— Cyprus exploration team ready
Eastern Mediterranean Resources Public Limited (EMED), with copper exploration prospects in Cyprus, east and central Europe and Asia, listed on the Alternative Investment Market (AIM) on May 9.
The AIM listing on AIM, the London Stock Exchange’s market for high-growth international companies, raised GBP 2.25 mln in an initial public offering of ordinary shares which underwrites the company’s budgeted activities to 2007.
Investors in the company include institutions and other specialist natural resources investors in the U.K., Australia and Greece.
EMED’s first major exploration project is based in Cyprus where it is anticipated that a number of shallow copper-gold target areas will be drilled by the end of 2005. The exploration office is in the village of Agia Marina, in the heart of the Troodos Complex.
EMED has also initiated a number of less advanced natural resources projects in Bulgaria, Greece and Slovakia.
To date, the company has completed the geographic information system (GIS), by digitising and integrating all historical databases and verifying data; it has completed the prospectivity map, selecting the best target-areas out of an initial 50 sites; has completed preliminary geological mapping of target areas; has awarded contracts for ground geophysical surveys in the September quarter; and, has invited contract tenders for drilling in the December quarter.
The geophysical survey contracts have been granted to the consultants and survey specialists who conducted similar work in Oman which led to discoveries of Cyprus-style volcanic-hosted massive sulphides (VHMS) deposits and which are now being developed into copper mines.
As at April 18, EMED owns 95% of Eastern Mediterranean Minerals (Cyprus) Limited (EMM) a company incorporated in Cyprus and a number of wholly-owned subsidiaries, purchased from a subsidiary of Oxiana Limited.
EMED has also incorporated two other wholly owned subsidiaries in Cyprus, Tredington Ventures Limited and Winchcombe Ventures Limited and a wholly owned subsidiary in Bulgaria, Mediterranean Minerals (Bulgaria) EOOD. Pursuant to the terms of the joint venture agreement with Hellenic Mining Company, the beneficial interest in five per cent of the issued share capital of each of Tredington Ventures and Winchcombe Ventures is held on trust for Hellenic Mining Company.
The Cyprus-based exploration team has now been completed with the core exploration team comprising five experienced geologists. Nicos Adamides has joined EMED as Senior Geologist, with past experience at Hellenic Copper Mines and Hellenic Mining Company; Alasdair Murray is Project Manager – Cyprus Program; Loizos Loizou is Community Liaison Officer with 36 years’ experience in the industry with the Hellenic Mining Company; and, Kristine Kristensen is Environmental Officer.
This team is supported by Senior Geologist Jim Cran, Database Manager Bronwyn Witham and Geophysics Consultant Steve Webster, integrating practical experience of many mines globally with local expertise in Cyprus.
In a statement from the field office in Agia Marina, Aristidis (Harry) Anagnostaras-Adams, Managing Director of EMED commented: “The company is following the strategy set out in its Admission Document and progress continues on schedule. We are particularly pleased with the quality of some of the targets that have so far emerged and with the quality of the team we have assembled. The Board and management continue to believe that the Troodos Complex in Cyprus is very prospective for VHMS copper-gold discoveries and the region offers great potential.”
EMED’s local board members include Hellenic Bank’s new Chairman and former Interior Minister Dr Andreas Panayiotou, who is also a non-executive director of Hellenic Technical Enterprises Ltd and Chairman of Hellenic – Tzilalis (Cyprus) Ltd.
