4th Jul 2006 07:01
Eastern Mediterranean Res. Pblc LD04 July 2006 AIM: EMED 4 July 2006 ACUISITION OF DATABASE FOR TURKEY AND GREECE Eastern Mediterranean Resources Public Limited ("EMED" or "the Company")announces that it has acquired a proprietary geological database coveringextensive parts of Turkey and Greece. This data summarises the field work inover 100 locations conducted over some years by a highly experienced explorationteam led by Professor Ian Plimer, Mr Gavin Thomas and Mr John Nethery,exploration geologists of international repute. The consideration for the database is 1,152,656 fully paid ordinary shares ofEMED issued at 12.5p each (£144,082) to these individuals and their associates.This is a first step in an alliance with Messrs Plimer and Nethery with thelong-term aim of focusing on two countries in particular, combining theirdatabase and specialist experience with EMED's regional presence and focus. Afurther £216,123 is payable once certain outcomes are achieved, payable by theissuance of 1,728,984 EMED shares at 12.5p each. Application for admission totrading on AIM has been made in respect of the 1,152,656 initial tranche ofordinary shares and it is expected that admission will be effective fromThursday 6th July. EMED Managing Director Mr Harry Anagnostaras-Adams said, "EMED is making rapidprogress in establishing leadership positions in selected parts of Eurasia whereour assessment of both geology and politics indicates the commitment isjustified. We are very pleased with progress in Cyprus, Slovakia and Georgia andthis initiative reflects our intention to do likewise in Turkey in particularand in Greece in due course via this alliance. We have been progressing this alliance for a long time and now, having been inthe field together with Messrs Plimer and Nethery, it is obvious that thiscost-effective transaction and the relationship it triggers saves EMED manyyears of reconnaissance and also gives us a head start in other important ways." -Ends- Enquiries Eastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams Richard Swindells Justine Howarth / Ana Ribeiro+357 9945 7843 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713www.emed-resources.com www.emed.tv This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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