Atalaya Mining Regulatory News (ATYM)

17 Jan 2006 07:00

Eastern Mediterranean Res. Pblc LD17 January 2006 AIM: EMED 17 January 2006 SLOVAKIA LICENCES GRANTED Eastern Mediterranean Resources Public Limited ("EMED") announces that theapplications for the Detva and Vysny-Medzev licence areas in Slovakia have beengranted. Evaluation of extensive historical data is progressing and field workon these licence areas will commence in the spring of 2006. Harry Anagnostaras-Adams, Managing Director, commented, "Our Eastern Europeexploration licences and applications are centred on a cluster of volcaniccentres in Slovakia and Hungary. Low-detection geochemical methods are beingapplied to these areas for the first time. The targeted mineralisation stylesare high-grade epithermal gold, or bulk-mineable epithermal gold and porphyrygold/copper." The most important project within this emerging Eastern Europe gold portfolioremains the world-class Stiavnica-Hodrusa mineral district in Slovakia. Assay results are expected soon from stream sediment, soil and rock chipsampling in EMED's Stiavnica-Hodrusa and Zlatniky licence areas. Detva Licence Area The Detva licence area is located in central Slovakia, about 25 km to the eastof the Stiavnica-Hodrusa district. The geology consists of a caldera-graben complex in the centre of a largestratovolcano. Widespread propylitic and localised advanced argillic alterationin the licence area indicate substantial hydrothermal activity. This setting isanalogous to of the Stiavnica-Hodrusa mineral field and is considered to be aclassic geological setting for the formation of large porphyry and epithermalgold orebodies. Gold was not explored for in the 184 square kilometres licence area during theSoviet era. Exploration during the 1990's discovered near-surface goldmineralisation at Klodoc-Podpolom, around which EMED has recognized a broad (10km by 3 km) alteration zone which has not been tested by previous explorers. A high-sulphidation alteration system extends over a 2 km by 2 km area in thenorthern portion of the licence area. No exploration of this prospect has beendone except for 14 surface samples of float which returned gold grades up to 1.1g/t gold. These results, together with the presence of kaolin at surface,suggest the potential for a high-sulphidation epithermal system at depth belowthe surface alteration. Vysny-Medzev Licence Application The Vysny-Medzev licence area is located in eastern Slovakia within theSpis-Gemer mineral district. This district has produced antimony, tin, wolfram,molybdenum, uranium and gold. Mineralisation styles are dominated by narrowveins and hydrothermal stratiform deposits. Gold has been historically sourcedfrom alluvial deposits and narrow veins, commonly in association with the miningof antimony. Within the Vysny-Medzev licence area of 200 square kilometres, EMED's objectiveis the discovery of economic, bulk tonnage, gold deposits. The target host rocksare meta-sediments (including carbonaceous and carbonate sediments) of Paleozoicage intruded locally by Permian-Cretaceous granitic bodies. Previous explorers have detected gold mineralisation at four prospects withinthe Vysny-Medzev licence area: • At the Hlboka Dolina prospect, gold is associated with quartz veinlets and hydrothermally silicified sediments. • At the Zimna Voda prospect, gold is associated with elevated uranium contents in quartz veins. • At the Zlata Idka prospect, historical antimony mines contained economic silver grades and gold. • At the Zabia Skala prospect, gold is associated with quartz-stibnite veins and granite. Some drill testing and trenching has been completed previously at the Zimna Vodaprospect but results have not yet been compiled. Exploration Program for Detva and Vysny-Medzev Areas Collection and compilation of previously generated data is now well underway.This information will be digitised into a modern geological, geochemical,geophysical and topographical geographic information system, providing the basisfor ongoing exploration. Existing data is likely to lead to early targets for trenching and drilling.Target definition will be enhanced by planned rock chip, soil and streamsediment geochemical surveys during the spring of 2006. Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Nigel Atkinson / Justine Howarth / David Nabarro Ana Ribeiro+357 9945 7843 +44 (0) 7710 7400 +44 (0)20 7493 3713www.emed-resources.com www.emed.tv References in this announcement to exploration results and potential have beenapproved for release by Mr Ron Cunneen, an employee of the Company, who has morethan 5 years relevant experience in the field of activity concerned and haveconsented to the inclusion of the material in the form and context in which itappears. About Eastern Mediterranean Resources Public Limited EMED listed on AIM in May 2005 following an initial public offering of itsshares. The Company is headquartered in Cyprus and has a strong commitment tothe region. The Group's region of interest is the Mesozoic to Tertiary age tectonic beltthat winds from Eastern Europe to Iran. This belt extends for over 3,000km. Thestrategy is to rapidly to evaluate exploration opportunities in severaljurisdictions throughout a quality mineral belt with a high rate of projectturnover. EMED has now established a strong position in the following three areas withinits area of interest: • Cyprus exploration is centred on the Troodos ophiolite complex. Thetargeted mineralisation style is volcanic-hosted massive sulphide copperdeposits under shallow cover, similar to the larger Cyprus copper mines - threeof which exceeded 10 million tonnes of ore, at grades between 1% and 4.5%. • Eastern Europe exploration areas are centred on a cluster of volcaniccentres in Slovakia and Hungary. Low-detection geochemical methods are beingapplied to these areas for the first time. The targeted mineralisation stylesare high-grade epithermal gold, or bulk-mineable epithermal gold and porphyrycopper-gold. • Caucasus exploration areas and options over additional prospectsforming a cluster of gold prospects in and around Georgia. Main prospect isZophkito with resources (Russian classification) of 2 million ounces of gold. For further information on the Company's activities, visitwww.emed-resources.com or www.emed.tv This information is provided by RNS The company news service from the London Stock Exchange