EPIC : EMED

Web Site : http://www.emed-mining.com

6th June 2007 Broker Note : Link Click Here (PDF file)

5th June 2007 Hardman update : Link Click Here (PDF file)


The principal activity of EMED Mining is to explore for and develop natural resources, with a focus on copper and gold. The Company's region of interest spans from Europe to Iran which includes many past centres of mining and under-explored potential for many styles of mineralisation such as volcanogenic-hosted massive sulphide copper-gold, epithermal gold and porphyry copper-gold .

The Company has been listed on AIM (Code:EMED) since May 2005. Shareholders approved changing the Company's name from Eastern Mediterranean Resources Public Limited to EMED Mining Public Limited in September 2006.

EMED pleased with Rio Tinto project progress
StockMarketWire.com
EMED Mining Public Limited is pleased with the rapid progress being made in the development of the Rio Tinto copper project.

EMED said that having obtained final permitting, as announced on 23 January, the vompany has continued to focus on further developing onsite operations ahead of commencing mining and processing operations during the third quarter of 2015.

In December, the company agreed a US$30m unsecured bridge loan with its three largest shareholders, Trafigura Beheer BV, Orion Mine Finance (Master) Fund I LP and Hong Kong Xiangguang International Holdings Limited, an affiliate of Yanggu Xiangguang Copper Co. Limited.

The purpose of the loan was to allow continued project development while a financing package is finalised in order to complete phase 1 development and a potential expansion project.

The company's current cash position is approximately 10m with a further US$6m available under the loan, subject to the consent of the lenders.

The company is confident that its current cash position of 10m is sufficient to last through the first quarter of 2015 and potentially beyond with the Company maintaining the flexibility to reduce planned expenditures if required. The Company presently expects that this is sufficient to complete negotiations of the global financing package without project delays.

The latest capital forecast to complete phase 1 development indicates the potential for up to US$50m savings previously reported by the Company are likely to be achieved.

EMED continues to rapidly progress site development. During the last four months, the Company has completed selection and hiring of operational personnel. In total, there are currently over 200 EMED employees and over 250 contractors on site.

Chief executive Alberto Lavandeira said: "We are very pleased by the rapid progress being made in the development of onsite operations and at costs that are trending well below original estimates. The project is based in an extremely prospective region and we are pleased with the continued support from the Junta, the local communities and our existing shareholders as we work towards the start up of production. We remain in advanced discussions with our funding partners and are confident of securing the financing for the re-start of production without delays to the Company's anticipated timetable."

EMED Mining - The 102nd Minesite Forum

click here

Listen: CEO, Alberto Lavandeira, EMED Mining discuss the award of Municipal activity licence

click here