(EMED) EMED Mining
Summary
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| Mon 08:14 | RNS |
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RNS Number : 8437W EMED Mining Public Limited 06 February 2012 AIM: EMED TSX: EMD 6 February 2012 Proposed Subscription, Cost Overrun Support and Off-take Arrangements with Cornerstone Customer
EMED Mining Public Limited ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, is pleased to announce that the Company and one of its subsidiaries have entered into conditional agreements with a cornerstone customer Yanggu Xiangguang Copper Co. Ltd ("XGC") for an aggregate funding package of US$30 million (intended as to half in the form of share capital and half in the form of a future standby debt facility) in exchange for a 10% ordinary equity position in EMED Mining (on a fully-diluted basis) and the grant of limited off-take rights over the Rio Tinto Mine's copper production. Highlights of transaction with XGC
· XGC to provide $15 million equity by way of a subscription for new ordinary shares in the Company at a price of 9 pence per share (or approximately US$0.14) (the "Subscription"). · XGC to conditionally agree to provide or arrange a $15 million subordinated debt facility as required by the providers of senior debt finance (who will be providing the senior debt for the purposes of the restart of operations of the Rio Tinto Mine) (the "Cost Overrun Support"). · The Company's subsidiary, EMED Marketing Limited ("EMED Marketing") has granted XGC off-take rights over 25% of current reported copper reserves, at market prices. · XGC would complement the existing strong international shareholder base dominated by European, North American and Australian shareholders.
Further information on the transaction with XGC and the related agreements between the parties are set out below.
Highlights of Concurrent Activities
· The Company is also in advanced discussions with potential project financiers with a view to finalising a mandate in respect of the provision of project debt of $175 million. · The agreements with XGC together with the project finance negotiations represent part of the planned finance, hedging, bonding and insurance package for the start-up funding of the Rio Tinto Mine, subject to a number of conditions including Spanish regulatory approvals and shareholder approval. · Discussions continue with the regulatory authorities in Andalucia, Spain on the various permits required to start project works at the end of 2012 and production to start in 2013. As part of the project preparations, EMED Mining has ensured that the Andalucian Government has also met most of the Company's carefully assembled set of large shareholders including XGC. In relation to the potential mandate to project financiers, the Company is in advanced detailed discussions with a number of leading global financial institutions and a further announcement is expected to be made on this in due course. The quantum of $175 million caters for previously reported project capital estimates supplemented by contingency provisions for the expanded land footprint agreed with the Andalucian Government, anticipated revisions in equipment specifications or prices, foreign exchange movements and working capital buffers. A detailed break-down will be updated and reported in due course when the conditions of regulatory permitting are confirmed and detailed engineering and procurement can be finalised. As regards the regulatory permitting of our plans for the Rio Tinto Mine, the Company is in frequent and intense discussions with the Andalucían Government, which has also referred some of the project documentation for review by the peak national technical review agencies as part of their approval processes. Harry Anagnostaras-Adams, theManaging Director of EMED Mining said, "Progress continues on the key business plan tasks for the quarter and the Company's finance plans head in the previously reported targeted direction. "The financing and offtake arrangements announced today reflect our long-stated commitment to build the highest-quality links for a small portion of our production into China, the key driver of global demand for our product, and to do so via an alliance with leading Chinese metal processor XGC is especially pleasing. "This complements our overall product strategy wherein most of our production is expected to be delivered for copper production use in Spain and other European smelters, with whom we have also established appropriate dialogue". Enquiries
Further Information on the XGC Transaction
Subscription The Company and XGC have entered into a subscription agreement (the "Subscription Agreement") pursuant to which a subsidiary of XGC, Hong Kong Xiangguang International Holdings Limited ("Xiang Guang HK"), has conditionally agreed to subscribe for 105,378,519 new ordinary shares of 0.25 pence each in the capital of the Company (the "Subscription Shares") at a price per share of 9 pence each (or approximately US$0.14). The proceeds of the Subscription will be used for general working capital purposes, particularly in connection with the Company's ongoing efforts in connection with the restart of copper production at the Rio Tinto Mine. The Subscription Agreement is subject to a number of conditions including: the approval of the Company's shareholders to the issue of the Subscription Shares; the approval of the Chinese National Development and Reform Committee; Toronto Stock Exchange approval; and