9 March 2006

ANNUAL GENERAL MEETING

The Directors of Eastern Mediterranean Resources ("EMED" or "the Company") are pleased to announce that at its annual general meeting held today all proposed resolutions were duly passed.

Set out below is Gordon Toll, Chairman of EMED's formal address given at the meeting, and a review of EMED's progress since its formation on 17 September 2004.

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Enquiries

CHAIRMAN'S ADDRESS

AT INAUGURAL ANNUAL GENERAL MEETING

My name is Gordon Toll. I am Chairman of Eastern Mediterranean Resources Public Limited or "EMED" as we are becoming known. I am delighted to welcome you to this inaugural Annual General Meeting of the Company. When the formal business has been completed, the Managing Director will give an informal presentation and, along with my fellow Directors and other colleagues, we encourage you to take advantage of the opportunity for general discussion during the informal session. And this afternoon I know some of you will inspect our current exploratory drilling operations.

First, let me introduce EMED's Directors and Company Secretary:

• I am a mining engineer, Chairman of the Board and Chairman of the Remuneration Committee;
• Andreas Panayiotou is a geologist, a Non-Executive Director and Chairman of the Physical Risks Committee;
• Ronnie Beevor is a  financier, a Non-Executive Director and Chairman of the Audit Committee;
• Harry Anagnostaras-Adams is the Company's founder and Managing Director; and
• Anna Rossides is one of our legal advisers and serves as Company Secretary.

The Managing Director will introduce the executive team later in the proceedings.

I would now like to give you my formal address, and in doing so to review EMED's progress since its formation  on 17 September 2004 and then to look at the year ahead and beyond. 

A corporate overview of the period since EMED's formation is as follows:

         A small team moved to Cyprus in January 2005 to establish the headquarters and a project office;

         Cyprus is an excellent base for the group given its legal systems and its professional services;

         We formed a highly experienced exploration team, with a blend of local and international expertise;

         We immediately started diversifying the portfolio into three zones within EMED's area of interest;

         The Company raised a net £1.8 million at its IPO in London in May 2005;

         There was net cash of £0.9 million as at 31 December 2005 and £2.2 million today following a share placement to professional investors last week;

         EMED's market capitalisation on AIM in London has grown from £4 million at the IPO price of 8 pence per share in May 2005 to £9 million at 12.5 pence per share which is the price we placed new shares at last week;

         The commodity markets are strong and EMED has firm support to pursue its mission.

EMED is focused on establishing a profitable mining house by discovering or buying copper or gold deposits in this prolific and under-explored region using modern technology and an experienced  team.

An operational overview of the period since EMED's formation is as follows:

         EMED established its initial exploration portfolios in three prospective zones (Cyprus/Middle East, Caucasus and Eastern Europe) within six months of listing on AIM in May 2005;

         In Cyprus, initial drilling intercepted significant alteration with disseminated copper mineralisation at the North Alestos prospect, typical of that on the periphery of a Cyprus-style copper deposit;

         In the Caucasus, EMED acquired 80% of the Zopkhito and Lukhra gold prospects in Georgia, which contain Russian resources of 2 million ounces of gold. EMED also acquired 50% of the Artana copper prospect with Russian resources of 265,000 tonnes of contained copper; and

         In Slovakia, there have been encouraging initial geochemical results and we have identified areas highly anomalous in gold at Zlatniky and at Hodrusa in Slovakia.

In summary, EMED has made wise use of its initial capital resources, has made rapid progress over its first year and now has the momentum it needs to advance the exploration portfolio during 2006. We have been pleased with the numerous exploration opportunities in our region of interest and we are confident that our strategy and business model is appropriate for this region and this period of time in the commodity markets.

The Year Ahead

I regard the period to date as EMED's "Chapter One". So what do we aim to achieve in "Chapter Two"?

The Company's fundamental purpose is to generate wealth for its shareholders in a responsible and appropriate manner. EMED has recently positioned itself to build further value in the year ahead:

         The team has been expanded by the appointment of three experienced exploration managers to head up each of the three zones. The three portfolios will evolve as results warrant;

         Capital has been expanded by last week's financing, to underpin current programs to the latter half of 2007;

         EMED has a healthy set of opportunities already on the books for field work during the coming year and also has other synergistic opportunities under examination;

         In Cyprus, the main goal is to drill-intersect an economic copper deposit within the large copper-mineralised system at North Alestos recently identified by ground geophysics and scout drilling;

         In the Caucasus, the main goal is to verify by trenching, drilling and other activities in the field the Russian resources acquired in the recently announced Georgian gold and copper projects; and

         In Slovakia, the main goal is to locate significant shallow gold and copper mineralisation by scout-drilling in areas recently identified from our geochemical surveys.

Success in any one of our three regions could potentially add considerable value to EMED as a whole.

As a closing comment I would like, on behalf of the Board and of all shareholders, to express our sincere appreciation to the dedicated and hard working team at EMED. The Company has committed itself to a very challenging mission: to establish a profitable mining house. This takes a huge effort, continual consultation with all relevant stakeholders and great determination. The Company is privileged to receive the support of many stakeholders: the communities where we operate, our partners here in Cyprus, our partners in Georgia, the governments and public servants in the seven countries where we have licences and there are many other supporters.

We at EMED take our responsibilities very seriously and we welcome engagement with any interested party with any opportunity or indeed any concern. Please treat us a serious citizen determined to contribute to the region for the long term wherever we are welcome and can add value.

Copies of this address have been posted onto the website as are all public statements that we make.

I thank you for your attention and look forward to seeing you at these events for many years to come.

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Download this announcemnt "AGM Resolutions and Chairmans Address"(35KB pdf).