Atalaya Mining Regulatory News (ATYM)

27 Nov 2006 07:01

EMED Mining Public Limited27 November 2006 AIM: EMED 27 November 2006 Option Acquired over Albanian Copper Exploration Assets EMED Mining Public Limited ("EMED Mining" or "the Company") announces that ithas been granted an exclusive 90-day option over the Rehova Exploration Licencein Albania ("Rehova Licence"). The current owner has granted the option over the Rehova Licence to EMED Miningso that it may concentrate on its core projects elsewhere. The premium payableby EMED Mining on grant of the option was $US50,000 and was satisfied by theissuance of 280,000 new ordinary shares of 0.25 pence each in the capital of theCompany ("New Ordinary Shares") at an issue price of 9.3 pence per share. IfEMED Mining elects, in due course, to exercise its option, a further $US400,000is payable to the vendor which may be satisfied in cash or by the issuance ofNew Ordinary Shares, at the Company's discretion. The exercise of the option isat the sole discretion of the directors of EMED Mining. The Rehova Licence has a surface area of 46 square kilometres and is locatedsome 5 hours drive southeast of the Albanian capital city Tirana. The licencearea contains several known Cyprus-type volcanic-hosted massive sulphidedeposits as well untested geophysical anomalies. One deposit has previouslyreported Russian resources of 2.1 million tonnes grading 2.2% copper, 1.2% zincand 0.3g/t gold. EMED Mining has conducted initial due diligence which confirmed the explorationpotential of the licence but has yet to form a fully considered view on thereported Russian resources. Harry Anagnostaras-Adams, EMED Mining's Managing Director, said: "The Rehovaopportunity in Albania potentially complements the Company's properties inCyprus as it has a similar geological setting and established Russian resources.EMED Mining is progressing a Preliminary Feasibility Study for developing a mineat its Klirou Copper-Zinc Project in Cyprus. We hope that further explorationand evaluation of Rehova will warrant the triggering of a feasibility study inAlbania and, if so, we will then have two potential mine developments in theshort term." -Ends- Enquiries EMED Mining Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Ana Ribeiro+357 9945 7843 or +44 (0) 20 7710 7400 +44 (0) 20 7493 3713+61 412 369 710www.emed-resources.com www.emed.tv 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. Notes to Editors : About EMED Mining Public Limited EMED listed on AIM in May 2005 following an initial public offering of itsshares. The company is headquartered in Cyprus and has a strong commitment tothe region. The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds over 3,000km from Eastern Europe to Iran. The strategy is to evaluateexploration opportunities in several jurisdictions throughout this qualitymineral belt. EMED has now established a strong position in the following zones within itsarea of interest: • Cyprus/Middle East exploration is centred on the Troodos ophiolite complex. The targeted mineralisation style is volcanic-hosted massive sulphide copper deposits under shallow cover, similar to the larger Cyprus copper mines - three of which exceeded 10 million tonnes of ore, at grades between 1% and 4.5%. EMED is undertaking a preliminary feasibility study on mining copper-zinc resources in the Klirou District and 7 target areas are being explored for additional mineable deposits. • Eastern Europe exploration areas are centred on a cluster of volcanic centres in Slovakia and Romania. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. The company announced on 23 October 2006 a gold discovery in Slovakia. • Caucasus exploration areas form a cluster of gold prospects centred in Georgia. EMED Mining's main prospects are within the Upper Racha Licence with reserves and resources (Russian classification) of 2.4 million ounces of gold. Assays are pending on approximately 900 samples from the Company's first field program and a progress report will issue as results are assembled and interpreted. • Turkey/Bulgaria exploration areas being transferred into 71% owned KEFI Minerals Plc which is to be listed within 12 months. KEFI holds, via its Turkish and Bulgarian subsidiaries, two clusters of tenements in Turkey and the Lehovo tenement in Bulgaria, along with an extensive proprietary database. The Admission of KEFI is planned for December 2006. 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