Last checked at 4 Jun 2008 15:57
EMED Mining Public Limited
("EMED Mining" or "the Company")
Results of Annual General Meeting
The Directors of EMED Mining announce that all resolutions were passed at today's Annual General Meeting
The Meeting and the associated social event was held at Rio Tinto Mine site and was attended by approximately 100 people representing a number of important stakeholders including:
Shareholders Oxiana from Australia, Altima of UK and Goldman Sachs of USA
The mayors of the local municipalities and leaders of local enterprise and labour unions
At the Meeting the Managing Director, Mr Harry Anagnostaras-Adams, announced several initiatives for the Rio Tinto Mine, including:
Committees are being formed with the municipal leaders to ensure full consultation and transparent reporting on all matters of local importance, including joint monitoring of environmental compliance
Subject to EMED Mining's exercise of its option to acquire the Rio Tinto Mine, drilling operations will commence in Q42008 with a view to converting more of the 205 million tonne resources, already representing the largest deposit in Spain, to ore reserves planned for production
The mine design team, having finalised plans for the initial restart plan, is now focused on scenarios for expansion of production and extension of mine life
The exploration team has commenced the review, of additional known prospects on the Rio Tinto property and exploration concessions elsewhere in accordance to international reporting standards.
Following a placing of ordinary shares (see announcement of 27 May 2008) and recent share transactions, the significant shareholdings in the Company are set out below to the best of the Company's knowledge:
| Name of Significant Shareholder | % of issued ordinary shares | % of ordinary shares fully diluted for options |
| Directors and Management | 12.24% | 22.61% |
| Resource Capital Funds | 15.77% | 13.42% |
| Oxiana Limited | 11.64% | 9.91% |
| Fidelity International Limited | 5.75% | 4.89% |
| RMB Australia Limited | 5.13% | 4.36% |
| Altima Partners | 4.76% | 4.05% |
The above interests include both direct and indirect holdings.
Mr Ronnie Beevor, Chairman of EMED Mining said:
"The passing of all resolutions at today's AGM reinforces our shareholders' commitment to the Company and underscores their belief in its potential. It is a great honour to have so many important stakeholders from the local community and from many international locations join us today to express the support for our activities. We will continue to work hard to earn the trust of the regulatory authorities in Andalucia. We know we can fulfil all known requirements and quickly get this operations restarted so it can duly contribute to society."
Enquiries
| EMED Mining | Fox-Davies Capital | RFC Corporate Finance | Parkgreen Communications |
| Harry Anagnostaras-Adams | Richard Hail | Stuart Laing | Justine Howarth / Ana Ribeiro |
| +357 9945 7843 | +44 (0)207 936 5230 | +618 9480 2500 | +44 20 7851 7480 |
| GMP Securities Europe | Lewis Charles Securities | ||
| James Hannon | Kealan Doyle | ||
| +44 (0) 20 7647 2803 | +44 (0) 20 7456 9111 | ||
| www.emed-mining.com | |||
| www.emed.tv |
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.