Atalaya Mining Regulatory News (ATYM)

21 Aug 2007 07:00

EMED Mining Public Limited21 August 2007 AIM: EMED 21 August 2007 PORPHYRY GOLD SYSTEM EXTENDED AT BIELY VRCH EMED Mining Public Limited ("EMED Mining" or "the Company") announces the bestdrilling intercept of gold mineralisation achieved to date at the Biely VrchProspect at the Detva Licence in central Slovakia. Drillhole DVE11 intercepted 371m at 1.34g/t gold from 30m downhole to the end ofthe drillhole. Nearby drillhole DVE12 intercepted 150m at 0.53g/t gold fromsurface with assays pending on the remainder of that hole. These two drillholes are located approximately 130m to the south of thepreviously reported zone of mineralisation with then-estimated 15 to 23 milliontonnes at an average grade of 1.0g/t gold, containing approximately 0.5 to 0.7million ounces. Drillholes DVE11 and DVE12 are therefore part of a program whichis to date successfully expanding the previously reported zone ofmineralisation. In due course in-fill drilling would seek to define an initialJORC-compliant Mineral Resource at Biely Vrch. The Company also announces that it has been granted a 16km2 Exploration Licencewithin EMED Mining's Detva Licence. This licence covers the Klokoc prospectwhich contains a small gold resource defined by previous explorers and appearsto have the characteristics of a porphyry gold deposit and, in light of recentinsights, warrants follow-up by EMED Mining. Background: • Biely Vrch is a classical porphyry gold system which is a deposit type rare globally and exemplified by several multi-million ounce deposits in the Maricunga belt of northern Chile. • Porphyry gold deposits typically occur in clusters and are usually large ( > 100 million tonnes), low-grade (0.7g/t to 1.8g/t gold), bulk-mineable deposits. • Several other prospects within the Company's Slovakian Licence have been recognised as having potential to host porphyry gold mineralisation, including the Klokoc prospect. Further background information on porphyry gold deposits is available in EMEDMining's Biely Vrch announcement dated 9 July 2007. Commenting on the results, Managing Director Harry Anagnostaras-Adams said: "The beauty of porphyry gold systems is that substantial intervals areconsistently mineralised, enabling multi-million ounce orebodies to bedelineated relatively quickly. "These first two holes in our current drilling program already suggest that thesize of the previously reported zone of mineralisation will be at least doubledwith further drilling. The deposit remains open to the north and south, as wellas six of the eleven drillholes assayed to date ending in mineralisation. "Porphyry gold deposits typically occur in clusters and several nearby prospectsin our 100%-owned, 20km by 10km Detva Licence are already known to have theappropriate geology and geochemistry to host porphyry gold mineralisation. "Drilling continues at Biely Vrch and initial drilling of nearby prospects isalso planned." Enquiries: EMED Mining RFC Corporate Fox-Davies Parkgreen Finance Capital CommunicationsHarry Stuart Laing Daniel Justine HowarthAnagnostaras-Adams Fox-Davies+357 9945 7843 +618 9480 2500 +44 20 7936 5220 +44 20 7851 7480www.emed-mining.comwww.emed.tv Biely Vrch Prospect Drilling: Technical Summary DVE11 and DVE12 are the first two drillholes in the current drilling program,the budget for which was recently increased to 7,000 metres of drilling during2007. Drilling results continue to confirm that gold mineralisation underlies thetargeted 300m by 500m soil geochemical anomaly. Gold mineralisation isassociated with a potassic alteration assemblage and contained in aquartz-veinlet stockwork. Drillhole DVE11 intercepted 371m at 1.34g/t gold from 30m downhole to the end ofthe drillhole, including 31m at 3.21g/t gold from 366m. Drillhole DVE12 is located 100m to the east of DVE11 and intercepted 150m at0.53g/t gold from surface. Regional Exploration Near Biely Vrch The recognition of Biely Vrch as a porphyry gold deposit has provided valuableinsights which assist EMED Mining's plans for exploration of its Slovakianlicences. Several prospects have already been recognised as having potential tohost porphyry gold mineralisation. Drill targets are being defined via geological mapping and geochemical surveysat prospects such as Kralova and Banisko in the Company's Detva Licence. A 16km2 Exploration Licence within EMED Mining's Detva Licence has recently beengranted by the Slovakian Government. This licence covers the Klokoc prospectwhich contains a small gold resource defined by previous explorers and appearsto have the characteristics of a porphyry gold deposit. Granting of this additional licence has resulted in EMED Mining's 100%-ownedDetva Licence now covering a 20km by 10km area centred on this emerging porphyrygold district. A regional stream geochemical survey and follow-up geological mapping isexpected to define further areas within the Company licences that areprospective for gold porphyry deposits. 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 Biely Vrch Prospect has been done with PQ, HQ and NQ sizecore samples. Core recovery has averaged 95% throughout the mineralised zone.All core 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 £20 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 and reporting processes. • Promoting a strong environmental ethic throughout the company and the community. • Complying with, as a minimum, all applicable local and European Union laws and regulations. • Communicating with community stakeholders in a responsible and transparent manner. EMED Mining has now established a strong position in the following selectedzones: • The mines at Rio Tinto in Spain are probably amongst the best known in the world. They are, with the possible exception of those in Cyprus, the oldest capable of still being worked. EMED Mining's goal is to restart copper production at its projects in both of these well-endowed, historical mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and production techniques are similar in both mining districts. The principal 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 2008 and commence producing significant cash flows and profits. This remains subject to satisfaction of conditions precedent, the principal one of which is regulatory consent to the restart. • Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The company has announced a gold discovery at Biely Vrch in Slovakia which is a major priority for 2007. • EMED Mining's main prospects in Georgia are gold prospects within the Upper Racha Licence, the country's largest minerals licence with many untested prospects. The Company has confirmed Russian Resources of 1.0 million ounces gold at the Zopkhito Prospect and discovered high grade mineralisation at surface at other prospects. • Exploration areas in Turkey were vended into 34%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. The KEFI Minerals team has mobilized into the field to explore the company's tenements and to expand the portfolio of licenses as opportunities warrant. See www.kefi-minerals.com. For further information on the Company's activities, visit www.emed-mining.comor www.emed.tv. -Ends- This information is provided by RNS The company news service from the London Stock Exchange