admission of the Subscription Shares to trading on the AIM market. Such conditions are required to be satisfied (or where possible, waived) on or before 31 March 2012 (or such later date as the parties may agree) (the "Long Stop Date"). The parties may terminate the Subscription Agreement if the conditions are not satisfied by the Long Stop Date and XGC may terminate prior to completion where there is a material adverse effect concerning the Company or its subsidiaries. Upon completion of the Subscription, Xiang Guang HK will hold approximately 10% of the fully-diluted capital and approximately 11% of the issued capital of the Company. Subject to completion of the Subscription, the Company will grant XGC and Xiang Guang HK a right to participate in future share issues by the Company (save in respect of certain exempt issues set out in the Subscription Agreement ("Exempt Issues") on a pro rata basis for such time as their combined interest in the issued share capital of the Company exceeds 5%. The Company has also granted XGC the right to appoint a director to the EMED board of directors (the "Board") for such time as XGC and Xiang Guang HK combined interest in the issued share capital of the Company equals 8% or more of the Company's issued share capital (excluding shares issued pursuant to Exempt Issues) and there remains an amount drawn down and outstanding to XGC in respect of the Cost Overrun Support. Any appointment to the Board must be approved by the Board and the Company's nominated adviser. XGC has undertaken not to dispose, and procure that Xiang Guang does not dispose, of any interest in the Subscription Shares for a period of 6 months following completion of the Subscription, save in certain limited circumstances. As noted above, the Subscription is conditional, amongst other things, on the Company's shareholders approving the issue of the Subscription Shares. The Company will publish a circular in due course convening an extraordinary general meeting to seek such approval and will make a further announcement following such publication of the time and place of the meeting. Cost Overrun Support EMED Mining and XGC have entered into a commitment letter containing the indicative terms for a $15 million Cost Overrun Support facility. Pursuant to the Commitment Letter, XGC has conditionally agreed to arrange, underwrite, provide or procure the Cost Overrun Support as required by the financial institutions which will provide the principal debt facility (the "Senior Facility") to be used to fund the restart of commercial production at the Rio Tinto Mine. The obligations of XGC under the Commitment Letter are subject to certain conditions including the entry into the definitive Cost Overrun Support facility documents by no later than 31 December 2014 (as may be extended by agreement between EMED Mining and XGC). The Commitment Letter will terminate if the Subscription Agreement does not become unconditional by the Long Stop Date. EMED Mining may seek cost overrun support from third parties; however if it does so XGC has the right (exercisable in 30 days) to match the terms and conditions offered by a third party for cost overrun support. Pursuant to the terms of the Commitment Letter, interest will accrue at 150 basis points per annum over the margin on the Senior Facility; EMED Mining would pay a commitment fee of 1% per annum (or the same as under the Senior Facility, if higher) and an arrangement fee of 2% (flat). The Cost Overrun Support would be available concurrently with drawdown under the Senior Facility and second ranking security is to be granted over the asset and share package granted to the providers of the Senior Facility. Off-take Agreement Pursuant to an off-take agreement entered into today, ("Off-take Agreement") EMED Marketing is obliged to produce, sell and deliver to XGC 30% of copper concentrates produced from the Rio Tinto Mine each year, until the delivery of a cumulative quantity equivalent to 25% of the Rio Tinto Mine's production for the first 10 years of commercial mine production based on its current reported copper reserves as set forth in the Behre Dolbear NI 43-101 Independent Technical Report dated 17 November 2010. EMED Marketing may terminate the Off-take Agreement in certain circumstances including, (i) a breach by XGC of its obligations pursuant to the Off-take Agreement or (ii) the Subscription Agreement failing to become unconditional by the Long Stop Date; or (iii) XGC failing to enter into (prior to 31 December 2014) or fulfilling any of its obligations under the definitive documentation for the Cost Overrun Support for any reason (other than the failure of the Company to negotiate terms not provided for in the Commitment Letter in good faith, or the Company acting unreasonably in any such negotiations). Information on XGC XGC is one of the world's largest Copper smelting, refining and processing group located in Shandong province of China, with a designed smelting capacity of 450,000mt/y Cu from concentrate and refining capacity of 600,000mt/y Copper cathodes. It employs the state-of-art copper smelting technology of double flash smelting and converting. XGC's parent company, GMK Holding Co., Ltd ("GMK"), is a leading privately owned enterprise group in China including significant food production interests. EMED Mining and XGC were advised by LN Metals International Limited and Canaccord Genuity London respectively in relation to the above mentioned proposals.
