NICOSIA, CYPRUS -- (Marketwire) -- 04/11/11 -- EMED Mining Public Limited (TSX: EMD)(AIM: EMED) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announced today the following operational update for the three month period ended 31 March 2011. The full Quarterly Report, including consolidated Financial Statements and the Management Discussion and Analysis, will be issued on or before 16 May 2011.
The Annual Report will also be issued and despatched in May for the Annual General Meeting to be held in Toronto on 16 June 2011. A shareholder briefing will also be held by the Company in London on 27 June 2011.
Rio Tinto Copper Mine - Spain - In March 2011, the Junta de Andalucia ("Andalucian Government") advised that: - legal hurdles to the Company gaining Administrative Standing had been cleared and its application will now be formally processed; - the Company's detailed submissions of the Project, including improvement, operating and environmental plans and the associated proposals for bonds, insurances and related undertakings will be now be formally processed; and - the Company should now assume formal responsibility for the maintenance and operation of the tailings dams at the Rio Tinto Mine. - EMED Mining: - has approved the next stage of project preparations, being the engineering of project improvements and plant repair programs so that site works can commence by the end of 2011 and production can commence as early as possible in 2012, depending upon the timing of project permitting, formalised access rights to adjoining lands, finance and shareholder approval; and - is progressing discussions with its financiers so that funding arrangements can be finalised as soon as permitting conditions are clarified. - Copper prices have continued to increase and the outlook is for demand to outstrip supply in the short to medium term. At current copper spot prices of approx. US$4.35/pound, projected net operating cash flow is estimated to average US$212 (EUR170) million per year under the current "base case" development plan. Detva Gold Project - Slovakia - EMED Mining is progressing feasibility work, community consultation, environmental studies, and the approvals required for the proposed open- pit mine at Biely Vrch producing approx. 60,000 ounces of gold per year at an average cash cost of approx. US$530/ounce. - The permitting process for Biely Vrch has advanced to being granted Protective Deposit Status over the Biely Vrch gold deposit and an application has been submitted for a Mining Lease.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:
"We are pleased that during the quarter the Andalucian Government unblocked the permitting process for restarting the Rio Tinto Copper Mine in Spain. Support from key stakeholders, notably the local communities led by the mayors with the support of the Unions, is much appreciated.
"Our team is actively working with the regulatory authorities with the mutual aim of efficiently completing the permitting process to responsibly restart this major copper mine and unlock the numerous benefits associated with that restart. Assuming the timely processing of regulatory applications and associated negotiations, the Rio Tinto Copper Mine should return to full copper production during 2012.
"EMED Mining has established at Rio Tinto one of the largest teams of mine development specialists in Europe. The Company is poised to trigger the development of this large copper mine and has a pipeline of other projects at various stages of development. Our focus on social licensing and proper participation with local communities in which EMED Mining operates is especially timely in Europe where policy-makers are now prioritising the development of Europe's mining industry."
A full version of the quarterly operations update is available on SEDAR and on the Company's website - www.emed-mining.com.
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