NICOSIA, CYPRUS--(Marketwired - Apr 17, 2013) - EMED Mining Public Limited (
(TSX :EMD ) EMED MINING QUARTERLY OPERATIONAL UPDATE EMED Mining is listed on AIM (Code: EMED) and the TSX (Code: EMD) 17 April 2013 EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "the Company"), the Europe-based minerals development and exploration company, is pleased to announce the following operational update for the period 01 January 2013 to 31 March 2013. The full Quarterly Report, including consolidated Financial Statements and the Management Discussion and Analysis, will be issued by 14 May 2013. Harry Anagnostaras-Adams, Managing Director of EMED Mining, commented: "We are poised at a very delicate and exciting stage, working very closely with the authorities in Andalucia and making every effort to expedite the triggering of the Project, to start works in the second half of 2013 and ramp-up base production by the end of 2015. "As announced earlier this week, the Company is now one step closer to restarting operations and is fully focused on ensuring that all permitting is in place as soon as possible. Confirmation from the Andalucian Department of Industry that we have satisfied the legal, technical and economic criteria for Administrative Standing ("AS") of the Company's mineral rights is another step in the right direction as is the formal confirmation of the remaining steps. "Preparations of the project and its financing are progressed in parallel with permitting." Spain-Rio Tinto Copper Project * The Start-Up Schedule currently maintains construction starting in H2-2013 and initial production in 2014 with the target date of end-2015 for commencing base case production of 37,000 tonnes per annum of copper in concentrate. The engineering, human resources and other preparatory activities will continue to advance as warranted by regulatory permitting, as set out herein. * An updated NI 43-101 Independent Technical Report was published in February 2013 reporting that capital and operating costs are consistent with recent guidance provided by the Company. * The Andalucian Government is progressing the permits required to commence site works in Q3-13: o Administrative Standing to be granted by the Department of Industry (administrative recognition of the Company's Mineral Rights): o The Andalucian Department of Industry has cleared the Company's economic, technical and legal capacities, and has formally written to advise that it intends to finalise Administrative Standing (administrative recognition of the Company's Mineral Rights) upon: - Receipt of a preliminary report from the national civil works technical review agency CEDEX (Centro de Estudios y Experimentacion de Obras Publicas) supporting the proposed conditions to be applied to tailings management, as already incorporated into the Company's plans. The confirmatory investigations were completed last quarter and the report is due in May 2013 confirming the viability of the tailings management plan, and - Approval by the Department of Environment of the Environmental Plan ("AAU" or Unified Environmental Authorisation). The conditions of approval need to take into account all matters raised during the public comment period in 2012 and any matters raised by regulators or interested parties. *In anticipation of the granting of Administrative Standing and approval of the Environmental Plan, the Company is updating the documents required to seek the permits in H2-13 which are necessary to trigger production in 2014 - the Final Restoration Plan and the Mining Permit: o The Final Restoration Plan: Requires updating for any conditions incorporated into the Environmental Plans approved by the Department of Environment (which will have already been through the relevant public comment periods), and then it, in turn, will proceed to final public comment and approval by the Department of Industry, and o The Mining Permit: - Is the regulatory approval of the Project required to commence operations. The documents have already been reviewed but will require updating for any conditions set when Administrative Standing is approved. - Is founded on the comprehensive documents already independently reviewed by the technical review agency for mining, IGME (Instituto Geologico y Minero de Espana). IGME's supportive formal report was received in Q4-12. - The independent safety review of the tailings deposit is completed by CEDEX. Its initial report with supportive conclusions was received in Q4-12 and an update is due in Q2-13. This will facilitate finalisation of refinements. * Insurance and Bonding for environmental commitments and protection of personnel entitlements: We have implemented the tailings deposit insurance policy with a civil liability cover of EUR180 million on a basis pre-agreed with the regulators. Bonding aspects are to be resolved when the Final Restoration Plan is approved and before operations can commence. * Class B Mineral Resources: The Company progresses permits required to commence a feasibility study on the recycling of tailings through a joint venture. The public comment period has ended and only one negative comment was received, which however raised nothing of a material nature that had not already been taken into account in the Company's plans. * Project finance and product marketing plans are being refined in parallel with the permitting progress. * Drilling programmes are being planned for implementation during construction and target known areas of mineralisation which require further investigation to qualify under the NI-43-101 standards for inclusion in ore reserves and resources. This is to establish plans for expansion of output and/or mine life and will cover: o the targeted expansion of ore reserves on the Cerro Colorado Open Pit o the initial reporting of resources on the adjacent higher-grade underground mines which contain significant already-drilled but unmined mineralisation o the initial reporting of resources on the potentially recyclable tailings. * Exploration programmes are also being considered for targeting: o undrilled zones beneath the known mineralisation in both open pit and underground deposits o the Company's ancillary mineral concessions in the region of the Rio Tinto Copper Project. * Rainwater Management has required activation of safety protocols as discussed with the regulatory authorities. The controlled discharge of excess rainwater to preserve the integrity and security of the facility during (force majeure) heavy winter rains serves to highlight the need for approval and installation of the planned infrastructure which includes rainwater diversion, treatment and recycling systems. * EMED Tartessus Foundation has been incorporated to foster economic diversification in the surrounding communities and it is proposed that the Company's annual contribution is supplemented by personnel and suppliers, subscribing 1% of their receipts from the Rio Tinto Copper Project. Slovakia: In Slovakia, the Detva Gold Project focuses on community consultation as part of the processing of its application for the regulatory approval of its Mining Lease Area, which has already been approved at the District Level and has now been referred to the national regulator for ratification. Corporate: * The Cyprus banking crisis had no notable impact on the Company; * Company officers may not exercise their expiring options until after the Company has emerged from the current closed period, which at this stage will be upon release of the Financial Statements and Management Discussion and Analysis for the quarter ended 31 March 2013. Corporate Directory Directors Non-Executive Chairman - Ronnie Beevor Managing Director - Harry Anagnostaras-Adams Finance Director - John Leach Non-Executive Directors - Jasper Bertisen, Roger Davey, Robert Francis, Harry Liu, Ashwath Mehra and Jose Sierra Lopez . Nominated RFC Corporate Finance - Stuart Laing (+61 8 9480 2500) Adviser Brokers Fox-Davies Capital Limited - Simon Leathers (+44 203 463 5022) Canaccord Genuity - Craig Warren (+1 416 869 7316) Public Bishopsgate Communications - Nick Rome (+44 207 562 3366) Relations Share Computershare Investor Services Registrar Issued 31 March 2013 Capital 1,177 million shares on issue 67 million options and warrants on issue 1,244 million shares on issue on a fully diluted basis Significant Management and Board (excl. companies they 6% Shareholders represent) (fully Resource Capital Funds (USA and Australia) 13% diluted) Xiangguang International Holdings (China) 11% RBC Asset Management (Canada) 8% RMB Australia Holdings Limited (Australia and 5% elsewhere) Red Kite 5% Rumbo 5-Cero 4% Astor Management AG (formerly MRI Group) 3% (Switzerland) Enquiries: Investors/Media: Harry Anagnostaras-Adams +357 9945 7843. In North America: Andreas Curkovic +1 416-577-9927 General: Email: info@emed-mining.com Cautionary Notes This announcement contains "forward looking information" within the meaning applicable Canadian securities legislation. "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 realisation 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 END
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