EMED Mining in new share issue

Cyprus-based EMED Mining Public Ltd (formerly Eastern Mediterranean Resources) has placed up to 20,850,000 new ordinary shares of 0.25 pence each at a price of 8.5 pence each with existing and new shareholders. The placing will raise GBP 1.7 mln from the directors, Oxiana Ltd., other existing shareholders and new institutional investors.

Fox-Davies Capital was the lead broker, supported by Lewis Charles Securities as joint broker.

The funds raised increase the cash at bank to GBP 2.4 mln, which will allow follow-up of the recently announced Slovakia gold discovery, as well as the Cyprus development feasibility study that commenced in August.

Harry Anagnostaras-Adams, EMED’s Managing Director, said: “The placing leaves the company with a strong balance sheet and well positioned to pursue new developments and previously planned programmes.”

EMED Mining listed on London’s AIM in May 2005 and has already established a strong position in Cyprus where exploration is currently centred on the Troodos ophiolite complex. The targeted mineralisation style is volcanic-hosted massive sulphide copper deposits under shallow cover, similar to the larger Cyprus copper mines – three of which exceeded 10 mln tonnes of ore, at grades between 1% and 4.5%.

Eastern Europe exploration is focused on volcanic centres in Slovakia and Romania. EMED recently made a gold discovery on the first prospect drilled.

Caucasus exploration is centred within Georgia’s Upper Racha Licence with reserves and resources of 2.4 mln ounces of gold on several previously known prospects with many others being tested for the first time.

In Turkey and Bulgaria, 71%-owned Kefi Minerals Plc is also to be listed on London’s AIM within 12 months with a corporate and personnel structure designed to suit its mission in Turkey in particular, which has recently re-emerged as important for the international mining industry. Kefi currently holds two clusters of tenements in Turkey and the Lehovo tenement in Bulgaria, along with an extensive proprietary database.