24th Sep 2007 07:02
EMED Mining Public Limited24 September 2007 24 September 2007 EMED MINING INTERIM RESULTS TO 30 JUNE 2007 AIM: EMED EMED Mining Public Limited ("EMED Mining" or "the Company") announces itsunaudited interim results for the half-year ended 30 June 2007. The Company incurred a loss of £3.2 million for the period, primarily comprisedof: • exploration expenditure of £1.2 million; • expenditure incurred in relation to Proyecto de Rio Tinto ("PRT") of £1.1 million; and • net operating expenditure of £0.9 million. The reported loss reflects the Company's conservative accounting policy ofwriting off expenditure until the Board makes a commitment to develop or restartoperations. Key activities and achievements during the half-year period include: • Acquisition of an option over the PRT copper mine and processing plant in Spain, currently on care & maintenance. PRT has JORC-compliant Mineral Resources of 255 million tonnes at 0.57% copper (containing 1.44 million tonnes copper) and Ore Reserves of 69 million tonnes at 0.65% copper (containing 0.45 million tonnes copper). Further increases in Mineral Resources and Ore Reserves will be targeted after the restart receives support of the regulatory authorities in Andalucia. • Drilling has significantly extended gold mineralisation at the Biely Vrch Prospect in Slovakia, which is now recognised as a classical porphyry gold system. This deposit type is rare globally and exemplified by several multi-million ounce deposits in northern Chile. • Exploration drilling continued in Cyprus with the aim of discovering further copper-zinc resources. • Further first-pass sampling of gold prospects in the very large licence area in Georgia. • Purchase of a drilling rig to expand the drilling program and improve efficiency. Mr Anagnostaras-Adams, EMED Mining's Managing Director, said: "The Company continues to make excellent progress, having recently discovered aporphyry gold deposit in Slovakia and secured an option over Proyecto de RioTinto in Spain. Both of these opportunities have advanced the progress of EMEDMining towards a position of a leading European metal producer. This has beenthe Company's stated goal since being admitted to AIM barely 2 years ago. Thisrate of progress has been made possible by the professionalism and commitment ofthe team at EMED Mining and the continued and valued support of shareholders andother key stakeholders in the communities we serve." The Managing Director's Report and the Financial Statements follow. EMED Mining RFC Corporate FinanceHarry Anagnostaras-Adams Stuart Laing+357 9945 7843 +61 8 9480 2500 Fox-Davies Capital Parkgreen CommunicationsDaniel Fox-Davies Justine Howarth+44 20 7936 5220 +44 20 7851 7480 Half Yearly Financial Report to 30 June 2007 Managing Director's Report EMED Mining made substantial progress towards its goal of becoming a majorleading European metal producer. In May 2007, EMED Mining announced an opportunity to acquire, in stages, 100% ofProyecto Rio Tinto ('PRT') through the Company's Spanish subsidiary EMEDTartessus SL (see the operational update below and Note 9 of these interimfinancial statements). The proposal is subject to the Company completing its duediligence and obtaining relevant approvals. Expenditure incurred in relation toPRT to 30 June 2007 totals £1.1 million, primarily for independent technicalassessments of the project and its substantial ore reserves, as well as paymentof care and maintenance costs. The Company has taken a conservative accounting approach and for the purposes ofthese interim financial statements has made a full provision against theexpenditure incurred in the evaluation of PRT. Exploration expenditure for the period was £1.2 million, of which approximatelyhalf was incurred in the Company's promising licence areas in Slovakia. Again,in accordance with the Company's conservative accounting policy, these costswere written off. The expenditure for the period is summarised as follows: GBP 000'sExpenditure incurred in relation to PRT £1,109Exploration expenditure to 30 June 2007 £1,256Net operating and other expenditure for the period £871Loss for the period £3,236 During the six months to 30 June 2007 the Company successfully completed a shareplacement of £4.0 million and as at 30 June had a cash balance of £2.4 millionin addition to listed shares with a market value of £1.1 million at 30 June. In September 2007, the Company successfully completed a further share placementof £3.5 million to support continued rapid progress, especially further work onPRT, and to augment working capital. In addition the Company has undrawn standbyequity facilities of £10 million and a supportive shareholder base. These interim financial statements are unaudited and do