EMED Cyprus reports H1 losses due to continued exploration, new venture in Spain

EMED Mining Public Ltd. reported its unaudited interim results for the half-year ended June 30 showing a loss of GBP 3.2 mln due to exploration costs of GBP 1.2 mln, GBP 1.1 mln for an option over the Proyecto de Rio Tinto copper mine and processing plant in Spain and a net operating expenditure of GBP 900,000.

The reported loss reflects the Cyprus-based company’s conservative accounting policy of writing off expenditure until the board makes a commitment to develop or restart operations, according to a company announcement.

PRT has JORC-compliant mineral resources of 255 mln tonnes at 0.57% copper (containing 1.44 mln tonnes copper) and ore reserves of 69 mln tonnes at 0.65% copper (containing 0.45 mln tonnes copper). Further increases in mineral resources and ore reserves will be targeted after the restart receives support of the regulatory authorities in Andalucia, the company said.

Furthermore, drilling has significantly extended gold mineralisation at the Biely Vrch Prospect in Slovakia, which is now recognised as a classical porphyry gold system. This deposit type is rare globally and exemplified by several multi-million ounce deposits in northern Chile.

EMED’s key activities and achievements during the half-year period included continuation of exploration drilling in Cyprus with the aim of discovering further copper-zinc resources, further first-pass sampling of gold prospects in the very large licence area in Georgia and purchase of a drilling rig to expand the drilling program and improve efficiency.

“The company continues to make excellent progress, having recently discovered a porphyry gold deposit in Slovakia and secured an option over Proyecto de Rio Tinto in Spain,” said Harry Anagnostaras-Adams, EMED Mining’s Managing Director.

“Both of these opportunities have advanced the progress of EMED Mining towards a position of a leading European metal producer.  This has been the Company’s stated goal since being admitted to [London’s] AIM barely two years ago.”