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Press release from Marketwire

EMED Mining Public Limited: Exposure to Cyprus Bank Restructuring

Tuesday, April 02, 2013

EMED Mining Public Limited: Exposure to Cyprus Bank Restructuring

02:05 EDT Tuesday, April 02, 2013

NICOSIA, CYPRUS--(Marketwired - April 01, 2013) - EMED Mining Public Limited (AIM: EMD) (TSX: EMD)

AIM: EMEDTSX: EMD 02 April 2013 EMED Mining Public Limited ("EMED Mining" or the "Company") Limited Company Exposure to Cyprus Bank RestructuringEMED Mining, the Europe-based minerals development and explorationcompany, updates shareholders as regards the announcement byauthorities in Cyprus of a proposed restructuring of its banks. Inessence, the impact on the Company is to reduce the previouslyestimated potential cost from circa EUR270,000 to circa EUR110,000.BackgroundWhen Cyprus temporarily suspended its banking operations on 18 March2013, the Company held EUR210,000 in a current account of a Cypriot bankfor payment of local expenses. Other deposits were held in other banks.On 19 March 2013, the Company formally advised shareholders of thepotential impact of up to EUR270,000 of one-off levies then proposed bythe authorities.Based on the subsequently revised restructuring of the banks announcedby the authorities on 25 March 2013, and the implementation thereof asfrom 28 March 2013 when the Cyprus banking system re-opened, thepotential impact on EMED Mining has been reduced to EUR110,000, whichamount has since been set aside to cover losses of a local bank.We believe that the Company's other deposits are not exposed to therestructuring of Cyprus banks.The Global Financial Crisis of 2008 and the subsequent internationalbanking crises, including the current Cyprus situation, have notaffected the smooth functioning of the Company's administration in anyof its jurisdictions, including Cyprus where we employ a small team ofhighly professional staff for accounting, treasury and compliance.For more information please contact:EMED Mining Harry Anagnostaras-Adams +357 9945 7843RFC Ambrian Stuart Laing +61 8 9480 2500Fox-Davies Capital Simon Leathers/Susan Walker +44 203 463 5022Bishopsgate Communications Nick Rome +44 207 562 3350Proconsul Capital Andreas Curkovic +1 416 577 9927 This information is provided by RNS The company news service from the London Stock ExchangeEND


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