Atalaya Mining Regulatory News (ATYM)

25 Jan 2010 09:12



AIM: EMED 25 January 2010

RESULT OF EGM

EMED Mining Public Limited (the "Company" or "EMED Mining") is pleased to announce that its shareholders approved the resolution proposed at its Extraordinary General Meeting today as set out in the circular to shareholders dated 6 January 2010.

The resolution enabled the Company to grant options to subscribe for up to 10 million Ordinary Shares to Directors, the Company's employees and consultants and advisers to the Company 

("Options").

10 million Options have been granted today as follows:

1,800,000 Options to the Managing Director;

1,200,000 Options to the Finance Director;

600,000 Options to the Chairman;

367,000 Options to each of the Non Executive Directors; and

5,300,000 Options to other employees, consultants and advisers of the EMED Mining Group.

The allocation of the above options was made by the Board at its meeting on 22 December 2009 and the Company's closing share price on that date was 10.75p per Ordinary Share. The Resolution approved by Shareholders authorises the Board to grant such Options at an exercise price of 13.4 pence per share to Directors, employees, consultants or advisers of the Company. The Directors consider that the exercise price of 13.4 pence, which is a 20 per cent premium to the volume weighted average price of the market price of an Ordinary Share on AIM between 1 December 2009 and 23 December 2009 inclusive, to be fair and reasonable. The Options are exercisable for a period of four years from the date of grant.

Speaking in Nicosia at a function attended by shareholders and leaders of Government, Civil Service, Diplomatic Corps and business, Managing Director Mr Harry Anagnostaras-Adams said:

"It is pleasing to record the strong support for our mission, launched in 2005, to establish a European mining company focused on copper and gold."

The Managing Director's presentation can be seen on the Company's website. 

Enquiries

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on AIM in May 2005. The Company is committed to responsible development of metal production in Europe, with a 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 the implementation of European Union and other international standards. The Company strictly implements its Environmental & Community Policies which includes:

Integrating environmental management into its 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; and

Communicating with community stakeholders in a responsible and transparent manner.

EMED Mining has now established a strong position in the following selected zones:

Copper in Spain: The copper-mining district of Spain is probably among the best known in the world for its metal endowment. The Company's first priority is to start-up production of its wholly-owned Rio Tinto Mine which is the largest metal deposit in Spain. The mining industry is returning to prominence in Spain's Iberian Pyrie Belt and recent initiatives include start-ups in 2009 of major base metal mines at Inmet Mining's Las Cruces Project and Iberian Resources's Aguas Tenidas Mine. Lundin also operates its recent start-up Aguablanca and Antafagusta started exploration activities in 2009. 

The Rio Tinto Mine site contains a fully installed and maintained operational complex - an open pit mine, copper-concentrator and waste disposal facilities. The site has been on care and maintenance since 2000 when operations were suspended due to low copper prices.

Gold in Slovakia: 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 bulk mining concepts for both open cut and underground projects. The Company has announced a significant gold discovery at Biely Vrch and has completed a positive scoping study on its potential development at surface and for its exploration at depth.

EMED Mining has other notable earlier-stage activities focused on copper and gold, as follows:

Exploration licences in the copper-mining districts of Cyprus; 

A large mining lease in Georgia, Caucasus; and

A 26% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Turkey and the Kingdom of Saudi Arabia.

For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv