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 EMED Mining's
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 Regua, and
- 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 course.
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 coming year.
"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 pipeline.
"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 operational mines.
"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 mineralisation.
The option may be exercised by the Company at any time prior to 31 December 2011.
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, copper-concentrator
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 ventures in
Turkey and Saudi Arabia.
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|