SOURCE: EMED Mining Public Limited

October 08, 2014 02:00 ET

EMED Mining Public Ltd ("EMED Mining", "EMED" or the "Company") Quarterly Operations Update

NICOSIA, CYPRUS--(Marketwired - Oct 8, 2014) - EMED Mining Public Limited (AIM: EMED) (TSX: EMD), the Europe-based minerals development and exploration company, is pleased to announce an operations update for the three months ended 30 September 2014.

Highlights

  • £13.1m successfully raised via a subscription agreement with cornerstone investors
  • Expanded workforce in place with over 220 people mobilized and working on site
  • Potential start-up capital expenditure reductions of US$50M targeted as part of ongoing review
  • Key components of process plant and infrastructure undergoing refurbishment
  • Progress made on instrumentation and electrical engineering
  • Continued drilling to optimise first five years of production
  • Mine contractor appointed
  • Final permitting remains on track with the Mining Permit expected to be received before year end

Isaac Querub, CEO of EMED Mining, commented: "This was an exceptionally productive period for the Company and the rapid scale up of operations and strengthening of key relationships sets us well on the way to achieving production as planned. I am delighted with the development and continued progress in obtaining the mining permit and final restoration plan and we remain confident that we will receive the final permits before year end. I would very much like to thank our growing team and look forward to providing further updates."

During the quarter the Company continued onsite preparations at the Rio Tinto Copper Project ("Proyecto Riotinto") focusing on ensuring that process plant and infrastructure refurbishment and development continued at pace ahead of the scheduled restart of the mine, which management believes can now be achieved in Q4 2015.

As such, the Company further strengthened its workforce and supply chain while management continued to work closely with the Junta ahead of receiving final permitting, which as previously announced, is expected later this year.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/7110T_1-2014-10-7.pdf

Contact Information

  • Enquiries
    EMED Mining
    Isaac Querub/Alberto Lavandeira/John Leach
    +34 959 59 28 50

    Canaccord Genuity
    Neil Elliot/Mark Palmer
    +44 207 523 8000

    Fox-Davies Capital
    Oliver Stansfield
    +44 203 463 5061

    Walbrook PR
    Nick Rome
    +44 207 933 8783