Last checked at 6 Oct 2010 07:00
EMED MINING QUARTERLY REPORT
6 October 2010
EMED Mining Public Limited ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, is pleased to provide shareholders with its Quarterly Report for the three month period ending 30 September 2010.
Key Points
Rio Tinto Copper Mine ("Proyecto Rio Tinto" or "PRT") - Copper in Spain
> EMED Mining (via its wholly-owned subsidiary EMED Tartessus) has submitted to the relevant authorities all the remaining reports required for the regulatory process initiated in May 2009, for recognition of EMED Tartessus as a competent operator by the mining regulators ("Administrative Standing") including those that:
o demonstrate the Company's economic and technical competence as owner of the PRT mineral rights acquired in- 2007; and
o detail the proposed project, setting out the plans to commission production at PRT in late 2011.
> The regulatory authorities have requested a letter of non-opposition to the Administrative Standing request submitted by EMED Tartessus from Minas de Rio Tinto ("MRT"), the last-approved owner/operator, which has been in liquidation for approximately ten years. The Liquidation Commission of MRT has provided three of the four requested signatures of non-opposition. In the unlikely event that this matter is not resolved collaboratively within a commercially reasonable time-frame or manner, relief has been sought for the Court to override MRT and sign the document if required.
> Various requirements relating to the tailings dams have been stipulated by the provincial delegation of the Ministry of Industry, including insurance requirements and the joint responsibilities of all relevant landholders for public safety and for maintenance of the facilities.
> The copper price outlook remains positive, with spot and average 10-year forward prices continuing to exceed US$3.00/lb or US$6,600/tonne (€2.10/lb or €4,620/tonne). At current copper prices of US$3.65/lb, PRT's projected net operating cash flow is estimated to average US$156 (€125) million per year under the current "base case" development plan.
Detva Gold Project - Gold in Slovakia
> EMED Mining is progressing feasibility work, community consultation, environmental studies, and approvals required for the proposed open-pit mine at Biely Vrch producing ~60,000 ounces per year at an average cash cost of ~US$530/ounce.
> The Biely Vrch gold deposit was given "exclusive deposit" status in September 2010, which gives priority to the land being used for mining activities over all other land uses.
> Exploration drilling is in progress at the Banska Stiavnica and Hodrusa exploration licences that have historically produced more than 3 million ounces of gold and 120 million ounces of silver.
Corporate
> The Company is preparing to dual-list on the Toronto Stock Exchange ("TSX").
> Detailed discussions are in progress with potential PRT product customers and financiers to fund the restart of PRT.
> Group loss before tax of €5.3 million for the six-month period to 30th June 2010, reflecting the write-off of care and maintenance costs at PRT and all exploration costs.
> EMED Mining accepted the resignation of Non-Executive Director Gordon Toll after welcoming Mr Roger Davey to the Board as a Non-Executive Director earlier in the year.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"Our focus remains on obtaining the necessary permits and approvals to restart the Rio Tinto Copper Mine, to rapidly start production and optimise the operation for the benefit of all stakeholders.
"The project team, recently re-organised and expanded for project execution, has now turned to contract specification and negotiations with suppliers in order to ensure that mining and process plant repairs/upgrades can commence in mid-2011 and production can be commissioning at the end of 2011. Another key activity planned for H1-2011 is the commencement of drilling to support production scheduling and to start exploration programs targeted at extending the project life.
"Progress is also being made on various other matters that must be settled prior to EMED Mining committing the necessary US$100 million in capital expenditures required to bring this large project back into production. The legal and permitting team is focused on supporting the regulatory process in accordance with the established timetable.
"The next scheduled permitting milestone is for the Company to be granted Administrative Standing over the mineral rights that it acquired in 2007. Resolution of this matter, which is expected by approximately the end of 2010, will facilitate the triggering of site works, the processes for formal occupation of adjoining lands zoned for mining and the processing of the operating licences.
"Based on our detailed planning and assuming the timely processing of regulatory applications and associated negotiations, the Rio Tinto Mine is on-track to re-start in late 2011.
