Last checked at 18 Oct 2012 07:00
AIM: EMED
TSX: EMD 18 October 2012
MEDIA RELEASE
Update of Progress at Rio Tinto Copper Project
by EMED Mining Public Limited ("EMED Mining" or the "Company")
The Managing Director of EMED Mining, Mr Harry Anagnostaras-Adams, presented today at the Canaccord Genuity Global Resources Conference in the USA. In his speech, he focused on the resurgence of the Spanish mining sector and the status of the Company's Rio Tinto Copper Project. The full presentation is available on the company's website.
Mr Adams provided an update to an audience of resources industry investment institutions:
·; EMED Mining recently completed the corporate preparations of the project when in August 2012 it consolidated all lands required for planned project operations and anticipated significant expansion of current reserves and mine life from the initial 14-year start-up plan.
·; The regulatory permitting of the start-up is advanced and is progressing towards facilitating commissioning at the end of 2013, and near term authorisation of project start-up works.
o Milestones this week include:
§ The Company completing its responses to the few comments received from the public in respect of its environmental management plans; and
§ The completion of the review of the project development plans by the national technical agency IGME (Instituto Geológico y Minero de España).
o The next steps include:
§ The reports pertaining to the Company's qualifications for approval of Administrative Standing (legal, technical and economic reports from the regulatory authorities) to be assessed by the Ministry for Industry; and
§ The conditions for approval of environmental plans to be assessed by the Ministry for the Environment.
·; This week the project plans were submitted to independent reviews on behalf of the Board of Directors and next for the project financiers, so that financing plans can be finalised and a development commitment made upon receipt of regulatory authorisation and clarification of environmental bonding and related warranties.
EMED Mining is a Europe-based minerals development and exploration company, which is at advanced stages of planning and permitting the re-establishment of the Rio Tinto Mining District in Andalucia Spain. This is Spain's largest mining district containing several previously worked mines that have already yielded 2 million tonnes of copper, 8 million ounces of gold, 60 million ounces of silver and a number of other metals. Rio Tinto is the world's largest VMS (Volcanogenic Massive Sulphide) system, the birthplace of the global mining major which adopted the name.
Spain and Europe are now experiencing a revival in the mining industry, with a number of operations started and many in the pipeline. Only a week ago, EMED was invited to present at a national conference on mining, chaired by Spanish Minister for Industry, Energy and Tourism, Mr. José Manuel Soria López. The Minister, in line with EU directives in force, highlighted the strategic nature of the sector, for its capacity to export, having a significant impact in the national balance of trade, and to ensure commodities for its industry. Next weekend all EU member country Ambassadors to Spain will tour the Company's Rio Tinto Copper Project.
Mr Harry Anagnostaras-Adams, Managing Director and CEO, said: "We are at a very important and exciting stage, working very closely with the authorities in Andalucia and making every effort to trigger the project within months and start commissioning at the end of 2013."
-Ends-
Enquiries
EMED Mining Harry Anagnostaras- Adams +357 9945 7843
RFC Ambrian Stuart Laing +61 8 9480 2500
Fox-Davies Capital Simon Leathers +44 203 463 5022
Fairfax I.S. PLC Ewan Leggat/Katy Birkin +44 207 598 5368
Bishopsgate Communications Nick Rome +44 207 562 3350
Proconsul Capital Andreas Curkovic +1 416 577 9927