EMED buys option in Albanian copper exploration

The Cyprus-based, AIM-listed EMED Mining Public Ltd has been granted an exclusive 90-day option over the Rehova Exploration Licence in Albania.

The current owner has granted the option so that it may concentrate on its core projects elsewhere. The premium payable by EMED Mining on grant of the option was USD 50,000 and was satisfied by the issue of 280,000 new ordinary shares at price of 9.3 pence per share. If EMED Mining elects to exercise its option, a further USD 400,000 is payable to the vendor which may be satisfied in cash or by the issue of new ordinary shares.

The Rehova Licence has a surface area of 46 sq. kms and is located south east of the capital Tirana. The licence area contains several known Cyprus-type volcanic-hosted massive sulphide deposits as well untested geophysical anomalies. One deposit has previously reported Russian resources of 2.1 mln tonnes grading 2.2% copper, 1.2% zinc and 0.3g/t gold.

Harry Anagnostaras-Adams, EMED Mining’s Managing Director, said: “The Rehova opportunity in Albania potentially complements the company’s properties in Cyprus as it has a similar geological setting and established Russian resources. EMED is progressing a preliminary feasibility study for developing a mine at its Klirou copper-zinc project in Cyprus. We hope that further exploration and evaluation of Rehova will warrant the triggering of a feasibility study in Albania and, if so, we will then have two potential mine developments in the short term.”

EMED listed on AIM in May 2005 following an initial public offering of its shares.

The Group’s region of interest is Cyprus, with exploration centred on the Troodos ophiolite complex with volcanic-hosted massive sulphide copper deposits under shallow cover; Eastern Europe exploration in Slovakia and Romania after the company announced on October 23 a gold discovery in Slovakia; the Caucasus areas with gold prospects centred in Georgia; and, Turkey/Bulgaria exploration after it took 71% in KEFI Minerals Plc which is to be listed on London’s AIM within 12 months. KEFI holds, via its Turkish and Bulgarian subsidiaries, two clusters of tenements in Turkey and the Lehovo tenement in Bulgaria, along with an extensive proprietary database.