"Our recent acquisition of an option over the Regua Tungsten Project in Portugal potentially adds another project to our portfolio and will be advanced once PRT settles down. The addition of that complementary project will assist us to achieve our vision of becoming Europe's premier mining company.
"I am proud to be working with the top-class team that we have assembled for this exciting next chapter and greatly appreciate the support of our shareholders as we work through the various stages of de-risking our projects."
OVERVIEW OF STRATEGY
EMED Mining is led by international minerals industry specialists and has its corporate headquarters in Cyprus, geographically central to the Company's areas of interest and a member of the European Union and British Commonwealth. EMED Mining is committed to the responsible development of metal production in Europe, with an initial focus on copper, gold and critical raw materials.
The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation in the European region.
Over the longer term, it is the Company's goal to develop a group of production units across several jurisdictions from the operations base in Spain. Since becoming a publicly listed company in 2005, EMED Mining has achieved 100% ownership of two major projects with significant resource bases:
> Rio Tinto Copper Mine in Spain has substantial processing and mining operations infrastructure in place, which has been reorganised by EMED Mining. Measured and Indicated Resources total 930,000 tonnes of contained copper (203 million tonnes at 0.46% copper). The Company is now focused on completing permitting, starting production and then optimising and expanding operations and mine life.
> Detva Gold Project in Slovakia contains the Biely Vrch porphyry gold deposit that EMED Mining discovered; applying the latest exploration techniques in a prolific mining district. Further work towards developing Biely Vrch is being undertaken following the completion of a positive Scoping Study for a low strip-ratio (under 1:1), open-pit mining operation producing 3Mtpa of ore for ~60,000 ounces of gold per year at an average cash cost of approximately US$530/ounce over ten years.
The Company has earlier-stage activities in Cyprus, as well as via associate KEFI Minerals which operates early-stage exploration joint ventures in Turkey and the Kingdom of Saudi Arabia.
Opportunities in the region continue to be evaluated. During the quarter EMED Mining has acquired an option over the Regua tungsten deposit in Portugal.
EMED Mining is managed by a multi-cultural team drawn initially from Australia and the Americas and now mainly comprised of Spanish citizens. The main priority for the short term is to safely and efficiently start copper production at the Rio Tinto Mine once EMED Mining has completed the regulatory approval process, financed the start-up and obtained shareholder approval.
Following EMED Mining's initiative, the towns of Minas de Riotinto in Spain, Banska Stiavnica in Slovakia and Broken Hill in Australia have agreed to collaborate in a cultural exchange. The first joint activity will be an exhibition in Banska Stiavnica of paintings and photographs from these historical mining towns. The opening ceremony will take place on 25 October 2010 and the Mayor of each town will be in attendance at the event.
Multi-lingual introductory videos are available on www.emed.tv for the information of interested parties. Also, notable media articles are available on www.emed-mining.com.
SPAIN - RIO TINTO MINE ("PROYECTO RIO TINTO" OR "PRT")
EMED Mining, via its wholly-owned subsidiary EMED Tartessus SL, owns 100% of PRT.
The established open pit mine, copper-concentrator plant and other infrastructure at the Rio Tinto Mine provides an excellent opportunity to bring a large copper mine into production at a relatively low total cost at a time of global copper shortage and high local unemployment.
In 2007, the Company acquired a 51% interest and an option over the remaining 49% of PRT. In 2008, EMED Mining moved to full ownership by acquiring from MRI Investment A.G the remaining 49%. The Company has cleaned up the pre-existing legal structure and the principal legacy issues.
Support for restarting the mine is now well established within all surrounding communities.
The restart is expected to be relatively straightforward from an operational perspective, with an established infrastructure and processing facility that can be readily restarted, albeit with aspects to be updated to incorporate industry improvements that have been developed over the past 20 years.
Submissions to Provincial Government
In July 2010, EMED Mining completed the submission of all the reports required by the relevant authorities of the Junta de Andalucía for Administrative Standing. These authorities are the Provincial Delegations of the Ministries of Innovation, Science and Economy ("Industry") and of Environment ("Environment"), the Department of Culture and Heritage ("Culture & Heritage") and the "Water Authority".
