27 July 2009

EMED Mining Public Limited (“EMED Mining” or the “Company”) has today conditionally placed 38,170,001 new ordinary shares of 0.25 pence each par value (“Placing Shares”) at an issue price of 7.5 pence each with existing and new shareholders (the “Placing”). Fox-Davies Capital Limited acted as broker to the Placing which raised £2.9 million gross (approximately £2.7 million net after expenses).  It is expected that the Placing Shares will be admitted to trading on AIM (“Admission”) on 13 August 2009.  The Placing is conditional on, inter alia, shareholders passing appropriate resolutions at an Extraordinary General Meeting (“EGM") to be held on 12 August 2009 to approve the issue of the Placing Shares. The Company has despatched a circular to shareholders convening the EGM and copies are available, free of charge, at the registered office at 1 Lambousa Street, 1095 Nicosia, Cyprus during normal business hours Monday to Friday until 25 August 2009 or from www.emed-mining.com by clicking here. 

The proceeds of the Placing will allow the Company to expand permitting activities at the Proyecto de Rio Tinto project in Andalucía, Spain (the “Rio Tinto Mine”) in accordance with the requirements and suggestions of the regulatory authorities. Significant progress has been made over recent months and the Company is enjoying a collaborative professional relationship with the authorities. During the past 6 months two major base metal mines have started up in Andalucia and the Company aims to start production at Rio Tinto Mine in 2010. Doubling of the copper price over the past 6 months to a spot price on 24 July 2009 of $2.50/lb (€1.76/lb) is also assisting the re-emergence of Andalucia as an internationally important metal supplier.. 

The funds raised will also be used for the early repayment of the convertible loan with YA Global Investments of approximately £1.4 million. This will avoid the previously announced and anticipated shareholder dilution at the loan conversion price of 4.1 pence.  On Admission the Company will have 307 million ordinary shares in issue and fully-diluted share capital will remain at the same level of approximately 519 million shares (including shares, convertible loans and incentive options) notwithstanding the increased cash on hand.

In addition to the above, the Company will apply the Placing proceeds to fund its on-going drilling programme in Slovakia and for general working capital purposes.

Mr Harry Anagnostaras-Adams, Managing Director of EMED Mining said:

“These transactions reflect the Company’s continual refinement of its permitting strategy for the Rio Tinto Mine in Spain whilst minimising its costs of financing. It is pleasing that progress continues on both fronts due largely to the support of our shareholders which is much appreciated particularly in the context of the recent global financial crisis. The Company’s other financing facilities already in place provide further flexibility pending completion of permitting for the Rio Tinto Mine. The principal permitting applications have been lodged and the principal environmental applications will be lodged this week. The next step is for formal regulatory approval of the technical and economic competencies of our project and plan which should be underpinned by the aforementioned applications. This will then lead on to consideration of the detailed ancillary operational and other plans and undertakings. The triggering of planned project finance is targeted for early 2010 and commissioning expected 6 months later.”

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Notes to Editors: About EMED Mining Public Limited

EMED Mining was admitted to trading on AIM in May 2005. The Company is based in Cyprus and has a strong commitment to responsible development of metal production operations in Europe, with an initial focus on copper and gold.

The Group's region of interest are the tectonic belts spanning across Europe and over to the Middle East. The strategy is to evaluate exploration and development opportunities in several jurisdictions throughout this quality mineral belt and to promote sustainable development practices through the implementation of European Union and other leading-edge international standards. The Company strictly implements its Environmental & Community Policies which includes:

• Integrating environmental management into its business, planning and reporting processes.
• Promoting a strong environmental ethic throughout the Company and the community.
• Complying with, as a minimum, all applicable local and European Union laws and regulations.
• Communicating with community stakeholders in a responsible and transparent manner.

EMED Mining has now established a strong position in the following selected zones:

• Exploration areas in Slovakia are centred on a cluster of volcanic centres. Low-detection geochemical methods are being applied to these areas for the first time together with open-pit bulk mining concepts. The principal targeted mineralisation style is low-grade, bulk-mineable porphyry gold. The Company has announced a significant gold discovery at Biely Vrch and the identification of many targets with apparently similar geological characteristics, in its wholly-owned exploration licenses in Central Slovakia.  
• The mines in Cyprus and those at Rio Tinto in Spain located in the Iberian Pyrite Belt, are probably among the best known in the world for their base metal endowment. EMED Mining's goal is to restart copper production at its projects in both of these well-endowed, historical mining districts. Both Spain and Cyprus are progressive members of the European Union and EMED Mining has been made to feel welcome in both host countries. The styles of mineral deposits and production techniques are similar in both mining districts.
• Exploration areas in Turkey were vended into 32%-owned KEFI Minerals Plc which was admitted to AIM in December 2006. KEFI Minerals owns carefully selected licence areas in Turkey, as well as an extensive proprietary database of regional and specific exploration data providing a pipeline of further projects to evaluate. It is the operator of joint ventures in Turkey with Centerra Gold Inc of Canada and in the Kingdom of Saudi Arabia with local construction and investment group ARTAR. See www.kefi-minerals.com. 
   

For further information on the Company's activities, visit www.emed-mining.com or www.emed.tv.