Atalaya Mining Regulatory News (ATYM)

AIM: EMED 22 November 2010

UPDATE REGARDING EGM

On 4 November 2010 EMED Mining Public Limited ("EMED Mining" or the "Company") despatched a circular to its shareholders convening an Extraordinary General Meeting ("EGM") of the Company to be held at 10.00 a.m. on Monday 22 November 2010. The resolution numbered 2 in the notice of meeting contained in the circular is a resolution to authorise the directors of the Company (the "Directors") (i) to issue ordinary shares of £0.0025 each in the capital of the Company ("Ordinary Shares") pursuant to a proposed fundraising in North America and/or Europe (the "Fundraising") in connection with a proposed listing of the Company on the Toronto Stock Exchange and (ii) to grant warrants to the brokers appointed by EMED as part of their fee pursuant to the Fundraising ("Warrants").

The definitive price of the Ordinary Shares expected to be issued pursuant to the Fundraising will be determined in the context of the market and will be set forth in the final prospectus. While the issue price of the ordinary shares pursuant to the financing has yet to be determined, EMED Mining is pleased to announce that any Ordinary Shares issued pursuant to the proposed Fundraising and following the exercise of Warrants shall be issued at a price of not less than 8 pence per Ordinary Share. This minimum price has been determined having regard to prevailing market conditions and in consultation with the Company's brokers. The volume weighted average mid-market closing price on AIM of an Ordinary Share ("VWAP") for the 5 trading days prior to this announcement was 8.7474 pence. The minimum price at which Ordinary Shares will be issued pursuant to resolution 2 to be proposed at the EGM represents a 8.5% discount to the VWAP which the Directors consider to be fair and reasonable.

This announcement constitutes a written report, pursuant to section 60B(5) of the Cyprus Companies Law, Cap. 113 and will be presented to shareholders at the EGM in connection with withdrawing the right of pre-emption in relation to the issue of Ordinary Shares pursuant to the Fundraising and following the exercise of Warrants.

Enquiries

Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on the AIM market of the London Stock Exchange in May 2005. The Company is committed to responsible development of metal production in Europe, with a focus on copper, gold and critical raw materials.

The Group's region of interest is 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 international standards. The Company strictly implements its Environmental & Community Policies.

EMED Mining is focused on two key projects in Spain and Slovakia with excellent potential to add significant value:

Copper in Spain: The copper-mining district of Spain is probably among the best known in the world for its metal endowment. The Company's first priority is to commence production of its wholly-owned Rio Tinto Mine which is the largest metal deposit in Spain and contains a fully installed and maintained operational complex - an open pit mine, copper-concentrator and waste disposal facilities.

Gold in Slovakia: The Company has made a significant gold discovery at Biely Vrch and is advancing planning and permitting for its potential development. A revised Scoping Study prepared by AMC Consultants (UK) Ltd has confirmed the attractive economics of developing a mine at Biely Vrch - based on gold prices of >US$1,000/ounce (currently >US$1,300/ounce). A matter of equal importance to the assessment of the technical merits of our projects in Slovakia is the degree of social licence gained. EMED Mining personnel have built-up outstanding relationships with the Slovak government, local communities, business chambers, scientific societies and other stakeholders that are based on integrity, transparency and progress. These stakeholders have been very supportive of the responsible development of metal production operations in Slovakia.

EMED Mining has the following other notable earlier-stage activities:

·; Exploration licences in the copper-mining districts of Cyprus;

·; An option over a tungsten deposit in Portugal; and

·; A 20% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Turkey and Saudi Arabia.

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