Atalaya Mining Regulatory News (ATYM)

12 Jun 2008 09:32



AIM: EMED 12 June 2008

Confirmation of Third Porphyry Gold Discovery in Slovakia 

EMED Mining Public Limited ("EMED Mining" or "the Company") announces further positive drilling results at the Slatinske Lazy Prospect in central Slovakia.

The first five drill holes at Slatinske Lazy are all strongly anomalous in gold over their entire length of approximately 250m each. The best intercepts are the two most northern holes drilled to date:

Drillhole SLE4 - 51m at 1.21g/t gold  from 99m down hole; and

Drillhole SLE 5 - 121m at 0.53g/t gold from 33m down hole.

Mineralisation appears to be strengthening to the north towards the Klokoc-Podpolom Prospect which is located approximately 1km to the north of Slatinske Lazy within a recently acquired tenement within EMED Mining's Detva Licence. Further exploration and drilling will be undertaken over the coming months.

Slatinske Lazy is located 7.5km southwest of the Biely Vrch discovery, where step-out drilling is in progress to test for the possibility of extensions to the known deposit. Mineralisation at Slatinske Lazy is hosted within a quartz-vein stockwork in a potassic-altered andesite porphyry - a similar suite of rocks to Biely Vrch.

Priorities of the Slovakian Gold exploration project in Q32008 include: 

infill drilling at Biely Vrch to improve understanding of the known deposit

extend soil-geochemistry surveys over and then scout drill the 3 other prioritised prospects: Slatinske Lazy in the Detva Licence, Sementlov in the Hodrusa Licence and Pila in the Velke Pole Licence

prospecting of the large number of other target areas to plan follow-up testing of this gold district

Managing Director, Mr Harry Anagnostaras-Adams, of EMED Mining said: 

"Our substantial 2008 exploration program in central Slovakia is progressing well. Approximately 15,000m of diamond drilling is planned for 2008, which will be split between advancing Biely Vrch towards an initial JORC-compliant resource and progressing exploration of other porphyry gold prospects within our large, 100% owned licences.

"Exploration of this previously unrecognised porphyry gold district is at a very exciting stage as we identify further prospects for drilling by undertaking geological mapping and geochemical surveys. We aim to drill at least a further three prospects during 2008.

"We appreciate the welcome given by the local community in recent events and look forward to continuing the proud mining heritage of this historical and well-endowed district."

Enquiries

Competent Person

References in this announcement to exploration results and potential have been approved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen is Head of Exploration for EMED Mining and has more than 20 years' relevant experience in the field of activity concerned. He is a member of The Australian Institute of Geoscientists ("AIG") and has consented to the inclusion of the material in the form 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 core samples. Core recovery has averaged 95% throughout the mineralised zones. All core has been logged and separated into 1.0m lengths. PQ size core has been quartered, while HQ and NQ sized core have then been cut in half by a diamond saw. The split core has then been sent for assay.

Sample preparation has been done by ALS - Chemex in Romania and assayed for gold by 30gm fire assay (method Au-AA25). Both standards and blanks have been used in the sample batches sent by EMED to ALS - Chemex in line with EMED company quality control procedures.

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on AIM in May 2005 following a placing of its shares and its share market capitalisation has since grown from approximately £4 million to approximately £60 million. The Company is based in Cyprus and has a strong commitment to responsible development of metal production operations in Europe, with an initial focus on copper and gold. 

The Group's region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through implementation of European Union and other leading-edge international standards. The Company strictly implements its Environmental & Community Policy which includes:

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 selected zones:

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 gold discoveries at Biely Vrch, Kralova and Slatinske Lazy in Slovakia. 

The mines in Cyprus and at Rio Tinto in Spain, located in the Iberian Pyrite Belt, which is probably among the best known in the world for its mineral endowment. 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. 

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 gold resources at the Zopkhito Prospect and discovered high grade mineralisation at surface at other prospects (detailed in 2006 Annual Report).

Exploration areas in Turkey were vended into 32%-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.com or www.emed.tv.