The above reports are supported by thousands of pages of documentation after review by the leading specialist experts in Spain and internationally and after extensive discussions with the relevant authorities.
Steps to Restart Copper Production
The most recent timetable has been in place since late 2009 and takes into account the requests of the authorities at that time. This roadmap targets the commencement of mining and processing of ore by the end of 2011. The steps between now and then are:
> Submission of a letter, duly executed by past owner MRT (in liquidation), of non-opposition to the Administrative Standing request submitted by EMED Tartessus. This is not a legislative requirement but is an important administrative request, and the Company and the creditors of MRT are striving to achieve collaboration by the Liquidation Commission of MRT. Three of the four required signatories (out of the committee of six) have signed "non-opposition", a commercial proposal has been suggested by MRT and formally accepted in-principle by EMED Tartessus. The matter remains unresolved at this point in time but several potential solutions are under examination.
> Formal acknowledgement by the mining regulatory authorities of the Company's Administrative Standing as owner of the mineral rights acquired in 2007. Resolution of this matter is expected by approximately the end of 2010.
> Formal public hearings in respect of the project submissions and the subsequent adjustment of any aspects of the project as agreed at those hearings. Regular informal public briefings are in train in the surrounding communities and have received overwhelming support for the Company and the project.
> Completion of site safety and check-up procedures before commencing the restart project execution program. These pre-project execution activities include detailed engineering and contract letting, full electrification of the site, fencing, replacement of asbestos cladding and painting of buildings, drilling below the open pit to confirm the location of underground mine workings and to improve the reliability of geological data for grade control in initial production zones, and the ordering of long-lead time items.
> Shareholder and financier approvals of the final project.
> Appointment and induction of the workforce and contractors.
> By July 2011, triggering the six-month restart project execution program.
The achievement of this rigorous timetable will require commitment and collaboration by relevant parties.
Regulatory Clarifications for Tailings Dams
In August 2010, EMED Mining received formal clarification from the Department of Industry of certain regulatory administrative matters relating to PRT's tailings dams.
Various requirements relating to the tailings dams have been stipulated. Specifically, the insurance requirements have been set by the regulatory authorities and the insurers have offered the insurance for execution. The insurers have also informed that in the absence of subscription to the insurance policy by all co-owners of the tailings dams, insurance coverage of this nature is not possible. The other co-owners of the tailings dams have declined to participate and have formally appealed the government resolution. The authorities have also affirmed the joint responsibilities of all relevant landholders for care and maintenance of the tailings dams and again the other landholders (Rumbo 50 SL and Zeitung, who bought their land parcels through previous execution of embargos and/or the liquidation process of MRT) have declined to collaborate.
EMED Mining is seeking a negotiated agreement with the two other part-owners of the tailings dams. Spanish law facilitates compulsory occupation and acquisition of the subject lands, if required, and the relevant independent valuations for such acquisition have been carried out, should they be required.
Summary of Technical Reviews
Since becoming involved with PRT in 2007, EMED Mining has engaged a number of technical experts as part of its due diligence on the project.
The project team has to date been focused mainly on fulfilling regulators' requirements and already includes the functional heads for project start-up, mining, geology, planning, safety, environment, plant maintenance, plant refurbishment, legal, human resources, regulatory compliance, finance and the chief executive in Spain.
Key anticipated production parameters for PRT are:
> Ramp-up to a 9Mtpa throughput over a two-year period;
> Ore Reserve = 123Mt at 0.48% copper, containing 585,000 tonnes of copper;
> Recovery to concentrate = 85%;
> Concentrate grade averaging 22%; and
> Contained copper in concentrate averaging 37,000 tonnes per annum.
