25 November 2008 

EMED Mining Public Limited (“EMED Mining” or “the Company”) announces that the Directors have, after consulting its project advisers AMC Consultants (UK) Limited (“AMC”), refined the restart plans for Proyecto Rio Tinto (“PRT”). The proposed initial mine life has been extended from 10 to 14 years and the forecast production rate expanded to 37,000 tonnes per annum of copper-in-concentrate from processing 9.0 million tonnes of ore per annum. Further expansion is expected and will be evaluated following planned drilling programs after production has restarted.

Key results from financial modelling of the refined PRT plan are summarised as follows:

• 17% internal rate of return (“IRR”) based on current exchange rates and the copper price in the forward market – this averaged $1.83/lb (€1.46/lb or €3,219/tonne) of copper at 21 November 2008.
• €1.22/lb (€2,684/tonne) breakeven copper price (i.e. - IRR zero) required for the project to recover all project acquisition, capital and operating costs (~ US$1.52/lb at €1.00:US$1.25).
• £37M projected earnings before interest, tax, depreciation and amortisation (“EBITDA”) in the Company’s wholly-owned subsidiary EMED Tartessus S.L. which owns 100% of PRT (based on assumed price of US$2.50/lb or €1.87/lb or €4,114/tonne of copper).  

PRT analyses are reviewed by AMC, the product sales agent is MRI Trading, the restart financing lead-arranger is Goldman Sachs International and legal advisor in Spain is Baker McKenzie.

Harry Anagnostaras-Adams, Managing Director of EMED Mining, commented:

"Proyecto de Rio Tinto remains robust despite the decline in US$ spot market copper prices. Offsetting factors are the appreciation of the US$ against the Euro and GBP, the escalation in the forward market US$ prices for copper and the careful project planning leading to the extension to the mine life. The infrastructure is maintained in readiness for the restart. 

"The foundation for the regulatory permits has been laid. We have acquired 100% of the mineral rights and processing facilities. We have settled with most counterparties, submitted restart applications requested and have official support from the local municipalities, the labor unions and the employer groups. Arrangements with the relevant government departments and the relevant landholders are currently under negotiation."

The principal assumptions for PRT are as follows, all are within the range historically achieved:

• Ore processed after initial ramp-up period = 9.0Mtpa at average ore grade = 0.5% copper;
• Waste stripping ratio = 1.1 tonnes of waste to 1.0 tonne of ore;
• Average metallurgical recovery = 84%; Concentrate shipped = 167,000 tpa; and
• Copper-in-concentrate sold = 37,000 tpa; Silver-in-concentrate sold = 500,000 ounces pa