Cautionary Notes
This announcement contains "forward looking information" which may include, but is not limited to, statements with respect to the completion of the Subscription, the use of proceeds, shareholder approval in respect of the issuance of the Subscription Shares, TSX approval of the transactions, Chinese governmental approval of the transactions, admission of the Subscription Shares to trading on AIM, the execution of definitive documentation in respect of the Cost Overrun Support facility and the ability of the Company to fulfill its obligations under the Offtake Agreement. "Forward looking information" may also include statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of metals, the estimation of ore reserves and resources, the conversion of estimated resources into reserves, the realization of ore reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Accordingly, readers should not place undue reliance on forward looking statements.
Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; the future costs of capital to the Company; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, terrorist attacks, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 16-01-12 | RNS |
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RNS Number : 5802V EMED Mining Public Limited 16 January 2012
EMED MINING QUARTERLY OPERATIONAL UPDATE 16 January 2012
EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, announces today the following operational update for the three-month period ended 31 December 2011. The full Quarterly Report, including consolidated Financial Statements and the Management Discussion and Analysis, will be issued on or before 31 March 2012. Managing Director Harry Anagnostaras-Adams will be hosting an on-line investor briefing at 15:00 GMT (10:00 am Toronto time) on Tuesday 17 January, which will be broadcast live via video conference. To participate in the conference, during which participants will be able to email questions, attendees should go to www.presentation-matters.co.uk/emedwebstream . Key Points Rio Tinto Copper Mine - Spain · The Junta de Andalucia (the "Government") has made public policy statements that clearly confirm support for the Company's plans to restart the Rio Tinto Mine as soon as possible, including that it wants the project to be triggered in Q3 2012, the same target date as EMED Mining. · Supportive public statements include that it is satisfied with the Company's constructive approach to resolving outstanding issues, and with its technical and economic competencies - the criteria for approval of its administrative standing. · The Company has responded to all queries and requests from the Government regarding permitting. These responses have addressed all matters raised. The Company has also undertaken to provide independent expert reports on sensitive areas such as the optimisation of waste and tailings management and storage. · The Government has taken initial steps to demonstrate its commitment to administer permitting and access to third-party lands, whilst ensuring proper handling of third parties' rights and full regulatory compliance. The judiciary has dismissed all legal challenges filed by the former project operator and adjoining landowners against the Company's plans. Any challenges yet to be heard are considered to be frivolous, are expected to be dismissed by the judiciary, and have no bearing on the project. · An agreement was executed with project vendor MRI Holding ("MRI") giving the Company rights to a number of mineral concessions adjacent to the Rio Tinto Copper Mine site. This provides exploration potential which will potentially aid the Company's objective to extend project life. Detva Gold Project - Slovakia · The approvals process continues for the proposed open-pit mine at Biely Vrch and includes stakeholder consultations. It is currently envisaged that the project will produce ~60,000 ounces of gold per year at an average cash cost of ~US$530/ounce but the Company intends to further optimize the pit design. Corporate · EMED Mining is engaging with a range of banks, potential product customers, royalty funds and equity investors to optimize financing of the production start-up in Spain. Short-listed parties have provided indicative terms sheets which include proposals for full funding of anticipated requirements. · Resource Capital Funds and RMB Australia Holdings have exercised their right to convert the amounts owed to them under the secured convertible loan agreement dated 4 March 2009 into new ordinary shares at a price of 4.13 pence per share. Accordingly, the outstanding principal amount owing under the Loan Agreement of US$8.5 million has been satisfied in full by the issue of shares. RCF now owns 167.0 million shares and RMB 67.5 million shares, 18% and 7% respectively of the fully-diluted shares on issue. · Dr. Jose Nicolas Sierra Lopez has joined the Board of EMED Mining as non- executive Director based in Madrid. Dr. Sierra (aged 73) brings to the Company extensive experience as a mining and energy leader in the business and government sectors, formerly as Spain's national Director General of Mines and Construction Industries, and the EU's Director for Fossil Fuels. · Mr. Robert Francis has joined the Board of EMED Mining as a non-executive director based in Canada. Mr Francis (aged 66) is a retired senior partner of the Toronto office of Deloitte & Touche LLP, having enjoyed an extensive career in public accounting in Canada. He provided a complete range of services to the metals/mining sector and advised extensively on corporate regulatory compliance matters.
