Jun 24 2013
EMED Mining, the Europe-based minerals development and exploration company, is pleased to report that the Andalucian Minister for Industry yesterday announced the awarding of the Aguilas Two Licence (Valle Redondo and El Villar) to one of the Company’s wholly-owned subsidiaries in Spain.
The Aguilas Two Licence area has an aggregate surface area of 52 square kilometres and is located approximately 8 kilometres from the Company’s wholly-owned Rio Tinto Copper Project. Its prospectivity was identified from the Company’s proprietary database and the initial exploration programme fits within already planned expenditures.
Harry Anagnostaras-Adams, Managing Director and CEO of EMED Mining, commented:
“We believe that the Iberian Pyrite Belt will re-emerge as a globally significant metal producer and we are committed to playing our role by having re-assembled, re-engineered and planning to shortly restart the largest of its mining fields, Rio Tinto.
“Whilst our immediate focus is on the restart of the Cerro Colorado Open Pit, our plan is to extend project life and annual production by targeting to expand the open pit, restart the underground mines, recycle precious metal in the tailings deposit and also to explore our ancillary tenements including the Aguilas Two Exploration Licence area which we are particularly pleased to have been awarded. Negligible exploration has been conducted on any of these tenements for over 20 years.”
EMED Mining’s operational headquarters is at the wholly-owned Rio Tinto Copper Project, the world’s largest VMS (Volcanogenic Massive Sulphide) system. It has historically yielded over 1.7 million tonnes of copper along with significant amounts of other metals and is expected to be redeveloped as a modern multi-mine district.
The projects already reported within the Behre Dolbear NI 43-101 Independent Technical Report of February 2013, include the following:
- Cerro Colorado Open Pit: Total Measured & Indicated Mineral Resources of 203 million tonnes at 0.46% copper, containing 930,000 tonnes (2.1 billion lbs) of copper in situ;
- San Dionisio and San Antonio Underground Deposits: Exploration Targets with Historical Resources reported of 72 million tonnes of polymetallic ore with a grade significantly higher than that of the Cerro Colorado Open Pit; and
- Gossan Dam silver and gold tailings deposit: an Exploration Target of 25 to 35 million tonnes of potentially recyclable material.
Cautionary Notes
The Exploration Target terminology used above for the San Dionisio, San Antonio and Gossan Dam deposits is not compliant with the JORC Code or the CIM definitions and is therefore not NI 43-101 compliant. These estimates are not considered to be current mineral resources or mineral (or ore) reserves and further exploration work by a qualified person is required in order to define these mineral resources and mineral (or ore) reserves in compliance with the JORC Code and NI 43-101. It is uncertain whether further exploration will define additional mineral resources. Along with additional exploration targets, the historical resources were reported by F.G. Palomero, Chief Geologist of Rio Tinto Minera SA (“RTMSA”) in 1993 for San Dionisio and in 1987 for San Antonio. The historical resources reported by RTMSA, presumably in accordance with the RTZ Mining company protocols and procedures, were based on a review of the data and geological interpretations available at that time.
EMED Mining is currently collating and documenting all of the historical data in order to reappraise these deposits in light of higher base and precious metal prices and determine what will be required to establish an NI 43-101 compliant resource estimate.
This announcement contains “forward looking information” within the meaning applicable Canadian securities legislation. “Forward looking information” may also include statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, the future price of metals, the estimation of ore reserves and resources, the conversion of estimated resources into reserves, the realisation of ore reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on forward looking statements.
Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; the future costs of capital to the Company; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, terrorist attacks, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this announcement and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
Qualified Persons Statement
Information in this report that relates to geological assessments is based on information compiled by a team reporting to Mr. Ron Cunneen, BSc (Geology), Head of Exploration for EMED Mining and a full-time employee of that company. He is a Member of The Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking to qualify as “Competent Persons” as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”) and “Qualified Persons” as defined in the “National Instrument 43-101 of the Canadian Securities Administrators” (“NI 43-101”) and “CIM Definition Standards For Mineral Resources and Mineral Reserves” of December 2005 as prepared by the CIM Standing Committee on Reserve Definitions of the Canadian Institute of Mining.
Mr. Cunneen consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.