not constitute statutoryfinancial statements within the meaning of the Companies Law of Cyprus, Cap.113. Social Licence The Company has successfully maintained its social licence in the countrieswhere it has established its teams: Cyprus, Slovakia and Georgia. Mineral rightstenements have been renewed and expanded in accordance with our applications andwe have sound working relationships with Government, regulatory authorities andlocal communities. Our recent entry into Spain has presented the Company with the challenge to earnthe support of Government, regulatory authorities and local communities. From atechnical and economic viewpoint there is no logical reason for PRT not havingbeen restarted already. Independent experts have inspected the mine and plantinfrastructure and verified the reasonableness of the Company's assumptions andplans for restarting operations. The challenge is created by the political andcommercial legacy of this high-profile project. The Company has undertaken to use all reasonable efforts to satisfactorilyresolve those political and commercial legacies. This process has been initiatedby our subsidiary EMED Tartessus which has recently acquired the rights to PRTassets. The principal elements of the strategy for establishing the sociallicence in Andalucia are to use all reasonable efforts to: •remove from the ownership structure any parties who are no longer welcome locally •settle disputes between various past stakeholders and facilitate the end to litigation amongst those various parties •protect the personnel (currently about 30 and planned to grow to 450) from a recurrence of unfunded retrenchment and termination entitlements •engage community stakeholders in a responsible and transparent manner. EMED Mining and its subsidiaries are committed to achieve development thatprovides enormous benefits to our projects' region today, without compromisingthe ability of future generations to meet their own needs both economically andenvironmentally. As part of the Company's commitment to transparency and consultation, later thisyear EMED Mining will co-host with local ecological institutions andmunicipalities a conference in Slovakia regarding Environmental Responsibilityand Mine Management. A similar conference was co-hosted with the Green Party in2006 in Cyprus. Capital Markets Support The Company's sharemarket capitalisation has grown from approximately £4 millionat the time of its Initial Public Offering in May 2005 to approximately £25million today. A strong ownership base has been developed, comprised as followson a fully-diluted basis: Board and Management 25%Oxiana Limited 10% (international copper producer)Gold Fields Limited 8% (international gold producer)RMB Australia and RCF 8% (Mining Project Financiers)Fidelity and Yorkville 5% (Financial Institutions)Others 44% It is the Company's intention to consider introducing appropriate projectfinance to fund the restart of PRT, potentially to be sourced from specialistproviders of structured debt facilities and from product customers. The Companyhas recently established a £10 million Standby Equity ("SEDA") Facility whichcan be drawn down as £250,000 tranches of ordinary shares or, subject toagreeing the terms, as debt advances or convertible notes over a three year period. The terms of this standby facility, which is now available to be used at thediscretion of the Company, are set out in the announcement of 14 September 2007.The Directors consider this standby facility as a potential contributor to thepackage of financing (principally debt finance) which is estimated willaggregate £80 million over a four year period, should the Company proceed toexercise the option over the PRT copper mine and processing plant in Spain.Estimated forecast average EBITDA (Earnings Before Interest, Tax, Depreciationand Amortisation) from this potential investment is approximately £50 millionper annum based on a number of assumptions, the principal one being a copperselling price of US$2.50/lb; The financial capacity provided by the SEDA reflects EMED Mining's strategy formaintaining rapid business growth while preserving the opportunity for theCompany to optimise financing methods for the benefit of shareholders. Althoughrelatively new to the UK capital markets, Yorkville has provided such facilitiesto a large number of other companies in the natural resources sectorinternationally, including Fortescue Metals Group (ASX), United Fiber Systems(SGX) and Petra Diamonds (AIM). Operational Update - Spain The main assets of PRT are an established open-pit mine and processing plantadjacent to the town of Rio Tinto, 65 kilometres northwest of Seville inAndalucia, Spain. The mine was placed on care and maintenance in 2000 due toprevailing