Atalaya Mining Regulatory News (ATYM)

7 Mar 2006 07:02

Eastern Mediterranean Res. Pblc LD07 March 2006 AIM: EMED 7 March 2006 PLACING and ISSUE OF EQUITY Placing of 12 million new ordinary shares to raise £1.4 million net ("the Placing") Eastern Mediterranean Resources Public Limited ("EMED" or "the Company")announces that it has today conditionally placed 12,000,000 New Ordinary Sharesof 0.25 pence each par value ("New Ordinary Shares") at an issue price of 12.5pence each ("Placing Price") with existing and new shareholders. The Placingwill raise £1.5 million gross (£1.4 million net after associated expenses) andis conditional upon admission to trading on AIM of the New Ordinary Shares.Application is being made for the New Ordinary Shares to be admitted to AIM andit is expected that Admission will be effective and that the Placing will becompleted on 10 March 2006. Hichens, Harrison & Co. plc was the lead broker, supported by Lewis CharlesSecurities as joint broker. The funds raised increase cash at bank to £2.1 million, which will continue tobe used for general working capital purposes in accordance with the plan set outin EMED's AIM Admission Document (dated May 2005). The Company is currentlyfocused primarily on establishing material mineral resources in one or more ofthe following countries: • Cyprus: by follow-up geophysics and drilling with the aim oflocating an economic copper deposit within the recently discoveredcopper-mineralised system at North Alestos; • Georgia: by mapping, trenching and drilling with the aim ofverifying recently acquired gold and copper resources (Russian classification);and • Slovakia: mapping, trenching and drilling zones of near-surfacealteration and mineralisation. Each of the three regional portfolios will continue to be strengthened byselective expansion into synergistic nearby projects within Cyprus/Middle East,the Caucasus and Eastern Europe. This strategy of diversification, involving acontinuation of both grassroots exploration and acquisition, will remain centredon the three existing regional portfolios. EMED's strategy is intended tostrengthen the probability of project success as well as to insulate the Companyagainst excessive sovereign risk. In addition to the Placing, EMED has today committed to issue 1,888,888 NewOrdinary Shares to acquire data and rights to projects in the region fromcompanies associated with its three newly appointed Chief ExplorationExecutives, Messrs Bob Close (Cyprus-Middle East), Paul Hanzl (Caucasus) andJeff Rayner (Eastern Europe). Harry Anagnostaras-Adams, EMED's Managing Director, said: "The Placing leavesthe Company with a strong balance sheet and well positioned to continue thepursuit of the strategy set out at the time of its AIM admission. The Placingwas completed in a short period of time, which the Directors believe reflectsthe strong support for EMED's rapid progress. The Placing has also allowed usto widen our shareholder base, including several new institutions whose focus ison the emerging markets in Eurasia. Concurrently with this Placing, EMED hasexpanded its regional database and strengthened its team." -Ends- Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams David Nabarro / Richard Justine Howarth / Swindells Ana Ribeiro+357 9945 7843 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713www.emed-resources.com www.emed.tv About Eastern Mediterranean Resources Public Limited EMED listed on AIM in May 2005 following a placing of its shares. The Companyis headquartered in Cyprus and has a strong commitment to the region. 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.The strategy is rapidly to evaluate exploration opportunities in severaljurisdictions throughout a quality mineral belt with a high rate of projectturnover. EMED has now established a strong position in the following three areas withinits area of interest: • Cyprus/Middle East exploration is centred on the Troodos ophiolitecomplex. The targeted mineralisation style is volcanic-hosted massive sulphidecopper 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%. • Eastern Europe exploration areas are centred on a cluster of volcaniccentres in Slovakia and Hungary. Low-detection geochemical methods are beingapplied to these areas for the first time. The targeted mineralisation stylesare high-grade epithermal gold, or bulk-mineable epithermal gold and porphyrycopper-gold. • Caucasus exploration areas and options over additional prospectsforming a cluster of gold and copper prospects in and around Georgia. The mainprospect is the Upper Racha Licence Area including the Zophkito Prospect withresources (Russian classification) of 2 million ounces of gold. 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