EMED Mining Public Ltd Quarterly Operations Update
NICOSIA, CYPRUS -- (Marketwired - Oct 8, 2014) - EMED Mining Public Ltd. (Highlights
- £13.1m successfully raised via a subscription agreement with cornerstone investors
- Expanded workforce in place with over 220 people mobilized and working on site
- Potential start-up capital expenditure reductions of US$50M targeted as part of ongoing review
- Key components of process plant and infrastructure undergoing refurbishment
- Progress made on instrumentation and electrical engineering
- Continued drilling to optimise first five years of production
- Mine contractor appointed
- Final permitting remains on track with the Mining Permit expected to be received before year end
Isaac Querub, CEO of EMED Mining, commented: "This was an exceptionally productive period for the Company and the rapid scale up of operations and strengthening of key relationships sets us well on the way to achieving production as planned. I am delighted with the development and continued progress in obtaining the mining permit and final restoration plan and we remain confident that we will receive the final permits before year end. I would very much like to thank our growing team and look forward to providing further updates."
During the quarter the Company continued onsite preparations at the Rio Tinto Copper Project ("Proyecto Riotinto") focusing on ensuring that process plant and infrastructure refurbishment and development continued at pace ahead of the scheduled restart of the mine, which management believes can now be achieved in Q4 2015.
As such, the Company further strengthened its workforce and supply chain while management continued to work closely with the Junta ahead of receiving final permitting, which as previously announced, is expected later this year.
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Contact
Enquiries
EMED Mining
Isaac Querub/Alberto Lavandeira/John Leach
+34 959 59 28 50
Canaccord Genuity
Neil Elliot/Mark Palmer
+44 207 523 8000
Fox-Davies Capital
Oliver Stansfield
+44 203 463 5061
Walbrook PR
Nick Rome
+44 207 933 8783
