Atalaya Mining Regulatory News (ATYM)

16 May 2008 15:25



AIM: EMED  

16 May 2008

EMED MINING PUBLIC LIMITED

("EMED Mining" or the "Company")

SHAREHOLDER UPDATE

EMED Mining advises it has today become aware that significant shareholder, Gold Fields Limited ("Gold Fields"), has sold its entire shareholding in EMED of 14,796,042 shares, representing approximately 6% of the fully dilluted ordinary share capital of the Company (after the recent placement that remains subject to shareholder approval). Gold Fields' shareholding has been placed with a range of institutional investors by the Company's broker, Fox-Davies Capital Limited. Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining said: "The Board would like to express its appreciation to Gold Fields for its technical and financial support, which has been invaluable in helping advance exploration of our Slovakian gold projects which has to date produced discoveries at the Biely Vrch, Kralova and Slatinske Lazy prospects. Gold Fields' decision reflects in part its change in its internal priorities and EMED's increasing focus on the potential exercise of its option to acquire the Rio Tinto copper project in Spain. We look forward to an ongoing constructive relationship between EMED and Gold Fields given the significant potential we see in our Slovakian gold assets. "EMED is delighted with the effective placing of Gold Fields' shareholding following on from our recently announced £10 million institutional placing, further exhibiting the positive support EMED is receiving from international institutional investors." 

-Ends-

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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. 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 has, from the outset, strictly implemented 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.