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
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 .
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:
Investors/Media: Harry Anagnostaras-Adams +357 9945 7843,
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