Harry Anagnostaras Adams, Managing Director of EMED Mining, commented: "EMED Mining enters 2012 full of optimism regarding the permitting and start-up of the Rio Tinto Copper Mine. We look forward to restarting this major copper mine and greatly appreciate that we have earned public declarations of support from the Andalucian Government, all political parties, unions and municipal councils. "We are committed to the timetable that aims to trigger the restart during Q3 2012, followed by a ramp-up to target steady-state production of 9 million tonnes of ore per annum and concentrate containing 82 million pounds of copper in 2014. "The Company's teams are making steady progress on all aspects of permitting, legal, finance and project planning of start-up and expansion. In mid-2010 we lodged full submissions covering all operational and environmental aspects of restarting Rio Tinto. Between April and November 2011 there has been a series of requests from the Government. Having submitted our various responses, the substantive issues still on the table relate to waste and tailings management. We feel confident that our plans satisfy all local, European and international standards. Nevertheless EMED has commissioned independent specialist reviews on those aspects because we are committed to providing and demonstrating the best possible solution that balances environmental, economic and operational criteria. "Two key steps need to be completed during Q1 2012 in order to be able to trigger the restart of this major copper mine during Q3 2012. The first is the transfer of the mineral rights (Administrative Standing) which will enable EMED Mining to utilize third-party owned land that is required for the project. We believe that EMED Mining, based on its legal, technical and economic capacities, has satisfied the tests for this first step. The second step is for the technical teams of the Government and the Company to agree the remaining unresolved environmental aspects so that detailed engineering and final documentation for the entire project can proceed, be assembled, submitted and duly processed. "Our plans for the Rio Tinto Copper Mine are in full compliance with European Union standards and embrace a vision that comprises the concepts of sustainability and environmental stewardship. "We have also been laying the foundations for commencement of brownfields exploration programs which have the potential to expand mineral resources and extend project life which is of paramount importance to all stakeholders."
CORPORATE STRATEGY In Spain, the Company's Rio Tinto Copper Mine provides an excellent opportunity to bring a large copper mine back into production at a relatively low total cost as it already has an established open-pit mine, processing plant and other infrastructure. In Slovakia, the Biely Vrch deposit at the Company's Detva Gold Project is a potential greenfields development of an open-pit gold mine. EMED Mining has earlier-stage activities in Cyprus and an 18% equity interest in KEFI Minerals which operates early-stage exploration joint ventures in the Kingdom of Saudi Arabia and Turkey. EMED Mining is managed by a well-qualified, multi-cultural team drawn initially from Australia and the Americas and is now mainly comprised of Spanish citizens. The main priority for the short term is to safely and efficiently start copper production at the Rio Tinto Copper Mine once EMED Mining has completed the regulatory approvals, financed the start-up and obtained shareholder approval. Spain - Rio Tinto Copper Mine EMED Mining, via its wholly-owned subsidiary EMED Tartessus, owns 100% of the Rio Tinto Copper Mine in Andalucía, Spain. The Company is the owner of the mine, the mineral rights and the processing plant and is complying with all regulatory requirements to be awarded Administrative Standing (or "Titularidad Administrativa") so that the project can proceed. As detailed in a NI 43-101 Technical Report, key anticipated production parameters for the Rio Tinto Copper Mine are: · Ramp-up to a 9 million tonne per annum ("tpa") ore throughput over a two-year period; · Open-pit mine with average waste-to-ore strip ratio of 1.1 to 1; · Contained copper-in-concentrate averaging ~37,000 tpa (82Mlbs pa); · Average cash costs of C1 = US$1.37/lb (cash operating costs ) and C3 = US$1.57/lb (total costs including operating, capital and closure costs); · Mine life > 14 years. The following aspects of the project will require refinement when permitting conditions are finalised and after expansion opportunities are fully assessed and prioritised: · The extra project costs to be incurred as a result of environmental reviews including the management and restoration of the agreed enlarged land footprint; · Ore Reserves (Proven and Probable - 123 million tonnes at 0.49% copper, containing 606,000 tonnes of copper) are currently based on a cut-off grade of 0.2% copper which was derived using a copper price of $2.00/lb ($4,400/tonne). In due course, this needs re-optimisation in light of the planned drilling within the open pit; · Mineral Resources (Measured plus Indicated - 203 million tonnes at 0.46% copper, containing 933,000 tonnes of copper) which was derived using a copper price of $3.00/lb ($6,600/tonne) for the Cerro Colorado open pit. This needs updating in light of the planned drilling of the open pit and the underground deposits on the property, and · Drilling can commence on the grant of Administrative Standing.
