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Emed Mining Public Limited - Quarterly financial report

Wednesday, November 14, 2012 10:00 AM


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 2012.

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.

Highlights

  • The start of commissioning at the Rio Tinto Copper Mine remains targeted for end-2013.
  • 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 clearance;
    • 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 October 2012
  • 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, said:

"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

Enquiries

Investors/Media: Harry Anagnostaras-
Adams +357 9945 7843,
Roger Howe +61 405 419 139
In North America : Andreas Curkovic
+1 416-577-9927

Renmark Financial Communications Inc. 
Peter Mahzari: pmahzari@renmarkfinancial.com
Laurence A. Lachance: llachance@renmarkfinancial.com
Media - Guy Hurd: ghurd@renmarkfinancial.com
Tel.: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

(Source: CNW )
(Source: Quotemedia)

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