Forecast operating costs are tabulated below (life-of-mine averages).
|
| US$/lb |
| Site Operating Cash Cost | 1.06 |
| Transport, Smelting & Other | 0.31 |
| Total C1 Cash Cost | 1. 37 |
| Depreciation, Amortisation & Provisions | 0.20 |
| Total C3 Cash Cost | 1.57 |
A breakdown of the estimated capital expenditure required to restart copper production at PRT is tabulated below.
|
| €M | US$M |
| Repairs and initial plant improvements | 40 | 50 |
| Bonding for environmental and social guarantees | 26 | 33 |
| Counterparty settlements (on permitting) | 14 | 17 |
| Total | 80 | 100 |
Financial modelling of these production and cost parameters results in the following key outcomes for the 9 million tonnes per annum base case:
| At Cu price = | Current US$3.65/lb | US$3.00/lb | US$2.50/lb |
| C3 Cost | US$1.57/lb | US$1.57/lb | US$1.57/lb |
| At exchange rate = | US$1.00=€0.80 | US$1.00=€0.80 | US$1.00=€0.80 |
| Average annual operating cash flow | €125M | €93M | €63M |
| Project IRR | 94% | 63% | 41% |
| Project NPV at 10% | €593M | €390M | €226M |
| Project NPV at 10% | £0.77/share* | £0.52/share* | £0.31/share* |
* On a fully diluted basis (651 million shares), with €1.00 = £0.85
The above estimates include capital expenditure, bonding and the discharge of relevant pre-existing liens.
PRT is forecast to generate very strong operating cash flows. It is notable that average annual operating cash flows at a copper price of US$3.00/lb are forecast to be greater than the capital expenditure required to restart the operation.
Funding
The estimated funding required to start copper production at the Rio Tinto Mine aggregates to approximately US$100 (€80) million. Finance facilities of US$120 million are planned to fulfil those requirements and provide on-going group working capital and standby capacity. Planned sources are, for the most part, loan facilities from product customers and from banks specialising in mining finance. Some parties are considering providing financial support for the restart in exchange for securing product off take.
The arrangement of project financing is scheduled for H1-2011.
Outlook
The Company has widespread political and administrative support and is backed by the local communities.
The global shortage of copper underpins a strong long-term outlook for copper prices, which have averaged over US$3.00/lb (€2.40/lb) in both spot and forward markets over the past two years. This compares with PRT's estimated C3 Cost to produce copper of approximately US$1.57/lb (€1.26/lb) including operating, capital and rehabilitation costs.
Significant potential has been identified to expand project life, annual production, or both. Drilling programs have been planned, in association with project engineering, to maximise the economic value-added. Assuming that the expanded throughput commences in 2015, financial modelling of the 15 million tonnes per annum target case indicates NPV's at 10% of €321 million (£0.43/share) at a copper price of US$2.50/lb; and €561 million (£0.75/share) at a copper price of US$3.00/lb.
SLOVAKIA
Detva Gold Project Permitting
EMED Mining is progressing towards the development of its 100%-owned Biely Vrch gold deposit, which contains Indicated Resources of 461,000 ounces (17.7 million tonnes at 0.81g/t gold) and Inferred Resources of 596,000 ounces (24.0 million tonnes at 0.77g/t gold).
In parallel with progressing the required permitting studies and approvals, EMED Mining is working towards reaching various agreements with local parties directly impacted by the development of Biely Vrch.
In June 2010, AMC Consultants (UK) Ltd completed an updated Scoping Study which takes into account community consultation and project refinements by EMED Mining.
The revised Scoping Study has confirmed the attractive economics of developing a mine at Biely Vrch based on a gold price of US$1,000/ounce (currently ~US$1,300/ounce).
The initial capital cost is estimated to be approximately US$64 million for a 3 million tonne per annum heap-leach operation producing approximately 60,000 ounces of gold per annum at an average cash cost of ±US$530/ounce.
The Company and its environmental consultants are now proceeding with the preparation of the Preliminary Environmental Impact Assessment.
On 1 July 2010, the European Commission announced the rejection of a proposed ban on the use of cyanide for mining activities in Europe. This decision reduces the permitting risks across the Company's projects in Europe.
In September 2010, EMED Mining's Biely Vrch gold deposit was given "exclusive deposit" status, which is the first statutory step of the permitting process and gives priority to the land being used for mining activities over all other land uses.