low copper prices below $US1.00/lb at that time. PRT has JORC-compliant Mineral Resources of 255 million tonnes at 0.57% copper(containing 1.44 million tonnes copper) and Ore Reserves have increased to 69million tonnes at 0.65% copper (containing 0.45 million tonnes copper), whichhave been independently verified by AMC Consultants. Strong progress has been made on due diligence and negotiations withstakeholders. Active engagement has been triggered on all key matters. However,this proposal remains subject to all the conditions precedent set outpreviously: • Regulatory approvals by the Government (Junta de Andalucia), support ofthe local community and approvals by the relevant statutory authorities inrespect of performance bonds; • Settlement satisfactory to EMED Mining of the PRT-vendor's liabilities,liens and contractual arrangements where required with a number of third partiesincluding landholders. These various obligations arose over the past decade as aresult of the ongoing care and maintenance funding and from bankruptcy ofvarious entities and litigation amongst some parties; and • Complete all due diligence to EMED Mining's satisfaction includingenvironmental considerations and infrastructure needs. The anticipated aggregate investment to achieve production restart, settle thePRT vendor's creditors, establish ore processing capacity of 7.5 million tonnesper annum and acquire 100% of project equity is approximately £80 million, whichis consistent with previously announced estimates. Subject to receipt ofregulatory approvals, these expenditures are forecast over the four yearscommencing from the Company's decision (targeted for Q4 2007) to restartproduction. The Company's due diligence on PRT (independently reviewed by AMC Consultants)indicates that production could restart in 2008 and ramp-up to an annualproduction rate of approximately 40,000 tonnes of copper-in-concentrate. EMEDMining's estimate of PRT's forecast average EBITDA (Earnings Before Interest,Tax, Depreciation and Amortisation) is approximately £50 million per annum basedon a number of assumptions, the principal one being a copper selling price ofUS$2.50/lb. The Company has commenced discussing alternative financing strategies withpotential financiers. The potential sources of funds are envisaged to be acombination of bank loans, arrangements with concentrate off-take customers,equity issues and operating cash flows. The financing plan will be outlined indue course when conditionally agreed with potential financiers and set out indetail when shareholder approval is sought. Operational Update - Slovakia The focus of exploration in Slovakia during the half-year was a drilling programto follow-up the gold discovery at Biely Vrch prospect in central Slovakiaannounced in late 2006. This drilling defined a zone of mineralisation estimated to contain 15 to 23million tonnes at an average grade of 1.0g/t gold, containing approximately 0.5to 0.7 million ounces. This estimate is conceptual in nature and it remainsuncertain if further exploration will result in the determination of a MineralResource as defined in the JORC Code. Further drilling is currently in progress and the most recent results include371m at 1.34g/t gold from 30m downhole to the end of the drillhole, extendingthe zone of mineralisation approximately 130m to the south. During the half year, Biely Vrch was recognised a classical porphyry goldsystem. This deposit type is rare globally and is exemplified by severalmulti-million ounce deposits in the Maricunga belt of northern Chile. Porphyrygold deposits typically occur in clusters and several prospects within theCompany's large Slovakian licences have already been recognised as havingpotential to host porphyry gold mineralisation. Operational Update - Cyprus During the half year, the Company's exploration focus in Cyprus was drilling toverify and increase the initial resources for the Klirou Copper-Zinc Project. An independent review of the Klirou Copper-Zinc Project preliminary feasibilitystudy is being undertaken and will be completed in Q4 2007. The Company's recently purchased diamond drill rig has commenced operations inCyprus. Whilst initially focused on supporting feasibility study tasks, it willsoon focus on exploratory testing of concealed targets detected by geophysicaltechniques. Operational Update - Georgia Field programs during 2007 have primarily comprised geological mapping andsample collection over EMED Mining's large Upper Racha Licence area. Exploration of the Upper Racha Licence is principally focused on discoveringgold but several copper prospects are also being assessed during 2007. Kefi Minerals plc The Company vended its exploration interests in Turkey and Bulgaria into KEFIMinerals plc in