Steps to Restart Copper Production The steps to restarting production at the Rio Tinto Copper Mine are briefly summarised as follows: · Conditional informal approval of outstanding issues including the enlarged restoration plan; · Administrative Standing and triggering formal procedures for occupation of third party lands which are zoned for mining and now form part of the planned project, particularly from an environmental management and rehabilitation viewpoint; · Commencement of personnel training programs, letting contracts for upgrades to infrastructure and drilling programs for extending mine life as soon as the timetable is locked-in by having comlleted the foregoing two steps; · Finalising arrangements for project financing; · Formal approval of the final project details; · Shareholder and financier approvals of the final project details; · Triggering the restart project execution program, upon receipt of formal land access rights; · Appointment and induction of the workforce and contractors; · Construction permits and operating licences to be issued as project execution proceeds and commissioning is carried out; · Ramp-up of production to the base case rate of processing 9 million tpa of ore and 37,000 tpa copper-in-concentrate; and · Concurrent assessment of project extension or expansion opportunities, based largely on the results of drilling in the vicinity of the existing open pit and underground mines. The restart is expected to be straightforward from an operational perspective, with an established infrastructure and processing facility that can be readily restarted, albeit with aspects to be updated to incorporate mining industry improvements that have been developed over the past 20 years. EMED Mining is conducting project engineering so that commissioning can commence in 2012, subject to the timing of project permitting, formalised access rights to adjoining lands, finance and shareholder approval.
Interference by Third Parties The Company and its personnel have been subjected to a campaign of interference designed to impede the development of the Rio Tinto Copper mine. These activities appear to have the objective of financial compensation in exchange for desisting from such activity. The co-owners of sections of the tailings dams, Rumbo 5-Cero SL ("Rumbo"), Construcciones Zeitung SL ("Zeitung), and the former project operator, Minas de Rio Tinto S.A in liquidation ("MRT") since August 2011 have intermittently obstructed the repairs and maintenance at the tailings storage facilities. As a result of the intervention of the police, the Court has issued orders by which the Company continues to carry out all care and maintenance activities on site, in accordance with various resolutions from the Andalucian Government. MRT has also recently publicized a purported legal claim against parties (not including EMED Mining or its group companies) which we understand has yet to actually be served on the relevant third parties against whom it is directed. This claim has no legal impact on the ownership by EMED Mining of its assets, the project or its timetable, despite publicised comment and innuendo to the contrary by MRT. EMED Mining considers this claim to be another frivolous attempt to confuse the public and expects that it will also be dismissed in due course, as have all other claims by MRT and the other interfering third parties. During the quarter, the Government advised that EMED Mining should introduce environmental management and restoration programs on all Rio Tinto Copper Mine lands including those that are currently owned by Rumbo and Zeitung (or related companies), neither of which are assuming responsibility for the obligations required of them by the applicable environmental legislation. This was communicated to the Company by the Department of Environment, partly in an attempt to minimize third party interference, but also to ensure that a responsible, comprehensive environmental management approach be applied to the whole project footprint, both ahead of the project restart and during proposed operations. EMED Mining intends to implement a long term environmental management and rehabilitation program that is integrated with the operating and economic aspects of project restart and operations, in accordance with European Union Best Available Techniques and to start improving the affected lands immediately once it is provided with Administrative Standing and formal land occupancy. Agreement Executed for Additional Mineral Concessions The Company has executed an agreement with project vendor and EMED Mining shareholder MRI Holding ("MRI") giving the Company rights to a number of mineral concessions previously held by an MRI subsidiary and adjacent to the Rio Tinto Copper Mine site. The consideration for the mineral concessions was incorporated within the project acquisition agreement in October 2008. Mineral Resources and Reserves for Rio Tinto currently include