An international conference on "Best Available Techniques for Gold Ore Processing and Environmental Protection" is to be held on 28-29 October 2010 in the historical mining town of Banska Stiavnica. This conference has been organised by EMED Slovakia, Euromines, Zvolen University and Slovak Mining Chamber.
Geotechnical Drilling at Biely Vrch
A six-hole geotechnical drilling program was carried out at Biely Vrch in order to provide better data for modelling the planned open pit. Preliminary interpretation of the data indicates that the conditions on the eastern side of the pit are better than the western side. There is scope to steepen the planned pit slopes on the western side and therefore improve the economics of the project.
Exploration in Central Slovakia
During the quarter, exploration drilling commenced on the Company's 100%-owned Banska Stiavnica and Hodrusa exploration licences in central Slovakia. The Banska Stiavnica-Hodrusa exploration licences are located 38km west of the Detva Gold Project and cover an area of 188km2. This region is a prolific mining district that has historically produced more than 3 million ounces of gold and 120 million ounces of silver.
EMED Mining is currently testing for epithermal gold mineralisation and wide zones of Rozalia-style gold mineralisation that may be amenable to larger scale, bulk underground mining methods. Priority drill targets have been identified following a review of data from the extensive historical mining in this prolific district, as well as data from recent drilling at the Rozalia Mine. EMED Mining has an informal alliance with the owners of the Rozalia Mine, located on a small mining licence within the Company's Hodrusa licence area.
Gold potential was tested during the quarter as follows:
> Bursa Prospect: two drill holes targeted near-surface epithermal gold potential;
> Sobov Prospect: two drill holes targeted near-surface Rozalia-style gold mineralisation; and
> Mohr Shaft Prospect: one 450m hole is currently being drilled at a deep Rozalia-style gold target.
Assays have been received for the first three holes drilled during the quarter and these results indicate that follow-up drilling is not warranted.
Three shallow drillholes are planned to test for Rozalia-style gold mineralisation at the Quartzlager Prospect. Drilling these targets during 2010 will be subject to successful permitting and the onset of winter weather conditions.
KEFI MINERALS (24% OWNED BY EMED MINING) (29%-owned) - Separately listed on AIM
KEFI Minerals is the operator of an exploration joint venture in Turkey with Centerra Gold Inc of Canada and in Saudi Arabia with local construction and investment group ARTAR.
CORPORATE
Option over Regua Tungsten Project in Portugal
In September 2010, EMED Mining acquired an option over the exploration permit covering the Regua Tungsten Deposit in Portugal, subject to approval by EMED Mining shareholders.
The Regua Tungsten Deposit has previously reported:
> Indicated Resources of 1.26 million tonnes grading 0.39% tungsten trioxide (WO3); and
> Inferred Resources of 2.16 million tonnes grading 0.36% WO3.
During the fifteen-month option period EMED Mining intends to evaluate the exploration potential, audit the Mineral Resources and, via its project consultants, complete a scoping study and assess the prospects for permitting, including landholder arrangements.
The commercial terms are as follows:
> The option acquisition price is 2.5 million EMED Mining shares and a commitment to spend €250,000 on the project before the option expiry date of 31 December 2011.
> If exercised, EMED Mining would pay €750,000 to Iberian Portugal either as cash or in EMED Mining shares as well as a commit to spend €1,500,000 on the project within three years. The vendor would retain a Net Smelter Royalty of 3% to 4%, dependent upon the product selling price.
EMED Mining will call a shareholder meeting soon to consider approval of the option acquisition.
Dual Listing on Toronto Stock Exchange ("TSX")
EMED Mining is currently listed on AIM, the London Stock Exchange market for international growth companies.
EMED Mining has decided to dual list on the TSX and has appointed Canaccord Genuity as lead broker in Canada. The listing is planned to take place during Q4-2010.
Independent Technical Reports on the Rio Tinto Copper Mine and the Biely Vrch Gold Deposit are being prepared for the TSX Prospectus, along with the other requisite disclosures.
Resignation of Director
The Board of Directors accepted the resignation of Non-Executive Director Gordon Toll. Mr Toll was the founding Chairman of the Company and served as Non-Executive Director for the past three years. Mr Toll remains a significant shareholder, friend and supporter of the Company.