late 2006. KEFI Minerals was listed on AIM in December 2006 andEMED Mining retains a 34% shareholding. During the half year, KEFI Minerals commenced its first drilling program at theDerinin Tepe prospect in Turkey, as well as acquiring several additionalExploration Licences. European Technical Services Initiatives A number of opportunities arise from the potential restart of PRT, one of whichis that the Company will establish a workforce of up to 450 people in Andalucia.This group will cover all technical disciplines for metal production fromexploration through to marketing. If restarted, it would be the Company'sintention to use PRT as the base for the provision of technical servicesinternationally and to that end a new subsidiary has been incorporated, EMEDSpain, which is considering the range of activities it would establish at PRTincluding an international drilling operation and internationally-rated assaylaboratory. Competent Person's Statements Slovakia References in this announcement to exploration results and potential for theBiely Vrch prospect have been approved for release by Mr Ron Cunneen, B.Sc.(Honours). Mr Cunneen is Head of Exploration for EMED Mining and has more than20 years' relevant experience in the field of activity concerned. He is a memberof The Australian Institute of Geoscientists ("AIG") and has consented to theinclusion of the material in the form and context in which it appears. Furtherdetails on the estimated zone of mineralisation at Biely Vrch are contained inthe Company's quarterly report released on 6 August 2007, which is available onthe Company's website at www.emed-mining.com. Spain The summary information in this announcement that relates to JORC-CompliantMineral Resource and Ore Reserves for PRT is based on information provided inthe Company's project update announcement on 2 August 2007, which is availableon the Company's website at www.emed-mining.com. The specific information inthis prior announcement that related to JORC-Compliant Mineral Resource and OreReserves for PRT was compiled by Ms Sonia Konopa (Senior Geologist), MSc(Economic & Mining Geology), BAppSc (Honours Geology) with 20 years relevantexperience in the mining industry, and Mr Andy Robb (Principal MiningConsultant), BSc (Mining Engineering), with 30 years relevant experience in themining industry, who are both employees of AMC Consultants (UK) Limited. Ms Konopa and Mr Robb are both Members of the Australasian Institute of Miningand Metallurgy and have sufficient experience relevant to the style ofmineralisation and type of deposit under consideration to qualify as CompetentPersons as defined in the 2004 Edition of the JORC Code. Ms Konopa wasresponsible for the reporting of the Mineral Resource estimate and Mr Robb wasresponsible for the reporting of the Ore Reserve estimate in the 2 August 2007announcement and consented to the inclusion in that announcement of the materialin the form and context in which it appeared. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS for six months to 30 June 2007 Six months Six months Year ended ended ended 30 June 2007 30 June 2006 31 Dec 2006 Note (Unaudited) (Unaudited) GBP 000's GBP 000's GBP 000's Revenue - - - -------- -------- --------Exploration expenditure (1,256) (1,034) (1,926)Evaluation costs of PRT 9 (1,109) - -Amortisation of goodwill (71) (71) -Share of results of associates (173) - (31)Administration expenses (621) (452) (806)Gain on disposal of - - 328subsidiariesFinance income - - 8Finance costs (6) (5) (21) -------- -------- --------(Loss) before tax (3,236) (1,562) (2,448)Tax 4 - - (1) -------- -------- --------Net (Loss) for the period/year (3,236) (1,562) (2,449)from continuing operations ========= ========= =========Discontinued operations:Loss for the year from - - (208)discontinued operations -------- -------- --------Net loss for the year - - (2,657) ========= ========= =========Attributable to:Equity holders of the parent (3,225) (1,548) (2,627)Minority interest (11) (14) (30) -------- -------- --------Net (loss) for the period (3,236) (1,562) (2,657) ========= ========= ========= Earnings per Share Information From continuing operations:Basic loss per share (pence) 6 (2.81) (2.27) (2.64)Diluted loss per share (pence) 6 (2.43) (2.04) (2.61) From continuing anddiscontinued operations:Basic loss per share (pence) 6 (2.81) (2.27) (2.87)Diluted loss per share (pence) 6 (2.43) (2.04) (2.61) EMED MINING PUBLIC LIMITED CONDENSED CONSOLIDATED BALANCE SHEET As at 30 June 2007 Six months Six months Year ended ended ended 30 June 2007 30 June 2006 31 Dec 2006 Note (Unaudited) (Unaudited) GBP 000's GBP 000's GBP 000's Assets Non current assets Plant and equipment 8 77 71 52 Goodwill - - 71 Intangible assets 9 - - - Investment