only the Cerro Colorado open pit and take no account of: · previously drilled and unexploited mineralisation at several other mines on the main Rio Tinto Copper Mine property; or · other historical mines or targets on the surrounding mineral concessions. The Company perceives that there is potential over the longer term for Rio Tinto Copper Mine to again develop several satellite operations. Slovakia - Detva Gold Project EMED Mining is advancing its 100%-owned Biely Vrch gold deposit, which contains Indicated Resources of 461,000 ounces (17.7 million tonnes at 0.81g/t gold) and Inferred Resources of 596,000 ounces (24.0 million tonnes at 0.77g/t gold). A revised Scoping Study completed by AMC Consultants (UK) Ltd in June 2010 confirmed the attractive economics of developing a mine at Biely Vrch based on a gold price of US$800/ounce (currently ~US$1,600/ounce). During 2011, EMED Mining completed two deep drill holes at Biely Vrch to test the potential for economic gold mineralisation at depth. As previously reported both holes (DVE51 and DVE52) were mineralised from surface throughout their length (652m and 783m) and averaged 0.72g/t and 0.84g/t gold, respectively. Both drill holes also intercepted several higher grade zones. Detva Gold Project Permitting In parallel with advancing the required permitting studies and approvals for Biely Vrch, EMED Mining is working towards reaching various agreements with local parties directly impacted by the potential development. The permitting process for Biely Vrch has advanced to the point of being granted Protective Deposit Status over the Biely Vrch gold deposit and the Company has applied for a Mining Lease. In preparation for the subsequent permitting step, EMED Mining and its environmental consultants are preparing the Preliminary Environmental Impact Assessment for Biely Vrch. In addition, a series of community briefings and consultations are being conducted in the local towns and villages, the need for which has been reinforced by recent opposition by anti-mining lobby groups. Thirty eight state, regional and local regulatory bodies have consented to the Company being granted its Mining Lease Area over Biely Vrch. A no-opposition resolution was also signed by the local Landowners Co-operative in the Mining Lease Area. Nova Bana Gold/Silver Project During the quarter, scout drill hole NBVE 1 was abandoned for safety reasons at a depth of 347m without reaching the main mineralisation structures. Portugal - Regua Tungsten Project (Option to acquire 100%) In September 2010, EMED Mining obtained an exclusive option to acquire the exploration permit covering Regua Tungsten Deposit in Portugal. The Company allowed its option over Regua to lapse on 31 December 2011. This decision reflects the results of the evaluation conducted during the option period since September 2010. Qualified Persons for Reporting of Resources and Reserves Information in this report as regards the Rio Tinto Mine that relates to Mineral Resource estimates is based on information compiled by Mr. Pat Stephenson, BSc (Geology) and Mr. Ron Cunneen, BSc (Geology), with Mr. Stephenson taking responsibility for the Mineral Resource estimates and Mr. Cunneen taking responsibility for the data on which the estimates are based. Mr. Stephenson is Regional Manager, Vancouver and Principal Geologist with AMC Mining Consultants (Canada) Ltd and a full-time employee of that company. He is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr. Cunneen is Head of Exploration for EMED Mining and a full-time employee of that company. He is a Member of The Australian Institute of Geoscientists. Information in this report as regards the Rio Tinto Mine that relates to Ore Reserve estimates is based on information compiled by Mr. Andy Robb, BSc (Mining Engineering). Mr. Robb is Principal Mining Consultant with AMC Consultants and a full-time employee of that company. He is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Stephenson, Mr. Cunneen and Mr. Robb have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking to qualify as "Competent Persons" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("JORC Code") and "Qualified Persons" as defined in the "National Instrument 43-101 of the Canadian Securities Administrators" ("NI 43-101") and "CIM Definition Standards For Mineral Resources and Mineral Reserves" of December 2005 as prepared by the CIM Standing Committee on Reserve Definitions of the Canadian Institute of Mining. Mr. Stephenson, Mr. Cunneen and Mr. Robb consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Information in this report regarding the Rio Tinto Mine that relates to San Dionisio mineralisation is based on information compiled by the on-site geological team and overseen by Mr. Cunneen. References in this report as regards the Mineral Resources or exploration results and potential in Slovakia, Cyprus or elsewhere have been approved for release by Mr. Ron Cunneen.
