Atalaya Mining Regulatory News (ATYM)

20 Mar 2006 07:00

Eastern Mediterranean Res. Pblc LD20 March 2006 AIM: EMED20 March 2006 MINERALISED AREAS IDENTIFIED AT HODRUSA Eastern Mediterranean Resources Public Limited ("EMED") announces that it hasidentified two areas as being anomalous in gold and copper by initialgeochemical surveys over the Stiavnica-Hodrusa licence area in central Slovakia. EMED has now interpreted results from a first-pass stream sediment geochemicalsurvey completed over the entire licence area. The next stage is to work towardsinitial drilling of the identified areas in mid-2006. EMED's Stiavnica-Hodrusa licence covers an area of 106 km2 in the central zoneof a large, andesitic stratovolcano of Neogene age, within a caldera about 20 kmin diameter. The Company's focus is on targets prospective for epithermal andporphyry-style gold and copper mineralisation in this major mineral district. The geochemical survey comprised a total of 268 stream sediment samples alongwith 117 rock chip samples of float or outcrop exhibiting mineralisation. Afurther 45 soil samples were collected from the Sementlov prospect. Stream sediment and soil samples were assayed by BLEG (Bulk Leach ExtractableGold) for gold. Rock chip samples were assayed for gold fire assay, atomicabsorption spectrometry detection. Assays were completed at ALS Chemex inPerth, Australia because of their demonstrated expertise and reliability in BLEGand fire assay techniques. All samples were also assayed by ICP-AES (inductivelycoupled plasma with atomic emission spectroscopy) for silver, arsenic, barium,copper, mercury, molybdenum, lead, antimony, uranium and zinc. These elementsare pathfinders for gold and copper in various geologic environments and areassayed routinely during early phases of exploration. The location of historical workings was taken into account during interpretationof results. The results highlight the Banska Bela and Sementlov areas for further work. Results at Banska Bela The Banska Bela area provided the following encouraging results: • Two stream sediment samples returned results of 649 ppb gold and 249 ppb gold; and • Stream sediment samples returned very high copper results (greater than 250 ppm) both upstream and downstream of Banska Bela, confirming this area as highly anomalous. The sources of these anomalous results are to be investigated. Results at Sementlov The Sementlov area provided the following encouraging results: • Two stream sediment samples returned results of 93 ppb gold and 80 ppb gold; and • A rock sample returned 4.1 g/t gold and 605 g/t silver. In addition, reconnaissance soil sampling was completed over part of a porphyryin the Sementlov area. Samples were collected on a 200m by 100m spacing.Detailed geologic mapping of the area has outlined an area of classically zonedporphyry alteration super-imposed on an area of andesitic volcanic rocksintruded by granodiorite and quartz diorite dykes and stocks. Gold assays of the soils have produced a coherent anomaly of up to 46 ppb goldwithin background levels of less than 1.5 ppb gold. The anomaly is 400m by 800m,open and increasing in intensity to the south. Planned Exploration Further surface mapping and geochemical sampling is planned to assist withdefining drill targets and will commence when field conditions permit after thespring thaw. Harry Anagnostaras-Adams, EMED's Managing Director, said: "The results of our field work in Slovakia continue to show positive results. Wenow have identified two areas which warrant first-pass drilling. EMED's licencesin Slovakia were pegged by our reconnaissance team and are being progressed by ateam which integrates excellent local geologists with the latest internationallow-detection geochemical techniques. The team is led by a successful discovererof epithermal and porphyry mineralisation styles in similar rocks in other partsof the world." -Ends- Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams David Nabarro Justine Howarth / Ana Ribeiro+357 9945 7843 +44 (0) 20 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 hasconsented to the inclusion of the material in the form and context in which itappears. Notes to editors Stiavnica-Hodrusa Stiavnica-Hodrusa is located in central Slovakia and EMED's licence area coversa substantial portion of this world-class mineral district in Slovakia.Underground mines in this district have historically yielded an estimated totalof 2.4 million ounces of gold, 120 million ounces of silver, 70,000 tonnes ofzinc, 55,000 tonnes of lead and 8,000 tonnes of copper. 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 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/Middle East exploration is centred on the Troodos ophiolite complex. The targeted mineralisation style is volcanic-hosted massive sulphide copper deposits under shallow cover, similar to the larger Cyprus copper mines - three of which exceeded 10 million tonnes of ore, at grades between 1% and 4.5%. • Eastern Europe exploration areas are centred on a cluster of volcanic centres in Slovakia and Hungary. Low-detection geochemical methods are being applied to these areas for the first time. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. • Caucasus exploration areas and options over additional prospects forming a cluster of gold prospects in and around Georgia. Main prospect is Zophkito 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