in associates 10 837 793 -------- -------- -------- Total non current assets 914 71 916 -------- -------- -------- Current assets Trade and other 11 335 41 536 receivables Bank and cash balances 12 2,437 1,277 1,207 -------- -------- -------- Total current assets 2,772 1,318 1,743 -------- -------- -------- Total assets 3,686 1,389 2,659 ========= ========= ======== Equity and liabilities Capital and reserves Share capital 13 316 179 232 Share premium 13 9,987 4,621 6,261 Share options reserve 441 185 294 Other reserves (7,412) (3,687) (4,400) -------- -------- -------- Total equity 3,332 1,298 2,387 attributable to equity holders of the parent Minority interest (63) (39) (52) -------- -------- -------- Total capital and 3,269 1,259 2,335 reserves -------- -------- -------- Current liabilities Trade and other payables 14 417 130 324 -------- -------- -------- Total current 417 130 324 liabilities -------- -------- -------- Total equity and 3,686 1,389 2,659 liabilities ========= ========= ========= EMED MINING PUBLIC LIMITED C0NDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for six months to 30 June 2007 Share Exchange Share Share Options Accumulated Equity Difference capital premium reserve losses reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2006 141 2,886 108 (2,142) - - 993Net loss for the - - - (2,657) - - (2,657)yearMinority interest - - - 30 - - 30Issue of share 91 3,589 - - - - 3,680capitalShare issue costs - (214) - - - - (214)Recognition of sharebased payments - - 186 - - - 186Share of equityadjustments in associates - - - - 394 - 394Exchange differenceon translation ofsubsidiaries - - - - - (25) (25) -------- -------- -------- -------- -------- -------- --------At 31 December 2006 232 6,261 294 (4,769) 394 (25) 2,387Net loss for the - - - (3,236) - - (3,063)yearMinority interest - - - 11 - - 11Issue of share 84 3,946 - - - - 4,030capitalShare issue costs - (220) - - - - (220)Recognition of sharebased payments - - 147 - - - 147Share of equityadjustments in - - - - 217 - 217associatesExchange differenceon translation ofsubsidiaries - - - - - (4) (4) -------- -------- -------- -------- -------- -------- --------As at 30 June 2007 316 9,987 441 (7,994) 611 (29) 3,332 ===== ===== ===== ===== ===== ===== ===== EMED MINING PUBLIC LIMITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT for six months to 30 June 2007 Six months Six months ended ended Year 30 June 2007 30 June 2006 ended Note (Unaudited) (Unaudited) 31 Dec 2006 GBP 000's GBP 000's GBP 000'sCASH FLOWS FROM OPERATING ACTIVITIES (Loss) before tax (3,236) (1,562) (2,448)Adjustments for:Depreciation of property, plant and 8 13 6 17equipmentAmortisation of goodwill 71 71 -Share of loss from associates 173 - (31)Share based benefits 147 77 186Acquisition of data with settlement in - 380 408sharesOther - 25 -Profit on disposal of subsidiaries - (328)Interest income - - (8)Exchange difference on translation of 10 (51)subsidiaries -------- -------- -------- (2,822) (1,003) (2,255) Changes in working capital:(Increase)/decrease in receivables 201 (5) (490)Increase/(decrease)in trade creditors 93 - 216 -------- -------- --------Cash flows used in operations 294 (1,008) (2,529)Tax paid - - (1) -------- -------- --------Net cash (used in) operating activities 294 (1,008) (2,530) -------- -------- --------CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and 8 (38) (37) (28)equipmentAcquisition of subsidiaries 16 (14) (42) (114)Acquisition of associate - - (130)Disposal of subsidiaries - - (28)Interest received - - 8 -------- -------- --------Net cash (used in) investing activities (52) (79) (292) -------- -------- --------CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of share capital 13 4,030 1,500 3,272Listing and issue costs 13 (220) (107) (214) -------- -------- --------Net cash from financing activities 3,810 1,393 3,058 -------- -------- --------Net increase in cash and cash 1,230 306 236equivalents CASH AND CASH EQUIVALENTS:At beginning of the period 1,207 971 971 -------- -------- --------At end of the period 12 2,437 1,277 1,207 ========= ========= ========= EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 1 General information Country of incorporation EMED Mining Public Limited (the 'Company") was incorporated in Cyprus as aprivate limited liability company in accordance with the provisions of theCyprus Companies Law, Cap. 113 and was converted to a public limited liabilitycompany at 17 September 2004. Its registered office is at 1 Lambousa Street,Nicosia, Cyprus. The Company was listed on the Alternative Investment Market("AIM") of the London Stock Exchange in May 2005. The Company changed its name firstly to Mediterranean Minerals Public Limited on1 March 2005, subsequently to Eastern