Cautionary Notes Certain information contained in this report, including any information on EMED Mining's plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. EMED Mining cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of EMED Mining to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward looking statements. These factors include the inherent risks involved in exploration and development of mineral properties, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of EMED Mining, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form dated 31 March 2011 which has been filed under the Company's corporate profile at www.sedar.com. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell EMED Mining securities. Corporate Directory
EMED Mining is listed on AIM (Code: EMED) and the TSX (Code:EMD)
Enquiries: Investors/Media: Harry Anagnostaras-Adams +357 9945 7843 In North America : Andreas Curkovic +1 416-577-9927
General: Cyprus office: +357 2244 2705, Email: info@emed-mining.com This information is provided by RNS The company news service from the London Stock Exchange More |
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| 09-01-12 | RNS |
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RNS Number : 2144V EMED Mining Public Limited 09 January 2012 AIM: EMED TSX: EMD 9 January 2012 NOT TO BE DISTRIBUTED TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATED IN THE UNITED STATES
Update of holdings and issue of equity
EMED Mining Public Limited ("EMED Mining" or the "Company"), the Europe-based minerals development and exploration company, wishes to update its announcement on 28 December 2011 concerning Resource Capital Fund IV L.P ("RCF") and RMB Australia Holdings Limited ("RMB"). In particular, the earlier announcement did not fully reflect the aggregate shareholdings in the Company of RCF and RMB.
EMED Mining confirms that, following completion of the issue of shares to RCF and RMB on conversion of the loans due to them, RCF holds 165,847,388 ordinary shares of 0.25 pence each in the capital of the Company ("Ordinary Shares") and RMB holds 67,091,028 Ordinary Shares. The Company's issued share capital following the issue of shares to RCF and RMB is 856,451,846 Ordinary Shares.
EMED Mining also announces that the final quarterly interest payment due to RCF and RMB under the convertible loan agreement dated 4 March 2009 for the period ended 31 December 2011 will be satisfied by the issue of 1,540,081 Ordinary Shares at a price of 7.34 pence per share. Of this amount, 1,174,628 Ordinary Shares will be issued to RCF and 365,453 Ordinary Shares will be issued to RMB. Accordingly, following the issue of such shares, RCF will hold 167,022,016 Ordinary Shares, representing 19.47% of the issued share capital of the Company (17.66% fully diluted) and RMB will hold 67,456,481 Ordinary Shares representing 7.86%% of the issued share capital of the Company (7.13% fully diluted). Application will be made for such shares, to be admitted to trading on AIM ("Admission"), with trading in the new shares expected to commence on AIM on or around 16 January 2012.
The Ordinary Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. No securities commission has approved or disapproved the contents of this press release.
Enquiries
For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv
This information is provided by RNS The company news service from the London Stock Exchange More |
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RNS Number : 8672U EMED Mining Public Limited 03 January 2012 AIM: EMED TSX: EMD 3 January 2012
Non-Exercise of Option over Regua Tungsten Deposit EMED Mining Public Limited ("EMED Mining" or "the Company"), the AIM-quoted mining exploration and development company, reports that it allowed to lapse on 31 December 2011 its option over the exploration permit covering the Regua Tungsten Deposit in Portugal. This decision reflects the results of the evaluation conducted during the option period since September 2010 which involved expenditure in the order of €250,000. Enquiries
This information is provided by RNS The company news service from the London Stock Exchange More |
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