHYRY GOLD SYSTEM CONFIRMED AT KRALOVA PROSPECT IN SLOVAKIA EMED Mining Public Limited ("EMED Mining" or "the Company") announces thatextensive low-grade gold mineralisation was intersected in the initial twodrillholes at the Kralova Prospect. These initial drilling results confirmKralova as the second gold porphyry deposit discovered by the Company inSlovakia. EMED Mining considers it likely that further exploration will discoveradditional porphyry gold deposits as they typically occur in clusters. Drillholes KVE1 and KVE2 were collared on the same drill pad and inclined at 60degrees away from each other. KVE1 intersected 158m at 0.37g/t gold from surfaceand KVE2 averaged 0.42g/t gold over the entire 250m length of the hole. The longintercept in KVE2 includes 56m at 0.80g/t gold from 77m downhole. Hole Number Total Azimuth Dip From To Downhole Grade Depth (m) (m) Intercept (g/t gold) (m) (m)KVE1 250 130o -60o 0 158 158 0.37including 0 55 55 0.60including 124 156 33 0.45KVE2 250 310o -60o 0 250 250 0.42including 77 132 56 0.80 KVE1 and KVE2 have tested only a small portion of the targeted large 1,000m by500m soil anomaly. The Kralova Prospect is located 20 km southwest of Biely Vrch, EMED Mining'sfirst porphyry gold discovery in Slovakia. Kralova's mineralisation is verysimilar to Biely Vrch and is hosted in a quartz-vein stockwork in apotassic-altered andesite porphyry. Gold grade at Biely Vrch has been noted togenerally increase with quartz-vein content and notably drillhole KVE3 (assaysawaited) has a greater quartz-vein content than the first two drillholes. Results from further drilling at Kralova will be released in due course. EMEDMining is also exploring several other nearby prospects in the Company's large(1,107km2), 100%-owned licences which are known to have the appropriate geologyand geochemistry to host porphyry gold mineralisation. Commenting on the results, Managing Director Harry Anagnostaras-Adams said: "As the second gold porphyry deposit we've discovered in Slovakia, these initialresults from the Kralova Prospect are further encouragement for us to continueto seek porphyry deposits in the region. We have only just begun an extensiveprogramme of exploration and development, and we are confident that our projectsin Slovakia will unearth more." Further background information on porphyry gold deposits in Slovakia isavailable in EMED Mining's announcements dated 9 July 2007, 21 August 2007 and29 October 2007. -Ends- Enquiries:EMED Mining RFC Corporate Finance Fox-Davies Capital Parkgreen CommunicationsHarry Anagnostaras-Adams Stuart Laing Daniel Fox-Davies Justine Howarth / Erica Nelson+357 9945 7843 +618 9480 2500 +44 20 7936 5220 +44 20 7851 7480www.emed-mining.com www.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 16p and market capitalisation has increased from approximately £4million to approximately £38 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 andreporting processes. • Promoting a strong environmental ethic throughout the company and thecommunity. • Complying with, as a minimum, all applicable local and European Unionlaws and regulations. • Communicating with community stakeholders in a responsible andtransparent manner. In the framework of our community relations policy, we will co-host with theFaculty of Environment of the Technical University of Zvolen and the localmunicipalities an international conference on Responsible Mining andEnvironmental Protection. The conference will take place in Detva (CentralSlovakia) on 12 November 2007. EMED Mining has now established a strong position in the following selectedzones: • Exploration areas in Slovakia are centred on a cluster of volcaniccentres. Low-detection geochemical methods are being applied to these areas forthe first time together with open pit bulk mining concepts. The principaltargeted mineralisation style is low-grade, bulk-mineable porphyry gold. Thecompany has announced a gold discovery at Biely Vrch in Slovakia. • The mines at Rio Tinto in Spain are probably amongst the best known inthe world. They are, with the possible exception of those in Cyprus, the oldestcapable o f still being worked. EMED Mining's goal is to restart copperproduction at its projects in both of these well-endowed, historical miningdistricts. Both Spain and Cyprus are progressive members of the European Unionand EMED Mining has been made to feel welcome in both host countries. The stylesof mineral deposits and production techniques are similar in both miningdistricts. 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 2008and commence producing significant cash flows and profits. This remains subjectto satisfaction of conditions precedent, the principal one of which isregulatory consent to the restart. • EMED Mining's main prospects in Georgia are gold prospects within theUpper Racha Licence, the country's largest minerals licence with many untestedprospects. The Company has confirmed Russian Resources of 1.0 million ouncesgold at the Zopkhito Prospect and discovered high grade mineralisation atsurface at other prospects (detailed in 2006 Annual Report). • Exploration areas in Turkey were vended into 34%-owned KEFI MineralsPlc which was admitted to AIM in December 2006. KEFI Minerals owns carefullyselected licence areas in Turkey, as well as an extensive proprietary databaseof regional and specific exploration data providing a pipeline of furtherprojects to evaluate. The KEFI Minerals team has mobilized into the field toexplore the company's tenements and to expand the portfolio of licenses asopportunities 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