Eastern Mediterranean Resources Public Limited (EMED) said it has triggered a preliminary feasibility study for the development of the Klirou Copper-Zinc Project in Cyprus. In addition, the Klirou resource estimate has increased to 4.4 mln tonnes at 0.84% copper-equivalent (copper plus zinc) and an initial resource of 1.2 mln tonnes at 0.90% zinc has been estimated at the nearby South Mathiatis prospect. Both of these resources comply with the Australian JORC Standard.
Harry Anagnostaras-Adams, EMED’s Managing Director, said: “Rising metal prices have materially improved the economic potential of our tenements in Cyprus. These resources announced by EMED have an in-situ value of around USD 250 mln in contained metal at shallow depth along with extensive untested potential.
“Our recent 3DIP geophysical survey confirms a large focussed alteration system at Klirou, which contains several untested conductors and strongly chargeable zones at shallow depth potentially representing substantial additional higher-grade mineralisation. The 3DIP survey is a state-of-the-art technique applied by our Canadian geophysical contractors.
“Further drilling is planned to commence soon and we are working towards commencing a bankable feasibility study as soon as possible,” Anagnostaras-Adams explained.
A local plant, owned by the 5% partner in EMED, could be refurbished and re-commissione, he said.
“We are pursuing the development of the Klirou District resources in order to potentially provide EMED with significant cash flow to fund its expanding exploration and other growth activities. EMED, based in Cyprus, is focused on establishing itself as a leader in the re-emerging metal production industry in Eastern Europe,” Anagnostaras-Adams added.
EMED listed on London’s AIM in May 2005 following an initial public offering of its shares. The company is headquartered in Cyprus and has a strong commitment to the region.
The Group has now established a strong position in the following three areas:
* Cyprus/Middle East exploration is 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 areas are centred on a cluster of volcanic centres in Slovakia. The targeted mineralisation styles are high-grade epithermal gold, or bulk-mineable epithermal gold and porphyry copper-gold. A field program is in progress and a progress report will be issued within the next few weeks.
* Caucasus exploration areas and options over additional prospects, form a cluster of gold prospects centred in Georgia with reserves and resources (Russian classification) of 2.4 mln ounces of gold. A field program is in progress and a progress report will be issued within the next few weeks.
