AIM: EMED TSX:EMD
NICOSIA, Cyprus, Dec. 22 /CNW/ - EMED Mining Public Limited ("EMED
Mining" or the "Company") is pleased to announce the following progress
in respect of its exclusive option over the Regua Tungsten Deposit
("Regua") in Portugal:
Payment completed to acquire option over Regua following approval by
shareholders on 22 November 2010;
Preliminary meetings with regulatory authorities have identified the
matters which need to
be evaluated and prioritized in order to assess the potential to develop
Agreement reached with local landholder which provides the Company with
access to the
deposit for exploration and potential trial-mining of the deposit in due
Managing Director of EMED Mining, Harry Anagnostaras-Adams, commented:
"Recent site visits by senior EMED Mining development planners have laid
the groundwork for evaluating the Regua Tungsten Deposit over the
"Tungsten has been classified as a critical raw material by the European
Commission, the outlook for the tungsten price remains very strong and
Regua complements the copper and gold projects in our development
"Whilst the Rio Tinto Mine is clearly our 'number 1 priority', this
opportunity within the Iberian Peninsula is worth evaluating further as
EMED Mining intends to develop into a metal producer with several
"Rio Tinto is already our operational headquarters for all projects and
the team will be expanded so that this evaluation will not take
personnel away from our other priorities. Subject to consultation with
regulatory authorities, the next stages at Regua include a development
scoping study and exploration drilling targeting resource confirmation
and potential extensions."
Background on Regua Tungsten Deposit
Tungsten has been classified as a critical raw material by the European
Commission, due to the tightness of global supply. The Iberian
Peninsula has historically been one of the major sources of tungsten
supply outside of China.
In September 2010, EMED Mining obtained an option to acquire the Regua
Tungsten Deposit which is located 400km north of Lisbon and 95km east
of Porto. The deposit has not been previously mined and is located
close to infrastructure with good road access.
The Regua Tungsten Deposit consists of scheelite (CaW04) mineralisation. A resource estimate for Regua was reported in 2008 by
ASX-listed Tamaya Resources (previous owner of the vendor, Iberian
Resources Portugal Minerais Unipessoal LDA). However, EMED Mining is
not yet in a position to issue a resource estimate under reporting
standards NI 43-101 or JORC.
The Regua Tungsten Deposit remains open laterally and at depth. There
are reasonable prospects that further drilling will extend the known
The option may be exercised by the Company at any time prior to 31
During the option period EMED Mining intends to evaluate the exploration
potential, audit the mineral resources, complete a scoping study and
assess the prospects for permitting.
EMED Mining's preliminary assessment of Regua indicates a potentially
valuable tungsten project with considerable potential to add additional
resources through further drilling.
Notes to Editors: About EMED Mining Public Limited
EMED Mining was admitted to trading on the AIM market of the London
Stock Exchange in May 2005 and on the Toronto Stock Exchange on 20
December 2010. The Company is committed to responsible development of
metal production in Europe, with a focus on copper, gold and critical raw materials.
The Group's region of interest is the tectonic belts spanning across
Europe and over to the Middle East. The strategy is to evaluate
exploration and development opportunities in several jurisdictions
throughout this quality mineral belt and to promote sustainable
development practices through the implementation of European Union and
other international standards. The Company strictly implements its
Environmental & Community Policies.
EMED Mining is focused on two key projects in Spain and Slovakia with
excellent potential to add significant value:
Copper in Spain: The copper-mining district of Spain is probably among the best known in
the world for its metal endowment. The Company's first priority is to
commence production of
its wholly-owned Rio Tinto Mine which is the largest metal deposit in
Spain and contains a
fully installed and maintained operational complex - an open pit mine,
and waste disposal facilities.
Gold in Slovakia: The Company has made a significant gold discovery at Biely Vrch and is
advancing planning and permitting for its potential development.
EMED Mining has the following other notable earlier-stage activities:
Exploration licences in the copper-mining districts of Cyprus;
An option over a tungsten deposit in Portugal; and
A 20% shareholding in KEFI Minerals Plc which operates exploration joint
Turkey and Saudi Arabia.
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv
SOURCE EMED Mining Public Limited
For further information: For further information:
|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 9927|