EMED subsidiary Kefi Minerals admitted to AIM

Cyprus-based EMED Mining Public Ltd. announced the commencement of trading on AIM Monday of KEFI Minerals Plc (AIM: KEFI) following the successful placing of 46,666,667 shares at 3p to raise GBP 1.40 mln after which KEFI will have a market cap of GBP 2.66 mln. 

KEFI was formed by EMED Mining to manage its gold and copper assets in Turkey and Bulgaria. The new company will focus on the discovery of economic mineral deposits in these countries, concentrating initially on Turkey which has achieved global renown in the last two years as a prolific minerals area.

KEFI owns 20 exploration licences in Turkey and Bulgaria and a proprietary database which summarises the field work in over 100 Turkish locations.

The major shareholders in KEFI following the placing are EMED Mining (reduced from 70% to 39%), Starvest plc (21%) and management (10%). Australian institution DirectPortfolio has committed to a 4% shareholding by participating in the placing and by committing to a further 1.7 mln shares at 3p in April 2007.

Harry Anagnostaras-Adams, Managing Director of EMED Mining and Chairman of KEFI, commented, “In the past two years there has been much foreign investment in the Turkish minerals sector, many significant discoveries and efficient permitting of new project developments. We are confident that KEFI, under the expertise of Jeff Raynor as Managing Director, who was previously EMED’s Head of Exploration in Eastern Europe, will be a strong exploration force in Turkey and Bulgaria.”

EMED started trading on AIM in May 2005 following an IPO of its shares. It recently co-hosted with the Green Party of Cyprus an international conference in Nicosia on “Responsible Mining and Environmental Management.”

EMED Mining has established a strong position in Cyprus centred on the Troodos ophiolite complex where it is undertaking a preliminary feasibility study on mining copper-zinc resources in the Klirou District and seven target areas for additional mineable deposits.

In Eastern Europe exploration is centred on a cluster of volcanic centres in Slovakia and Romania. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. The company announced on October 23 a gold discovery in Slovakia.

Caucasus exploration areas form a cluster of gold prospects centred in Georgia where EMED Mining’s main prospects are within the Upper Racha Licence with reserves and resources of 2.4 mln ounces of gold.