EMED Mining quarterly financial results

NICOSIA, Cyprus, Nov. 10, 2011 /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 financial results for the three months ended 30 September 2011 and its unaudited results for the nine-month period ending 30 September 2011.

The full unaudited 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 .

PERIOD HIGHLIGHTS

  • On 06 September 2011 the Company announced that it has duly completed and submitted documents as requested by the Junta de Andalucia (the "Government") Departments of Industry and Environment.
  • This mainly comprised the documents required to create an environmental restoration plan covering an enlarged land footprint.
  • Significant expansion possibilities have been identified in the Cerro Colorado open pit and in the adjacent San Dionisio underground mine.
  • At the Rio Tinto site the first major section of the processing plant, the primary crusher, has been cleaned up and readied for powering-up and testing without materials feed.
  • In Slovakia, EMED Mining has had a very successful exploration program and completed this year's deep drilling at the Biely Vrch gold deposit.

Post Period Events

  • Dr. Jose Nicolas Sierra Lopez joined as non- executive Director of EMED Mining. He brings to the Company over 30 years ' experience as a mining and energy leader in the business and government sectors.
  • The Junta de Andalucia ("Government") has confirmed its support for the Company's plans to restart the Rio Tinto Mine.
  • The actions of the Government are indicative of wanting to achieve a project restart in third quarter 2012.
  • All major political parties, all local mayors and the union representing our personnel have openly declared their support for the Company and the restart of the Rio Tinto Mine.
  • Various teams are making steady progress on all three key fronts for 2011: permitting, project planning and financing.
  • Indicative terms sheets have been received from several project financiers. Taken together with the Company's strong shareholder base and the expressions of interest from product customers, this provides the Company with a good range of financing choices for refinement and optimisation during the course of 2012.
  • These proposals include debt funding up to all of the anticipated capital requirements for the restart of the Rio Tinto Copper Mine.
  • The intended next steps during Q4-11 are the conditional approval of the enlarged restoration plan and of Administrative Standing so as to ensure access to third party lands as required.

Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:

"We are pleased with the Government and all major political parties support to restart the Rio Tinto Mine in third quarter 2012 so that we can commence commissioning by end-2012 and ramp up to steady-state ore production of 9 million tonnes per annum in 2014. We continue to work towards providing all of the necessary documentation required with the focus on permitting, project planning and financing."

SOURCE EMED MINING PUBLIC LIMITED

For further information:

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
Christine Stewart: cstewart@renmarkfinancial.com
Media - Guy Hurd: ghurd@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

Organization Profile

EMED MINING PUBLIC LIMITED

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890