Atalaya Mining Regulatory News (ATYM)

AIM: EMED, TSX: EMD 23 November 2011

EMED Mining's twin focus on Rio Tinto Copper Mine timely restart and expansion

EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, is pleased to update the market with positive developments for the Company's restart of the Rio Tinto Copper Mine and the targeted expansion of its ore reserves, mineral resources and mine life.

First, significant progress has been made this month with the Government and its agencies:

·; The Junta de Andalucia (the "Government") has made clear public policy statements committing support for the Company's plans to restart the Rio Tinto Mine as soon as possible, the most recent such statement being in Minas de Rio Tinto last week by the Minister for Economy in Andalucia;

·; The Company has responded to the Government's latest information request received 26 October 2011, dealing with all matters raised and undertaking to provide independent expert reports on sensitive areas such as the optimisation of waste and tailings management and storage;

·; The judiciary has dismissed all legal challenges (to the Company's plans) filed by the former project operator and adjoining landowners. Any challenges which have yet to be heard are also considered frivolous, are expected to be dismissed by the judiciary in due course and have no bearing on the project and its timetable; and

·; Law enforcement agencies have been ensuring the Company's full control of the tailings dams and are prosecuting certain officers of these third parties for disobedience of judicial orders.

Secondly, the Company has executed an agreement with project vendor and EMED Mining shareholder MRI Holding ("MRI") giving the Company rights to a number of mineral concessions previously held by an MRI subsidiary and adjacent to the Rio Tinto Copper Mine site. The consideration for the mineral concessions was incorporated within the project acquisition agreement in October 2008 and the current initiative is part of the intended clean-up being steadily implemented with the authorities in respect of all relevant legacy issues and permitting matters. It is the Company's intention to start an aggressive exploration program where appropriate in and around the already planned mine as soon as regulatory clearances permit.

Measured and Indicated Resources are currently reported to contain 933,000 tonnes or 2.1 billion pounds of in-situ copper (203 million tonnes at 0.46% copper) and are currently restricted to mineralisation at the Cerro Colorado open pit and take no account of previously drilled and unexploited mineralisation at several other mines on the main Rio Tinto Copper Mine property and also take no account of other mines or targets on the surrounding mineral concessions. The Company perceives that there is potential over the longer term for Rio Tinto Copper Mine to again develop several satellite operations.

Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:

"The Company is committed to the timetable to trigger the restart of this major copper mine during third quarter 2012, followed by a ramp-up to target steady-state ore production of 9 million tonnes per annum in 2014.

"At the same time we are laying the foundations for commencement of brownfields exploration programs which have the potential to expand mineral resources and project life which is of paramount importance to all stakeholders.

"The Government has in the past few weeks demonstrated its commitment to administer permitting and access to third party lands in line with these targets, whilst ensuring proper handling of third parties and full regulatory compliance.

"The Company's teams are making steady progress on all aspects of permitting, legal, finance and project planning of start-up and expansion."

Shareholder Briefing:

A Shareholder Briefing will be held at 6.15 pm on Monday, 05 December 2011 at Bishopsgate Communications, 3rd Floor, 3 London Wall Buildings, London Wall, London, EC2M 5SY.

Shareholders wishing to attend the briefing are requested to RSVP by emailing emed@bishopsgatecommunications.com.

-ENDS-

Enquiries

Qualified Persons Statement

Information in this report as regards the Rio Tinto Mine that relates to Mineral Resource estimates is based on information compiled by Mr. Pat Stephenson, BSc (Geology) and Mr. Ron Cunneen, BSc (Geology), with Mr. Stephenson taking responsibility for the Mineral Resource estimates and Mr. Cunneen taking responsibility for the data on which the estimates are based. Mr. Stephenson is Regional Manager, Vancouver and Principal Geologist with AMC Mining Consultants (Canada) Ltd and a full-time employee of that company. He is a Fellow of The Australasian Institute of Mining and Metallurgy.

Mr. Cunneen is Head of Exploration for EMED Mining and a full-time employee of that company. He is a Member of The Australian Institute of Geoscientists. Information in this report as regards the Rio Tinto Mine that relates to Ore Reserve estimates is based on information compiled by Mr. Andy Robb, BSc (Mining Engineering). Mr. Robb is Principal Mining Consultant with AMC Consultants and a full-time employee of that company. He is a Member of the Australasian Institute of Mining and Metallurgy.

Mr. Stephenson, Mr. Cunneen and Mr. Robb have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking to qualify as "Competent Persons" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("JORC Code") and "Qualified Persons" as defined in the "National Instrument 43-101 of the Canadian Securities Administrators" ("NI 43-101") and "CIM Definition Standards For Mineral Resources and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee on Reserve Definitions of the Canadian Institute of Mining. Mr. Stephenson, Mr. Cunneen and Mr. Robb consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Cautionary Notes

This announcement contains "forward looking information" which may include, but is not limited to,

statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of metals, the estimation of ore reserves and resources, the conversion of estimated resources into reserves, the realisation of ore reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations (including negative variations) of

such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on forward looking statements.

Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; the future costs of capital to the company; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, terrorist attacks, insurrection or war; EMED Mining Public Limited p.9 www.emed-mining.comdelays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in this announcement.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on the AIM market of the London Stock Exchange in May 2005 and on the Toronto Stock Exchange in December 2010. The Company is committed to responsible development of metal production in Europe, with a focus on copper, gold and critical raw materials.

The Group's region of interest is 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 the implementation of European Union and other international standards. The Company strictly implements its Environmental & Community Policies.

EMED Mining is focused on two key projects in Spain and Slovakia with excellent potential to add significant value:

Copper in Spain:The Company's priority is to progress the planning and permitting process required to commence production from its wholly-owned Rio Tinto Copper Mine. Located 65km northwest of Sevilla in Andalucía, the open-pit mine, processing plant and waste disposal facilities has been on care and maintenance since 2001.

Gold in Slovakia:EMED Mining discovered the Biely Vrch porphyry gold deposit and is currently

advancing the planning and permitting necessary for development.

EMED Mining has the following other notable earlier-stage activities:

·; Exploration licences in the copper-mining districts of Cyprus;

·; An option over a tungsten deposit in Portugal; and

·; A 18% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Turkey and Saudi Arabia.

For further information on EMED Mining and technical details on the Company's projects, please refer to www.emed-mining.com.