Atalaya Mining Regulatory News (ATYM)

9 Aug 2005 07:00

Eastern Mediterranean Res. Pblc LD09 August 2005 9 August 2005 MANAGEMENT TEAM STRENGTHENED The board of Eastern Mediterranean Resources Public Limited ("EMED" or "theCompany") (AIM :EMED), announces the appointment of Dr Demetrios Constantinidesas Head of Regional Development and Mr John Leach as Chief Financial Officer.The appointments come at a crucial time of the Company's development as itestablishes a portfolio of exploration properties in the Eurasian region andgreatly strengthens the management team. Dr Constantinides, 59, MSc Geology, PhD in Economic Geology, is a graduate ofCharles University, Prague. A Cypriot Citizen based in Athens and Nicosia, hehas 31 years experience in mineral exploration and mineral economics includingsenior roles in E.U. Projects, Director for Public Relations and InternationalAffairs for the Institute of Geology and Mineral Exploration in Greece (IGME).Previously, he was the Deputy Director of Exploration of IGME, as well as aconsultant to various international mining companies including Rio Tinto, Kyprou Gold Ltd, General Manager and Deputy Chairman of Thrace Minerals - a wholly-owned subsidiary of Greenwich Resources plc. Mr Leach, 57, BA (Ec), MBA,is a Canadian and Australian Citizen based in Sydney,Toronto and Nicosia. He is a Chartered Accountant by trade in both Canada andAustralia and has over 25 years experience in senior financial positions in themining industry. Mr Anagnostaras-Adams, EMED's Managing Director, said, "We're pleased that wehave managed to establish a first-class team in a short period of time.Demetrios is responsible for government relations and building a portfolio ofexploration properties, whilst, Ron Cunneen as EMED's Head of Exploration isresponsible for managing the exploration of our portfolio. John is a veryexperienced CFO who specialises in this industry in Australia and Canada andwill also assist with corporate development initiatives. This experiencedmanagement team should enable the Company to quickly assemble, assess and addvalue to a portfolio of quality properties. Importantly, the team iscollectively fluent in most of the languages used for business in EMED's regionof interest including Bulgarian, Greek , Russian, Arabic and French." -Ends- 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