Mr Roger Davey was recently appointed a Non-Executive Director and has replaced Mr Toll as Chairman of the Physical Risks Committee.
Interim Financial Results
During the quarter, EMED Mining released its interim financial results for the half-year ended 30 June 2010.
All expenditures incurred by the Company are expensed until projects reach the development stage and the Board makes a commitment to restart operations or develop a new mining operation. This conservative accounting policy is reflected in the Company's reported loss before tax of €5.3 million for the half-year ended 30 June 2010, which is primarily comprised of:
> exploration expenditures of €0.7 million;
> care and maintenance expenditures incurred in relation to the Rio Tinto Mine of €2.1 million;
> net operating and other expenditures of €2.0 million; and
> finance costs of €0.5 million.
At 30 June 2010, EMED Mining had €6.0 million in net current assets and listed shares with a market value of €0.6 million.
Major Shareholders
The EMED Mining ownership structure is dominated by a group of international mining industry specialists in mine development, finance, operation and marketing. The following parties hold, between them, 67% of the fully-diluted capital:
> Resource Capital Funds ("RCF") - a large development equity fund based in Australia and the USA which invests exclusively in the mining industry;
> RMB Holdings - a mining financier and banker based in Australia, South Africa, UK and USA;
> MRI Group - an international metal trading group based in Switzerland and China;
> OZ Minerals - a leading Australian copper and gold mining company which introduced EMED Mining to the Rio Tinto Mine opportunity; and
> Directors and management - specialists who moved to Europe from Australia and the Americas in order to establish EMED Mining and its projects.
Other substantial shareholders include institutions such as Standard Life and RBC Asset Management.
COMPETENT PERSONS FOR REPORTING OF RESOURCES AND RESERVES
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), 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. Mr. Stephenson and Mr Cunneen 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 JORC Code.
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 and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code.
The Mineral Resource information on the Regua Project contained in this announcement is as previously reported by a previous owner of the project, Tamaya Resources Ltd, which included a sign-off in accordance with the JORC Code. Whilst the previous resource announcement has been reviewed by Mr Ron Cunneen, he has not reviewed the underlying information and is not yet in a position to sign off on the Mineral Resource estimate for the purposes of the JORC Code. EMED Mining will seek to complete such required review and release a Mineral Resource estimate signed off by a Competent Person as soon as practicable.
References in this report as regards the Mineral Resources or exploration results and potential in Slovakia, Cyprus or elsewhere have been approved for release by Mr. Ron Cunneen.
CORPORATE DIRECTORY
| Directors | Non-Executive Chairman - Ronnie Beevor Managing Director - Harry Anagnostaras-Adams Finance Director - John Leach Non-Executive Directors - Ross Bhappu, Roger Davey, Ashwath Mehra |
| Nominated Adviser | RFC Corporate Finance - Stuart Laing (+61 8 9480 2500) |
| Brokers | Fox-Davies Capital Limited - Daniel Fox-Davies (+44 207 936 5220) Canaccord Genuity - Craig Warren (+1 416 869 7316) |
| Public Relations | Bishopsgate Communications - Michael Kinirons (+44 207 562 3350) |
| Share Registrar | Computershare Investor Services Plc |
| Issued Capital | 428 million shares on issue 74 million options on issue, with exercise prices ranging from 4.1p to 22p. 655 million shares on issue on a fully-diluted based on the assumption that convertible loans principal and interest paid with the issuance of shares. |
| Significant Shareholders (fully diluted)
| > 13% Management and Board (mainly Australian citizens) > 26% Resource Capital Funds (Australia and USA) > 8% RMB Australia Holdings Limited (Australia and elsewhere) > 5% MRI Group (Switzerland) > 4% OZ Minerals (Australia) |
EMED Mining is listed on AIM (Code: EMED)
Enquiries:
Investors/Media: Harry Anagnostaras-Adams +357 9945 7843, Roger Howe +61 405 419 139
In North America : Andreas Curkovic +1 416-577-9927
General: Cyprus office: +357 2244 2705, Email: info@emed-mining.com