Atalaya Mining Regulatory News (ATYM)

20 Sep 2006 08:39

Eastern Mediterranean Res. Pblc LD20 September 2006 AIM: EMED 20 September 2006 RESULT OF EXTRAORDINARY GENERAL MEETING CHANGE OF COMPANY NAME CHAIRMAN'S STATEMENT The Directors of Eastern Mediterranean Resources are pleased to announce that atthe Extraordinary General Meeting of the Company held today all proposedresolutions were duly passed. Full details of the Ordinary and SpecialResolutions are available on the Company's website www.emed-resources.com Consequently, the Company's name has been changed to EMED Mining Public Limited("EMED Mining") with immediate effect. Set out below is the address given by Dr Andreas Panayiotou, Chairman, attoday's meeting of shareholders. - Ends - For further information contact: EMED Mining Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Ana Ribeiro+357 9945 7843 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713 www.emed-resources.comwww.emed.tv 'My name is Andreas Panayiotou. I am Chairman of today's shareholders' meetingof Eastern Mediterranean Resources Public Limited or EMED Mining Public Limited("EMED Mining") as we will be known as from today's meeting. I am delighted towelcome you to this Extraordinary General Meeting of the Company. When theformal business has been completed, the Managing Director will give an informalpresentation and, along with my fellow Directors and other colleagues, weencourage you to take advantage of the opportunity for general discussion duringthe brief informal session immediately after the Managing Director'spresentation and during the inspection of our sites here in Cyprus. First, let me introduce EMED's Directors and Company Secretary: • I am Andreas Panayiotou a geologist, a Non-Executive Director, Chairman of the Physical Risks Committee and Chairman of today's meeting; • Gordon Toll is a mining engineer, Chairman of the Board and Chairman of the Remuneration Committee. Gordon sends his apologies as he was unable to attend due to ill health; • Ronnie Beevor is a financier, a Non-Executive Director and Chairman of the Audit Committee; • Aristidis Anagnostaras-Adams (or Harry to many of you) is the Company's founder and Managing Director; and • Pavlos Symeonides is one of our legal advisers and represents our Company Secretary, INTER JURA CY (SERVICES) LIMITED. The Managing Director will introduce the executive team later in theproceedings. I would now like to give you my formal address, and in doing so to review EMEDMining's progress since its formation on 17 September 2004 and, moreparticularly, since our Annual General Meeting on 9 March 2006. I start with a corporate overview of the period since the Company's formationtwo years ago: • A small team moved to Cyprus in January 2005 to establish theheadquarters and a project office; • In May 2005 the Company became the first Cypriot company to have itsmain stock exchange listing in the United Kingdom, on the AIM Board of theLondon Stock Exchange; • We quickly established strong teams in Cyprus, Slovakia and Georgiawhere our people are respected for their professionalism and integrity; • Today we change the Company's name to EMED Mining Public Limited ("EMED Mining") to reflect our recent shift into development-planning for ourfirst production operation which I am pleased to note looks like it will be herein Cyprus, which has historically been a major producer of copper and othermetals used throughout the world; • On 21 August 2006 we announced the commencement of a PreliminaryFeasibility Study for the production in Cyprus of copper, zinc and, we expect,gold at suitable sites in the Klirou and Mitsero Districts; • Today we also propose to double the authorised capital of the Companyso as to facilitate a continuation of our rapid expansion and progress; • On the matter of capital it is relevant to note that the Company hasachieved this progress in a cost-effective manner. Only £4.2 million of cashhas been sourced to date from our shareholders; • There was cash of £1.3 million as at 30 June 2006, budgeted to carryus forward for the next year; • We have just completed the first promotional tour with our new,recently appointed joint stockbroker Fox Davies Capital Limited (represented byHarry Sutherland and Julian Emery here today), who act jointly with LewisCharles Limited, and • On Monday 18 September the Company announced the formation of a newsubsidiary, Keffi Minerals Plc, which is a UK holding company for our assets andopportunities in Turkey and Bulgaria. Keffi's activities are currently beingfunded by Starvest Plc, a UK-based institutional investor in the naturalresources industry. It is intended that Keffi also list on the stock exchangein due course and we are pleased that its principal stockbroker, WH Ireland,whose Louise Collinge is also present here today. Lastly as regards my corporate overview, the commodity markets have recentlyweakened slightly but are considered by us to remain fundamentally strong forthe long term and the Company has good support to pursue its mission. EMEDMining is focused on establishing a profitable mining house by discovering orbuying copper or gold deposits in this prolific and under-explored region usingmodern technology and experienced teams. Now I will give a brief operational overview of the recent period since ourAnnual General Meeting on 9 March 2006: • In Cyprus, we have triggered a Preliminary Feasibility Study to targetcommencement of production in 2008 of copper, zinc and gold metal concentrates.We are examining all aspects of the project including the use of an existingprocessing facility which was decommissioned in 1984 by our 5% partner HellenicMining Company ("EME") with whom we work very closely. We will expedite projectplanning to achieve early production; • In parallel with this development project, exploration drilling inCyprus is testing previously unrecognised targets near to the known deposits; • In the Caucasus, EMED Mining now owns 100% of the Upper Racha Licenceswhich were acquired with a reported 2.4 million ounces of gold resources asmeasured by the classification standards of the former Soviet Union ("RussianResources"), this is believed to be the largest area of mineral rights inGeorgia and our teams have systematically collected hundreds of field samplesand have sent them for assay in independent laboratories; and • In Slovakia we hold 100% of the country's largest historical metalproducing area but where modern exploration techniques have not previously beenapplied. We are currently drilling three shallow gold targets. In summary, EMED Mining is pleased with the progress it has made and we areconfident that our strategy and business model is appropriate for this regionand this period of time in the commodity markets. The Next Phase EMED Mining is no longer an exploration company. It is now a developmentcompany complemented by bold exploration programmes. The Company's fundamental purpose is to generate wealth for its shareholders ina responsible and appropriate manner. The next short term challenges and goalsare: • In Cyprus to consult all stakeholders and appropriately to verify,plan and finance the intended developments; • In Georgia, to verify in the field the Russian resources acquired inthe recently announced Georgian gold and copper projects; • In Slovakia, to discover a shallow-gold deposit which couldpotentially be developed quickly and be adjacent to further potential forongoing exploration, and • In Turkey and Bulgaria, for the new Keffi team to continue it'sprogress towards repeating the rapid progress being achieved by EMED Miningelsewhere. Success in any one of our projects would add considerable value to EMED Miningas a company. As a closing comment I would like, on behalf of the Board and all shareholders,to express our sincere appreciation to the dedicated and hard working team atEMED. The Company is also privileged to receive the support of manystakeholders: the communities where we operate, our partners here in Cyprus, thegovernments and public servants in the ten countries where we have licences andthere are many other supporters. We at EMED Mining take our responsibilities very seriously and we welcomeengagement with any interested party with any opportunity or indeed any concern. Please treat us as a serious citizen determined to contribute to the regionfor the long term, wherever we are welcome and can add value. Copies of this address have been posted onto the website as are all publicstatements that we make. I thank you for your attention and look forward to seeing you at these eventsfor many years to come'. Dr Andreas Panayiotou Chair This information is provided by RNS The company news service from the London Stock Exchange