16 October 2008 

EMED Mining Public Limited (“EMED Mining” or “the Company”) is pleased to report the completion of shareholder transactions foreshadowed in the Company’s announcement of 1 October 2008 regarding the restructure of the Rio Tinto Mine acquisition arrangements.  

As previously announced, the Company issued 39,140,000 new shares to the MRI Group in relation to the restructure of the ownership and acquisition arrangements for the Rio Tinto Mine. This represented a holding of approximately 16.3% in EMED Mining’s expanded issued share capital base of 239,692,911.  Also as previously announced, it was intended that the Company would facilitate the MRI Group’s transfer of 7,600,000 of their shares to other shareholders. 

In relation to this intended share transfer, the Company is pleased to now confirm that MRI Group has entered into purchase and sale arrangements with OZ Minerals and Resource Capital Funds (“RCF”), both existing significant shareholders in the Company, pursuant to which MRI Group will sell 3,800,000 of its shares in the Company to each of OZ Minerals and RCF.  The share purchase and sale transactions will be settled at 18p per ordinary share as crossings in the stock market by brokers FDC after admission of the shares to CREST. 

The changes in the significant shareholdings of MRI Group, OZ Minerals and RCF as a result of this foreshadowed transaction are as follows: 

The Company has a strong group of supportive shareholders. OZ Minerals, a leading Australian base metal and gold producer, is a founding shareholder along with Management (20% fully-diluted); Altima, a UK-based investment fund, recently increased its shareholding to 5%; RMB, a leading South African mining bank, holds 4% fully-diluted as does Fidelity International. 

The Directors have invited Messrs Ross Bhappu, of RCF, and Ashwath Mehra, of MRI Group, to join the Board of Directors as Non-Executive Directors. Once Messrs Bhappu and Mehra become Directors, the Board of Directors will be comprised as follows:

Non-Executive Chairman: Ronnie Beevor - Director OZ Minerals and other miners. Former Head of investment banking Rothschild Australia

Managing Director: Harry Anagnostaras-Adams - CEO in mining investments and mining. Former Deputy Chair Australian Gold Council

Finance Director: John Leach, Chartered Accountant specialising in mining

Non-Executive Directors:

Ross Bhappu - Metallurgical Engineer. Partner of RCF – a major private equity group for mining

Ashwath Mehra - Commodities Trader, CEO of MRI Group – a major copper marketer and trader

Mike Price - Mining Engineer formerly senior mining banker with SocGen, Barclays and Rothschild

Gordon Toll - Mining Engineer. An investor formerly a senior executive with BHP & RTZ 

EMED Mining’s Managing Director Mr Harry Anagnostaras-Adams said “EMED Mining continues its preparations for the expected start of copper production in Spain and our building of a European-based mining house. The turmoil in world financial markets serves to highlight the importance of the Company’s strong shareholder base which is dominated by mining industry specialists. We also look forward to welcoming Ross Bhappu of leading mining investment group RCF to our Board along with Ashwath Mehra of leading international metals trader MRI Group.” 

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