EMED exploration results of first field season in Georgia

Cyprus-based EMED Mining Public Limited has renewed until 2018 the exploration and mining licence for the Upper Racha prospect, which is Georgia’s largest minerals licence.

EMED is now recognized as the first western company to commence systematic exploration for gold in this prospective and rapidly advancing country.

The company has also selected the Ipari Prospect as a high priority along with other similar and perhaps associated intrusive structures. At Ipari, EMED Mining discovered a broad zone of high-grade gold mineralisation based on limited sampling within a 25-metre wide alteration zone.

It also identified high-grade silver and base metal mineralisation at the Kirtisho Prospect, while a preliminary assessment of over 800 assays from the Zopkhito Prospect support the previously published Russian Resources totalling 0.9 mln ounces.

In late 2005 EMED Mining acquired control of the large Upper Racha Licence in northern Georgia along the Caucasus Mountains. Previous explorers had reported Russian resources totalling 2.4 mln ounces spread between seven prospects.

By early 2006 EMED Mining had computerised data, conducted a desk-audit and acquired 100% ownership. The metallogenic signature and tectonic setting of the Greater Caucasus Mountains is prospective for large gold deposits. The Licence has now been expanded and renewed to 2018 and the results of the company’s first field season has resulted in a revised ranking of the prospects for 2007 work.

EMED Mining was admitted to trading on AIM in May 2005 following an initial public offering of its shares.

The Group’s region of interest is the Mesozoic to Tertiary age tectonic belt that winds over 3,000km from Eastern Europe to Iran. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through implementation of EU and other leading-edge international standards.

EMED Mining recently co-hosted with the Green Party of Cyprus an international conference on Responsible Mining and Environmental Management.

EMED Mining has now established a strong position in Cyprus with exploration 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%. EMED Mining is completing a preliminary feasibility study on mining copper-zinc resources in the Klirou area and seven target areas are being explored for additional mineable deposits.

In Eastern Europe exploration areas are 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 at Biely Vrch in Slovakia which has now become a major priority for 2007.

In Turkey and Bulgaria exploration areas were vended into 39%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI owns two clusters of tenements in Turkey and the Lehovo tenement in Bulgaria, as well as an extensive database of regional exploration data providing a pipeline of further projects.