AIM:EMED
7 January �2008
EMED
Mining Public Limited
Update
on Klirou Copper-Zinc Project and
Other
Opportunities in Cyprus
EMED Mining Public Limited
("EMED Mining" or "the Company") announces that AMC
Consultants (UK) Ltd have completed their independent review of the Klirou
Copper-Zinc Project preliminary feasibility study. This
review confirmed and built on many of the key conclusions of the internal preliminary
feasibility study. Financial modelling based on the
available information and work
completed to date continues to indicate that the project is worthy of further
work and potential development utilising the Mitsero processing plant.
This review highlighted
the following key areas for further work in a full feasibility study for the Klirou
Copper-Zinc Project:
- Diamond
core drilling to verify and upgrade categorisation of known resources, as
well as collecting samples for further metallurgical testwork.
- Further assessment of the refurbishment of the nearby Mitsero
processing plant, as well as preparation of a metallurgical plan for the
resources and a processing strategy.
- Collection and collation of firm cost estimates.
The verification drilling
has commenced using the Company’s recently purchased multipurpose drilling
rig which has redressed the historical lack of reliable diamond drilling
capacity in Cyprus.
Review of historical data has indicated the potential for additional resources
adjacent to existing and planned open pits. Drilling to test this potential is
also planned.
EMED Mining’s new
drilling operation is beginning to perform well, achieving metreage and core
recovery not previously recorded in the difficult ground conditions (for
diamond drilling) in Cyprus. The Company’s drilling team will move to
Slovakia in the first half of 2008 to increase the Company's commitment there,
while the Cyprus drilling results are reviewed.
A full feasibility study
would in due course form an integral part of the Environmental Impact Study
(“EIS”), which is the key permitting document for public and
community input. EMED Mining has continued to build relationships with the Government
of Cyprus and local community as part of its ongoing consultation process.
Other
Opportunities in Cyprus
The Government of Cyprus
has recently initiated its own study on reviving the Cypriot mining
industry and is also encouraging certain types of joint
ventures with Turkish Cypriots. It is notable that EMED Mining owns a
proprietary GIS (Geographical Information System) which represents the most
comprehensive database of all relevant geological and historical exploration
data for the entire island, including the work done by previous explorers. Cyprus
is a large producer of copper historically, most of which was from deposits in
land occupied by Turkish military forces in the invasion of 1974. The largest
deposit was the high-grade deposit known as Mavrovouni (“Black Mountain”)
which yielded some 16 million tonnes of ore grading approximately 4% copper
plus gold credits.
The largest historical
producer and explorer was Cyprus Mines Corporation, which operated in Cyprus
until 1974 and later became part of Cyprus Amax and now part of Phelps Dodge.
More recent explorers include Oxiana Resources Limited of Australia, which is a
substantial shareholder in EMED Mining, and Cypriot conglomerate Hellenic
Mining Company Limited, which is the local partner of EMED Mining, holding 5%
of the Company’s local subsidiary. The Company has also recently formed a
joint research venture with a Turkish Cypriot business leader to identify and assess
opportunities over the whole island and elsewhere.
Mr Harry Anagnostaras-Adams,
Managing Director of EMED Mining, noted that:
“EMED
Mining’s option over the Proyecto Rio Tinto (“PRT”) project
in Spain
is currently our priority development project as it can potentially be brought
into production relatively quickly, subject to regulatory consents being
forthcoming. Following the potential re-start of PRT in the second half of
2008, we will consider commencing a full feasibility study on the
Klirou Copper-Zinc Project. In the interim, EMED Mining will continue
low-cost evaluation work on various opportunities in Cyprus and related business
opportunities elsewhere”.
-Ends-
Enquiries
EMED Mining
|
RFC Corporate Finance
|
Harry Anagnostaras-Adams
|
Stuart Laing
|
+357 9945 7843
|
+61 8 9480 2500
|
|
|
|
|
Fox-Davies Capital
|
Parkgreen Communications
|
Richard Hail
|
Justine Howarth / Erica Nelson
|
+44 207 936 5220
|
+44 20 7851 7480
|
|
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Notes to
Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on AIM in May 2005
following a placing of its shares. In the two years since then the share price
has increased from 8p to the current 20p and market capitalisation has
increased from approximately �4 million to approximately �30 million. 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 Company’s rapid growth reflects the experience of
its specialist team and the clarity of its strategy.
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 implementation of European Union and
other leading-edge international standards. The Company has, from the outset,
strictly implemented its Environmental & Community Policy 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.
In the
framework of our community relations policy, EMED Mining co-hosted
international conference on Responsible Mining and Environmental Protection in Cyprus in 2006 and in Slovakia in 2007. A similar
conference will be arranged in Spain
in 2008 after other relevant stakeholders are consulted.
�
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 gold discovery at
Biely Vrch in Slovakia.
�
The
mines in Cyprus and at Rio
Tinto in Spain,
located in the Iberian Pyrite Belt, are probably amongst the best known in the
world. 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.
�
EMED
Mining’s main prospects in Georgia are gold prospects within
the Upper Racha Licence, the country’s largest minerals licence with many
untested prospects. The Company has confirmed Russian Resources of 1.0 million
ounces gold at the Zopkhito Prospect and discovered high grade mineralisation
at surface at other prospects (detailed in 2006 Annual Report).
�
Exploration
areas in Turkey
were vended into 34%-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. The KEFI
Minerals team has mobilized into the field to explore the company’s
tenements and to expand the portfolio of licences as opportunities warrant. See
www.kefi-minerals.com.
For further information on the Company’s activities, visit
www.emed-mining.com
or www.emed.tv.
Erica Nelson
Parkgreen Communications
Pegasus House
37-43 Sackville Street
London W1S 3EH
T: +44 (0) 20 7851 7480
F: +44 (0) 20 7494 9085
M: +44 (0) 7974 562 102
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