(EMED) EMED Mining

AIM: EMED

TSX: EMD                                                                                                                                                                     13 June 2013

AGM STATEMENT

I am pleased to welcome you all to the 2013 Annual General Meeting of the Company here in Minas de Riotinto - where you can see the potential first hand of our world class Rio Tinto Copper Project.

First, let me introduce myself and the other Directors of EMED Mining who are present here today:

·      I am Ronnie Beevor, Non-Executive Chairman of the Company

·      Harry Anagnostaras-Adams is the Company's Managing Director;

·      John Leach is the Company's Finance Director; and

·      Non-executive Directors here are Jasper Bertisen, Roger Davey, Bob Francis, Harry Liu and Ashwath Mehra. Jose Sierra sends his apologies because some pressing other matters prevent his attendance today.

The Directors here represent around 33% of the fully-diluted capital of EMED Mining.

For shareholders unable to attend today, we will conduct an on-line investor briefing by the Managing Director this afternoon at 16.00 BST (11am Toronto time), which will be broadcast live via video conference. To participate in the briefing, during which participants can email questions, attendees should go to http://www.brrmedia.co.uk/event/112131?popup=true

My address and the Managing Director's presentation to today's meeting are now available on the Company's website.

During the past 12 months EMED Mining has continued implementing its business plan. Our first priority continues to be the restart of production at the Cerro Colorado open pit of the Rio Tinto Copper Mine, which is the first of our planned operations here and which we expect to continue for more than 20 years. We have also begun to understand the potential of the other mines on the property which we are confident will also play a significant role in production.

Last year I reported that we aimed to trigger the Rio Tinto Copper Mine by the end of 2012 and it was very disappointing that we did not achieve this, but we continue positive progress on the permitting. On this front, I can provide an up to the minute report that several of us, including myself, earlier this week attended a progress-checking meeting hosted by the Andalucia Government between ourselves, the regulatory authorities, the municipalities, the unions and the employer groups. It was clear that all parties are working in a determined manner to trigger preliminary site works by the end of 2013, so that production can start in late 2014.

Additional regulatory requirements for our tailings management facility pushed out the timetable for the two key permits for construction: the approval of the Environmental Plan (AAU) and the grant of Administrative Standing (AS). The Rio Tinto project has continued to be particularly challenging, but significant milestones accomplished since our last AGM include the consolidation of all project lands; the positive public review of the environmental plans and independent government technical expert reviews of the full project plans; the completion of an updated 43-101 Independent Technical Report reflecting completed engineering, costing and project execution scheduling; the confirmation by both key Andalucian Government Ministries (Industry and Environment) of the conditions for the tailings management facility; and the permitting roadmap for the Rio Tinto Copper Project to be in production in 2014.

We have had to spend six years and €100 million removing legal and financial complexities, carrying out care and maintenance, protecting public safety and formulating plans that are appropriate for the 21st century. Our project has also been particularly challenging for the Junta de Andalucia. EMED Mining greatly appreciates the contribution of the Junta de Andalucia to ensure that the project is not just acceptable as regards its legal structure, but that it also complies with the requirements of today in every respect environmentally, operationally, economically and socially.

I am pleased to report today a financing transaction which again demonstrates the strength of the support from global leaders in the mining investment sector. This morning we announced a $15M product-offtake-linked convertible note issued to cornerstone customers and major shareholders, XGC and Red Kite. The share conversion price of 9p is a significant premium to yesterday's closing share price of 5.5 p and redemption/conversion is set for the earlier of 18 months and the drawdown of project finance for the restart. Today's arrangement complements the other offtake-linked financings we entered into in 2012 with those same two parties who now have rights to approximately 50% of initial base case reserves from the first mine to restart, at future market prices.

We are proud that our Company represents such a strong group of shareholders, which includes global leaders in investment institutions specialising in the mining sector. We are also proud to represent some 2,000 individual shareholders around the world, including from Spain.

The Board and Management are fully committed to achieving EMED Mining's business plan and to responsibly generating economic value for shareholders and other stakeholders for the long term. Our world today continues to experience troubled times indeed - in the financial markets and in many parts of the real economy, especially in Europe and including right here in the Cuenca Minera of Andalucia. Our Rio Tinto Copper Mine is potentially an important engine for economic recovery and it will be our Company's honour to have the responsibility and opportunity to develop and operate the mine for the long term.

We greatly appreciate the support of the communities here whom we are fully committed to serving for the long term.

In Slovakia, the Company is intensifying consultations with the affected communities, carrying out studies for regulatory permitting and continuing negotiations with local parties - to progress our plans to develop our 100% owned Detva Gold Project.

In Cyprus, EMED Mining continues to maintain its large geological database of historical copper mining properties which has resulted in the identification of a number of new targets.

For good order, I should report that the closed period for share dealings by Company officers ended today and therefore those individuals who have advised they will exercise their in-the-money expiring options can now proceed to do so within the next week.

Finally, I greatly appreciate the support of all of our shareholders and I look forward to EMED Mining's next phase of starting production.

Enquiries

For further information on the Company's activities, visit www.emed-mining.com 

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 in 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 Company'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:

Copper in Spain: The Company's priority is to progress the planning and permitting process required to commence production from its wholly-owned Rio Tinto Copper Project. Located 65km northwest of Seville in Andalucía, the open-pit mine, processing plant and waste disposal facilities has been on care and maintenance since 2001.

Gold in Slovakia: EMED Mining discovered the Biely Vrch porphyry gold deposit and is currently advancing the planning and permitting necessary for development.

EMED Mining has the following other notable earlier-stage activities:

·      Exploration licences in the copper-mining districts of Cyprus; and

·      A 15% shareholding in KEFI Minerals Plc which operates exploration joint ventures in Saudi Arabia.