The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

EMED Mining-Quarterly Operational Update

Wednesday, April 17, 2013

EMED Mining-Quarterly Operational Update

02:11 EDT Wednesday, April 17, 2013

NICOSIA, CYPRUS--(Marketwired - April 16, 2013) - EMED Mining Public Limited (TSX: EMD) (AIM: EMED)

(TSX: EMD) EMED MINING QUARTERLY OPERATIONAL UPDATE EMED Mining is listed on AIM (Code: EMED) and the TSX (Code: EMD) 17 April 2013EMED Mining Public Limited (AIM: EMED, TSX: EMD) ("EMED Mining" or "theCompany"), the Europe-based minerals development and explorationcompany, is pleased to announce the following operational update forthe period 01 January 2013 to 31 March 2013. The full Quarterly Report,including consolidated Financial Statements and the ManagementDiscussion 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 veryclosely with the authorities in Andalucia and making every effort toexpedite the triggering of the Project, to start works in the secondhalf of 2013 and ramp-up base production by the end of 2015."As announced earlier this week, the Company is now one step closer torestarting operations and is fully focused on ensuring that allpermitting is in place as soon as possible. Confirmation from theAndalucian Department of Industry that we have satisfied the legal,technical and economic criteria for Administrative Standing ("AS") ofthe Company's mineral rights is another step in the right direction asis the formal confirmation of the remaining steps. "Preparations of theproject and its financing are progressed in parallel with permitting."Spain-Rio Tinto Copper Project- The Start-Up Schedule currently maintains construction startingin H2-2013 and initial production in 2014 with the target date ofend-2015 for commencing base case production of 37,000 tonnes per annumof copper in concentrate. The engineering, human resources and otherpreparatory activities will continue to advance as warranted byregulatory permitting, as set out herein.- An updated NI 43-101 Independent Technical Report was publishedin February 2013 reporting that capital and operating costs areconsistent with recent guidance provided by the Company.- The Andalucian Government is progressing the permits required tocommence 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 andapproval of the Environmental Plan, the Company is updating thedocuments required to seek the permits in H2-13 which are necessary totrigger production in 2014 - the Final Restoration Plan and the MiningPermit: 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 andprotection of personnel entitlements: We have implemented the tailingsdeposit insurance policy with a civil liability cover of EUR180 millionon a basis pre-agreed with the regulators. Bonding aspects are to beresolved when the Final Restoration Plan is approved and beforeoperations can commence.- Class B Mineral Resources: The Company progresses permitsrequired to commence a feasibility study on the recycling of tailingsthrough a joint venture. The public comment period has ended and onlyone negative comment was received, which however raised nothing of amaterial nature that had not already been taken into account in theCompany's plans.- Project finance and product marketing plans are being refined inparallel with the permitting progress.- Drilling programmes are being planned for implementation duringconstruction and target known areas of mineralisation which requirefurther investigation to qualify under the NI-43-101 standards forinclusion in ore reserves and resources. This is to establish plans forexpansion 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 protocolsas discussed with the regulatory authorities. The controlled dischargeof excess rainwater to preserve the integrity and security of thefacility during (force majeure) heavy winter rains serves to highlightthe need for approval and installation of the planned infrastructurewhich includes rainwater diversion, treatment and recycling systems.- EMED Tartessus Foundation has been incorporated to foster economicdiversification in the surrounding communities and it is proposed thatthe Company's annual contribution is supplemented by personnel andsuppliers, subscribing 1% of their receipts from the Rio Tinto CopperProject.Slovakia: In Slovakia, the Detva Gold Project focuses on communityconsultation as part of the processing of its application for theregulatory approval of its Mining Lease Area, which has already beenapproved at the District Level and has now been referred to thenational regulator for ratification.Corporate:- The Cyprus banking crisis had no notable impact on the Company;- Company officers may not exercise their expiring options untilafter the Company has emerged from the current closed period, which atthis stage will be upon release of the Financial Statements andManagement Discussion and Analysis for the quarter ended 31 March 2013.Corporate DirectoryDirectors 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)AdviserBrokers 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)RelationsShare Computershare Investor ServicesRegistrarIssued 31 March 2013Capital 1,177 million shares on issue 67 million options and warrants on issue 1,244 million shares on issue on a fully diluted basisSignificant 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 +1 416-577-9927General: Email: info@emed-mining.comCautionary NotesThis announcement contains "forward looking information" within themeaning applicable Canadian securities legislation. "Forward lookinginformation" may also include statements with respect to the futurefinancial or operating performance of the Company, its subsidiaries andits projects, the future price of metals, the estimation of orereserves and resources, the conversion of estimated resources intoreserves, the realisation of ore reserve estimates, the timing andamount of estimated future production, costs of production, capital,operating and exploration expenditures, costs and timing of thedevelopment of new deposits, costs and timing of future exploration,requirements for additional capital, government regulation of miningoperations, environmental risks, reclamation expenses, title disputesor claims, limitations of insurance coverage and the timing andpossible outcome of pending litigation and regulatory matters. Often,but not always, forward looking statements can be identified by the useof words such as "plans", "expects", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "anticipates" or"does not anticipate", or "believes" or variations (including negativevariations) 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 unduereliance 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 tobe materially different from any future results, performance orachievements expressed or implied by the forward looking statements.Such factors include, among others, general business, economic,competitive, political and social uncertainties; the actual results ofcurrent exploration activities; actual results of reclamationactivities; conclusions of economic evaluations; changes in projectparameters as plans continue to be refined; future prices of metals;the future costs of capital to the Company; possible variations of oregrade or recovery rates; failure of plant, equipment or processes tooperate as anticipated; accidents, labour disputes and other risks ofthe mining industry; political instability, terrorist attacks,insurrection or war; delays in obtaining governmental approvals orfinancing or in the completion of development or constructionactivities, 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 thatcould cause actual actions, events or results to differ materially fromthose described in forward looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended. Forward looking statementscontained herein are made as of the date of this announcement and theCompany disclaims any obligation to update any forward lookingstatements, whether as a result of new information, future events orresults or otherwise. There can be no assurance that forward lookingstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward looking statements. This information is provided by RNS The company news service from the London Stock ExchangeEND


Contact Information:

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections