Atalaya Mining Regulatory News (ATYM)

19 Oct 2006 09:28

Eastern Mediterranean Res. Pblc LD19 October 2006 AIM: EMED 19 October 2006 GOOD PROGRESS IN CYPRUS WITH PRELIMINARY FEASIBILITY STUDY EMED Mining Public Limited ("EMED Mining" or "the Company") today jointlyhosted, with the Green Party of Cyprus, a conference in Nicosia on "ResponsibleMining and Environmental Protection". Speakers from the Company's current corecountries of activity discussed the revitalisation the region's mining industry. Conference participants included shareholders of EMED Mining, community leaders,regulators, government officials and environmental experts from Cyprus, Slovakiaand Georgia. Managing Director, Mr Harry Anagnostaras-Adams, provided an overview of theCompany's progress since incorporation only two years ago. The presentationincluded a report of the good progress to date with the Preliminary FeasibilityStudy for the Klirou Copper-Zinc Project in Cyprus: • Potential tonnage at Klirou increased 25% due to modelling of drilled mineralisation outside the envelope of the reported Inferred Resources • confirmation of by-product gold in the order of 0.4 grams per tonne • Independent project advisers and environmental consultants appointed to project team which also includes engineers from 5% partner Hellenic Mining Company ("HMC"), which group has operated several such projects and is current operator of quarries, cement plant and port • Baseline environmental studies commenced • Short-listed mining and transport contractors being invited to submit non-binding tenders • Existing disused plant site (needing extensive refurbishment and currently owned by partner HMC) being examined in detail for refurbishment and recommissioning • Positive feedback to date from regulatory authorities and community leaders Inferred mineral resource estimates are set out as follows. Metal content worth+£100million at current forward market prices for the metals: Klirou Copper-Zinc Project - Resource Estimate Classification Tonnes Copper Contained Copper Zinc Contained Zinc (000's) Grade (tonnes) Grade (tonnes) Klirou 4,404 0.50% 22,020 0.68% 29,947South Mathiatis 1,182 N.A N.A 0.90% 10,638 Notes: Cut-off grade (1) Klirou = 0.3% copper equivalent, with the copperequivalent grade being calculated on the zinc price equal to 50% of the copperprice. (2) Sth Mathiatis = 0.3% zinc. Gold not yet included. - Ends - EMED Mining Nabarro Wells Parkgreen Communications Harry Anagnostaras-Adams Richard Swindells Justine Howarth / Ana Ribeiro+357 9945 7843 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713www.emed-resources.com www.emed.tv References in this announcement to resources, exploration results and potentialhave been approved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen isHead of Exploration for EMED Mining and has more than 20 years relevantexperience in the field of activity concerned. He is a member of The AustralianInstitute of Geoscientists ("AIG") and has consented to the inclusion of thematerial in the form and context in which it appears. Comment on Validation and Upgrading of Inferred Resources Previous drilling was done to approximately 30 metre-spacing which wouldordinarily be sufficient for establishment of measured resources (and also "orereserves" once engineering and economic aspects adequately verified) inaccordance with the JORC Code, the most widely used international reportingstandard for mineral resources and ore reserves. However, the previous drillingin Cyprus was done by drilling and assay techniques of 30 years ago which havesince been improved and the reported results need to be validated in a number ofways. Accordingly the Company has begun to carry out a validation programincluding the following: 1. twin-hole drilling using the same "open-hole technique" of the past, in order to compare past results with today's sample-preparation and assay results. Results so far in this regard are within 10% of previous now twinned resource drillholes, as follows: a. EMR19: from 95-132m, 36 metres of 0.46% Cu, 0.83% Zn equating to 0.88%Cu equivalent (previous result was 36 metres at 0.94% copper equivalent) b. EMR20: from 90-180m, 90 metres of 1.06% Cu, 0.23% Zn equating to 1.18% Cu equivalent. Includes 35 metres of 2.64% Cu, 0.15% Zn equating to 2.71% Cu equivalent. (previous result was 88 metres at 1.21% copper equivalent) 2. statistical comparison of assay results from open-hole drilling (using the same drilling rig and sample preparation protocols) with actual results from mining operations at a comparable recently-mined-out ore-body. This has been done and so far shown to be within 10% accuracy also 3. selective diamond drilling, which has commenced 4. a systematic RC drilling program, which is being arranged 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 rapidlyevaluate exploration opportunities in several jurisdictions throughout thisquality mineral belt with a high rate of project turnover. EMED has now established a strong position in the following zones within itsarea 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, now, in Romania. Low-detection geochemical methods arebeing applied to these areas for the first time together with open pit bulkmining concepts. The targeted mineralisation styles are high-grade epithermalgold, or bulk-mineable epithermal gold and porphyry copper-gold. • Caucasus exploration areas and options over additional prospects, forma cluster of gold prospects centred in Georgia. EMED Mining's main prospects arewithin the Upper Racha Licence with reserves and resources (Russianclassification) of 2.4 million ounces of gold. • Turkey/Bulgaria exploration areas being transferred into 71% ownedKefi Minerals Plc which is to be listed within 12 months. Kefi's holds twoclusters on tenements in Turkey and the Lehovo tenement in Bulgaria, along withan extensive proprietary database. 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