EMED Mining Public Limited

EMED Mining Public Limited

April 19, 2011 02:00 ET

EMED Mining: Key Government Departments Respond to Submissions Regarding the Restart of the Rio Tinto Copper Mine

NICOSIA, CYPRUS--(Marketwire - April 19, 2011) - EMED Mining Public Limited (TSX:EMD)(AIM:EMED) ("EMED Mining" or the "Company"), the AIM quoted and TSX listed mining exploration and development company, today announces that it has received responses from all four governmental departments that contain preliminary conditions required for the approval of the Company's submissions to restart the Rio Tinto Copper Mine.

The four principal regulatory authorities of the Junta de Andalucía ("Andalucían Government") with responsibility for the Rio Tinto Copper Mine are the Department of Culture and Heritage, Department of Environment, the Water Authority and the Department of Industry.

The Company believes that it has now satisfied the requirements of the Department of Culture and Heritage (for background see EMED Mining's announcement dated 17 January 2011).

The other departments have now requested that the Company provides further substantiation of its estimates for project costs, further reviews innovative alternatives for the improvement of concentrate grade and metal recoveries and the reduction of waste and seepage. It has also been requested that the Company commits to the rehabilitation of additional areas outside the currently proposed project area that have been affected by mining since 1982 by previous operators. The removal or minimisation of pollution in the Odiel river basin is to be a primary objective of this particular aspect.

The Company intends to clarify the technical specifics of the Andalucían Government's requirements which will enable EMED Mining to determine the consequences of these requirements on the project budget and timing.

The aspect which the Company currently expects will take longest to clarify, review, satisfactorily resolve and document is the expansion of environmental rehabilitation plans to encapsulate a larger project footprint. Subject to the outcome of these normal processes of review and refinement, the Company continues to target Andalucían Government approval of the project in Q4 2011.

Approval of the project is one of two key Andalucían Government approvals required – the other being the grant of Administrative Standing. The Company can trigger the site preparations for the re-start and the concurrent operating licencing upon receiving both approvals. Administrative standing will also facilitate the procedures for the occupation and acquisition of third party lands which are needed for site preparations, need environmental rehabilitation and are required for the operation of the Rio Tinto mine.

The Company will continue the engineering studies for letting tenders and advancing the discussions with financiers, so that the Rio Tinto Copper Mine can be approved by the Company and its financiers in Q4 2011. In the meantime, personnel training and selection will be planned but expansion of the workforce or letting contracts with suppliers cannot be committed until such time as the project is approved and Administrative Standing is granted by the Andalucían Government.

Harry Anagnostaras Adams, Managing Director of EMED Mining, commented:

"It is pleasing that the Departments are now actively reviewing the Company's submissions and engaging with EMED Mining so as to satisfy all of the requirements of the four governmental departments. The Company has been asked to provide some further information and to review certain plans so as to provide a robust set of project submissions."

"This is a normal process of reviewing and refining project plans and the Company continues to target Andalucían Government approval of the project in Q4 2011. The Company is committed to working with the departments to ensure that this process progresses constructively and in a timely manner."


Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events, including the ongoing discussions with the regulatory authorities of the Junta de Andalucia, status of the necessary approvals to obtain Administrative Standing, co-operation with regulatory authorities, technical aspects of the mine plan, environmental rehabilitation requirements and plans, timing of the restart of the mine, financing requirements, requirement to obtain engineering studies, personnel training and hiring practices, or the Company's future performance, business prospects or opportunities including estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "believe", "intend", "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "can", "predict", "potential", "targeting", "could", "might", "should", and similar expressions including plurals of these words) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as on the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, Title Risks, Requirement for Administrative Standing, Requirement for Additional Land for Operations, Liens, Embargos and Encumbrances (including interference and other actions taken by certain shareholders), Rehabilitation Obligations, Regulatory Risks including Risks Relating to Government Regulation, Operational Risks and Risks and Hazards Inherent in the Mining Industry (including exploration and development risks), Uncertainty of Mineral Resource and Reserve Estimates, Environmental Obligations, Uncertainty of Acquiring Necessary Permits and Compliance with Terms, Reliance on Key Personnel, and Financial Risks. These and other risks and uncertainties are described in more detail under the heading "Risk Factors" and elsewhere in the Company's 2010 Annual Information Form dated March 31, 2010 (the "AIF") available under the Company's profile at www.sedar.com. Readers are cautioned that the foregoing list of risk factors and the risk factors identified in the AIF should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward looking statements included in this new release are expressly qualified by this cautionary statement.

Contact Information

  • EMED Mining
    Harry Anagnostaras-Adams
    +357 9945 7843

    RFC Corporate Finance
    Stuart Laing
    +61 8 9480 2500

    Fox-Davies Capital
    Simon Leathers
    +44 203 463 5022

    Fairfax I.S. PLC
    Ewan Leggat/Katy Birkin
    +44 207 598 5368

    Bishopsgate Communications
    Michael Kinirons
    +44 207 562 3350

    Proconsul Capital
    Andreas Curkovic
    +1 416 577 9927