NICOSIA, Cyprus, Nov. 14, 2012 /CNW Telbec/ - EMED Mining Public Limited
(AIM: EMED) (TSX: EMD) ("EMED Mining" or "the Company"), the
Europe-based minerals development and exploration company, announces
its unaudited results for the three months ended 30 September 2012 and
its unaudited results for the nine-month period ending 30 September
The full unaudited Quarterly Report (as required by Toronto Stock
Exchange reporting standards), including consolidated Financial
Statements and the Management Discussion and Analysis relating to the
Company, are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.emed-mining.com.
The start of commissioning at the Rio Tinto Copper Mine remains targeted
Andalucian Government key approvals required for the project restart
have progressed as follows:
Administrative Standing: all documents in respect of legal, technical
and economic capacities were updated as at the beginning of September,
as requested by the regulatory authority, and lodged for final
Environmental Plans: the complete report of AAU public comments from the
Environment Ministry of the Junta de Andalucía was received in October
2012 and EMED has completed its responses to the few comments received
from the public.
Project Plans: the independent review from the technical review agency
IGME (Instituto Geológico y Minero de España) has been completed in
On 31 August 2012, the Company completed the acquisitions of certain
land plots required for planned operations of the Rio Tinto Copper
Project, pursuant to sale and purchase agreements entered with Rumbo
5-Cero, S.L. ("Rumbo") and Inland Trading 2006, S.L. ("Inland").
The €10 million purchase of land plots, covering part of the tailings
dams owned by Rumbo, adjoining the Rio Tinto Copper Project was
satisfied by €4.5 million in cash and €5.5 million by the allotment of
48,549,234 new ordinary shares of 0.25p each in the Company at 9.14
pence per share.
In addition, the parties have entered into a 50/50 joint venture - of
which the Company will be the operator - to test and potentially
exploit certain tailings and waste dumps.
The €5 million purchase of a land plot owned by Inland, covering part of
the Rio Tinto Copper Project's main tailings dam wall and satisfying
all of its needs for tailings deposition from proposed operations,
along with the potential expansion thereof in the shorter term, was
satisfied by €2.5 million in cash and €2.5 million by the allotment of
18,511,675 new ordinary shares of 0.25p each in the Company at 10.61
pence per share.
In addition, EMED Mining has been granted options by Inland and
Construcciones Zeitung, S.L. to acquire additional plots of land in the
surrounding district (the "Option Lands"), exercisable within four
years at an aggregate price of €9 million. The Option Lands are of
interest to the Company because of the scale of potential expansion of
the Project in the longer term.
Detva Gold Project in Slovakia: further exploration progress was made at
Banska Stiavnica licence with encouraging drill intercept of 5 metres
at 5g/t gold-equivalent. The company also continues to advance
application for a Mining Lease Area at the Biely Vrch Gold Deposit
following community consultation.
Post Period Events
On 01 October 2012, Mr. Hui ("Harry") Liu, a Vice President of XGC based
in China, was appointed as a non-executive director of EMED Mining.
XGC is one of the world's largest copper smelting, refining and
processing groups located in Shandong province of China and is a
significant shareholder in the Company with a current shareholding of
137,626,181 ordinary shares, representing approximately 12% of the
shares currently in issue.
On 14 November 2012 the Company announced that it has entered into
conditional agreements with another cornerstone customer, Red Kite, for
an aggregate funding package of US$50 million.
Commenting on these developments, Harry Anagnostaras-Adams, CEO of EMED,
"This was an eventful period for EMED and we are proud to make further
progress towards finalising regulatory approvals in Andalucia for a
restart of the first mine planned at the Rio Tinto Copper Project. We
acquired all lands required for the mine operation and strengthened our
financing package with addition of a new cornerstone customer."
SOURCE: EMED MINING PUBLIC LIMITED