East Med raises GBP 1.4m in AIM placing

Mining hopeful Eastern Mediterranean Resources has raised GBP 1.4 million at 12.5p to fund its quest for copper, gold and other minerals in Cyprus, Georgia and Slovakia, according to a report in Growth Company Investor.

Brokers Hichens Harrison and Lewis Charles handled the placing, which, says managing director Harry Anagnostaras-Adams, leaves the company with a strong balance sheet and well positioned to pursue its strategy .

This strategy has three chief prongs. In Cyprus EastMed is drilling to locate an economic copper deposit within the newly discovered North Alestos mineralised system.

In Georgia, the company hopes to verify recently acquired gold and copper resources, and in Slovakia, Anagnostaras-Adams’ team is mapping, trenching and drilling zones of near-surface alteration

and mineralisation.

With interests in Cyprus, the Middle East, Eastern Europe and the Caucasus, EastMed says it is following the Mesozoic to Tertiary-age

belt which winds from Eastern Europe to Iran. Anagnostaras-Adams maintains the Mediterranean region is regaining favour among international resources companies, hitherto deterred by political logjams and fears of corruption.

Floated last year at 8p, EastMed’s shares, mentioned by Growth Company Investor last October at 8.8p, have now reached 13p. They

are a long-term gamble.