Atalaya Mining Regulatory News (ATYM)

26 May 2009 07:00



AIM: EMED 26 May 2009

UPDATE ON GOLD EXPLORATION IN SLOVAKIA 

EMED Mining Public Limited ("EMED Mining" or "the Company") the AIM quoted mining exploration and development company, is pleased to provide shareholders with an update on the Company's gold exploration program in Slovakia.

Highlights

The following summarizes some of EMED Mining's key developments at its 100% owned Biely Vrch, Zlatno and other projects located in Slovakia.

Upgraded the licence holdings by replacing one licence with an application for another considered more prospective. The combined area covered by licences and applications now totals in excess of 1,200 km2.

Commenced drilling at the Zlatno prospect, one of the 4 highly-prospective porphyry targets budgeted to be tested this year.

Initiated the Scoping Study for potential development of EMED Mining's discovery at the Biely Vrch Deposit. This gold porphyry deposit has so far been estimated to contain Mineral Resources of 1.1 million ounces (41.7 million tonnes at 0.79g/t gold) per the JORC Standard.

Noted that the Biely Vrch resource is essentially a gold only deposit, approximately 75% of which is oxidised. This is expected to aid cost-minimisation and metallurgical recovery. 

Developed a permitting plan along with a conceptual plan for mine development to be triggered at Biely Vrch in 2 years.

Renewed an exploration alliance with Slovenska Banska sro, a local company that owns the Rozalia Gold Mine, a small, high-grade (approximately 10g/t gold) mine operating on a mining lease within our exploration licences. 

Uploaded to EMED Mining's website summaries of the Company's gold interests in Slovakia. See slide-format summary under http://www.emed-mining.com/site/table/presentations/. See summary information memoranda under http://www.emed-mining.com/site/slovakia.html

Harry Anagnostaras-Adams, Managing Director of EMED Mining, commented:

"We have decided to advance our project development planning at the Biely Vrch deposit to the next stage of feasibility study based on very exciting exploration results. Current gold prices of approximately $940/ounce (spot) along with higher futures market prices and relatively low key input costs such as diesel are highly favourable for the potential economics of the project.

EMED Mining's licence holdings in Slovakia are in the heart of the Central Slovakian Volcanic Field. That district has previously yielded over 9 million ounces of gold when account is taken of historical production together with the published resources. We have demonstrated that this area is a highly prospective gold region with a long history of gold production."

Enquiries

Competent Person

References in this announcement regarding Mineral Resources, exploration results and potential have been approved for release by Mr Ron Cunneen, B.Sc. (Honours). Mr Cunneen is Head of Exploration for EMED Mining and has more than 20 years' relevant experience in the field of activity concerned. He is a member of The Australian Institute of Geoscientists ("AIG") and has consented to the inclusion of the material in the form and context in which it appears.

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on AIM in May 2005. 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 the implementation of European Union and other leading-edge international standards. The Company strictly implements its Environmental & Community Policies 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 a significant gold discovery at Biely Vrch and the identification of many targets with apparently similar geological characteristics, in its wholly-owned exploration licenses in Central Slovakia. 

The mines in Cyprus and at Rio Tinto in Spain are 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. 

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. It recently announced a joint venture at the Artvin Project with Centerra Gold Inc of Canada. See www.kefi-minerals.com. 

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