AIM:
EMED
7
January 2008
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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Thank
you for your interest in EMED MIning. Visit www.emed-mining.com for
further information.