Atalaya Mining Regulatory News (ATYM)

EMED MINING QUARTERLY OPERATIONAL UPDATE

EMED Mining is listed on AIM (Code: EMED) and the TSX (Code:EMD)

27 September 2012

EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces today the following operational update for the period 1 July 2012 to 27 September 2012. The full Quarterly Report, including consolidated Financial Statements and the Management Discussion and Analysis, will be issued on or about 12 November 2012. This Operational Update is being issued today, slightly ahead of the end of the quarter, for good order in light of a Company presentation being made today at an investment conference.

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

"During the last quarter EMED achieved several important goals, most notably the consolidation of all project lands at the Rio Tinto Copper Mine. This, along with advances made in regulatory permitting, engineering and financing, duly advance the major tasks in the "pre-development" stage of Rio Tinto's path to production. We are on track to complete these tasks and trigger the consequential project execution processes targeting the commencement of production commissioning at the end of 2013.

"The key objective for the December quarter is gaining the regulatory approval of the Company's Administrative Standing and the conditional approval of the Company's plans for the Environment and the Project."

Key Points

·; The start of commissioning at the Rio Tinto Copper Mine remains targeted for end-2013;

·; Andalucian Government key approvals required for the project restart are being progressed as follows:

o Administrative Standing: this approval requires the regulatory clearance of economic, technical and legal "capacities". Legal capacity was cleared in 2011. All documents in respect of legal, technical and economic capacities were updated as at the beginning of September, as requested by the regulatory authority, and lodged for final clearance;

o Environmental Plans: The period for public comment closed at the end of July. We have yet to receive, from the regulatory authority, the summary of the general public's comments. However, we have in the meantime been provided with the comments submitted by the local non-government environmental organisation and have satisfied ourselves that they present no surprises or material concerns. We target to resolve conditional approval of environmental plans in the December quarter;

o Project Plans: the independent review from the technical review agency IGME (Instituto Geológico y Minero de España) is now due and we target to resolve conditional approval of the project plans in the December quarter;

o Bonding for environmental commitments and protection of personnel entitlements: the Company expects to engage on this matter with the authorities in the December quarter.

·; All project lands were consolidated during the September quarter with the Company now owning all lands required for project operations. Extra lands have also been secured under options for potential further expansion possibilities. The terms of these transactions aligned the interests of the land vendors with those of EMED Mining as most of the consideration is either in the form of ordinary shares of EMED Mining locked-in pending project permitting or in the form of pre-set cash flow entitlement from future production

·; The up-front cash consideration paid for project lands was replenished during the September quarter as a result of private placements to existing shareholders;

·; The project team readied the capital estimates, schedules and execution plan in preparedness for independent reviews by the Directors, customers and financiers in the December quarter;

·; Product marketing arrangements are being expanded with appropriate third parties, to complement those already planned with Goldman Sachs International and Xiangguang International (XGC);

·; Project financing documentation is being readied in accordance with the terms sheets which have been agreed, for triggering of formal approval processes in the December quarter to support drawdown targeted for early 2013, after detailed engineering and permitting conditions are approved.

·; At the Detva Gold Project in Slovakia, we are focused on community consultation as part of the processing of our application for the regulatory approval of a Mining Lease Area.

Enquiries:

Investors/Media: Harry Anagnostaras-Adams +357 9945 7843.

In North America : Andreas Curkovic +1 416-577-9927

General: Email: info@emed-mining.com