EMED Mining Public Limited - CHAIRMAN'S AGM STATEMENT

AIM: EMED

TSX: EMD

NICOSIA, Cyprus, June 16, 2011 /CNW Telbec/ - The following statement was made at today's Annual General Meeting by EMED Mining's Chairman Ronnie Beevor -

Chairman Ronnie Beevor's Address at 2011 Annual General Meeting

I am delighted to welcome you all to the 2011 Annual General Meeting of the Company here in Toronto.

First, let me introduce the other Directors of EMED Mining who are present here today:

  • Harry Anagnostaras-Adams is the Company's Managing Director;
  • John Leach is the Company's Finance Director; and
  • Non-executive Directors Ross Bhappu, Roger Davey and Ashwath Mehra.

The Directors here represent around 30% of the fully-diluted capital of EMED Mining.

For shareholders unable to attend today, we have also invited shareholders to a briefing in London on 27th June 2011. The Managing Director's presentation to today's meeting is available on the Company's website.

EMED Mining completed its IPO on the TSX in December 2010, and concurrently raised $35 million via an equity placing. We are pleased to be holding this AGM here in Toronto for the first time.

During the past 12 months EMED Mining has continued to implement its business plan. Our major priority is the restart of open pit production at the Rio Tinto Copper Mine. We have also recently announced a second development project at Rio Tinto, focusing on one of the underground deposits - this first one being called San Dionisio. After Rio Tinto, our most significant project is the Biely Vrch gold deposit in Slovakia.

In the past few months we have made significant breakthroughs in the permitting of Rio Tinto, with the Government confirming that the project's legal legacy issues have now been overcome and also setting conditions for permitting. Having responded to these conditions, the Department of Culture and Heritage has now issued its formal approval for the Company's plans to restart Rio Tinto.

We are now in active discussions with the Government of Andalucia and the two remaining principal regulatory authorities of the Andalucían Government - the Department of Environment, which includes the Water Authority, and the Department of Industry. The recent election results have also reinforced to all political parties in Andalucia the potential value that the Rio Tinto restart offers towards reducing local unemployment.

The Company has three key priorities for 2011: permitting Rio Tinto's restart; completing engineering for tender documentation for the restart works; and arranging project finance. Subject to the timely receipt of permits this year and the Government facilitating access to all project lands in early 2012, we can be commissioning the restart of Rio Tinto by late 2012.

We are concurrently working on the initial permitting of the Biely Vrch gold deposit and drill-testing the gold mineralisation below the initially designed open pit.

EMED Mining has a huge metal inventory on its properties in Spain and Slovakia. Between them, these projects offer the potential for multiple increases in value. It is indeed a great set of opportunities to create wealth for all stakeholders - which your Company will always strive to do in the most socially responsible manner, respecting the needs of future generations both environmentally and economically. EMED Mining is at the forefront of the mining industry's resurrection in Europe.

EMED Mining plans to bring the Rio Tinto Copper Mine up to the high standards of a 21st century operation and to optimise its long-term viability by ensuring that work practices will    accord with international standards and best practices.

Our excellent team continues to work tirelessly with the authorities, the labor unions and local communities in the Cuenca Minera region. Our team now includes specialists from Spain, Slovakia, Cyprus, Australia and the Americas with most of our personnel now being Spanish citizens and based at Rio Tinto.

The outlook for copper and gold prices is strong. Mr Tom Albanese, CEO of Rio Tinto plc, said at his recent AGM "…over the next 30 years it is projected that the world will consume as much copper as it has over the last 10,000 years."

I would like to thank the Government of Andalucía and local municipalities for their now formalised support of our plans to restart copper production at Rio Tinto.

Finally, I greatly appreciate the support of all of our shareholders, all of our personnel and all of our families, and look forward to EMED Mining's next phase of starting production. 

SOURCE EMED MINING PUBLIC LIMITED

For further information:

Enquiries

  EMED Mining Harry Anagnostaras-Adams    +357 9945 7843
  RFC Corporate Finance Stuart Laing +61 8 9480 2500
  Fox-Davies Capital Simon Leathers +44 203 463 5022
  Fairfax I.S. PLC Ewan Leggat/Katy Birkin +44 207 598 5368
  Bishopsgate Communications    Michael Kinirons +44 207 562 3350
  Proconsul Capital Andreas Curkovic +1 416 577 992

Renmark Financial Communications Inc. 
Peter Mahzari: pmahzari@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com
Media - Geneviève Bessi : gbessi@renmarkfinancial.com
Tel.: (514) 939-3989 nor (416) 644-2020
www.renmarkfinancial.com

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EMED MINING PUBLIC LIMITED

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