Mediterranean Resources Public Limited on11 March 2005 and on 20 September 2006 to EMED Mining Public Limited. Principal activities The principal activity of the Company and its subsidiaries (the "Group") is toexplore for and develop natural resources, with a focus on base and preciousmetals in Spain, Europe, Western Asia and the Middle East. 2 Basis of preparation and accounting policies Basis of preparation The consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRSs) as adopted by the EuropeanUnion (EU) and International Financial Reporting Standards (IFRSs) as issued bythe International Accounting Standards Board (IASB). The consolidated financialstatements comply with both these reporting frameworks because at the time oftheir preparation all applicable IFRSs issued by the IASB have been adopted bythe EU through the endorsement procedure established by the European Commission.In addition, the consolidated financial statements have been prepared inaccordance with the requirements of the Cyprus Companies Law, Cap.113. Theconsolidated financial statements have been prepared under the historical costconvention. The preparation of financial statements in conformity with IFRSs as adopted bythe EU requires the use of certain critical accounting estimates and requiresmanagement to exercise its judgement in the process of applying the Group'saccounting policies. It also requires the use of assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assetsand liabilities at the date of the financial statements and the reported amountsof revenues and expenses during the reporting period. Although these estimatesare based on management's best knowledge of current events and actions, actualresults may ultimately differ from those estimates. Adoption of new and revised IFRSs As from 1 January 2006, the Group adopted all the IFRSs and InternationalAccounting Standards (IAS), which are relevant to its operations. The adoption of these Standards did not have a material effect on theconsolidated financial statements. At the date of authorisation of these financial statements some Standards werein issue but not yet effective. The Board of Directors expects that the adoptionof these Standards in future periods will not have a material effect on theconsolidated financial statements of the Group. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 2 Basis of preparation and accounting policies (continued) Accounting policies The following accounting policies have been used consistently in dealing withitems which are considered material in relation to the financial of the Group. Accounting convention The financial statements have been prepared in accordance with InternationalFinancial Reporting Standards. The accounts have been prepared under thehistorical cost convention. These unaudited interim consolidated financial statements ('the statements")include the financial statements of the Company and its subsidiary undertakings.These statements do not include all of the disclosures required for annualfinancial statements, and accordingly, should be read in conjunction with thefinancial statements and other information set out in the Company's 31 December2006 Annual Report. The preparation of financial statements in conformity with generally acceptedaccounting principles requires the use of estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting period. Although theseestimates are based on management's best knowledge of current events andactions, actual results ultimately may differ from those estimates. Consolidation Controlled entities The consolidated financial statements incorporate the assets and liabilities ofall entities controlled by the Company as at 30 June 2007 and the results of allthe controlled entities for the period then ended. The Company and itscontrolled entities together are referred to in this financial report as theconsolidated entity. Transactions eliminated on consolidation Intercompany transactions, balances and unrealised gains on transactions betweenconsolidated entities are eliminated on consolidation. Unrealised losses arealso eliminated unless the transaction provides evidence of impairment of theasset transferred. Foreign currency translation (1) Measurement currency The financial statements are prepared in Great Britain Pounds (the measurementcurrency), which is the currency that best reflects the economic substance ofthe underlying events and circumstances relevant to the Company. (2) Foreign currency translation Foreign currency transactions are translated into the measurement currency usingthe exchange rates prevailing at the date of the transactions. Gains and lossesresulting from the settlement of such transactions and from the translation ofmonetary assets and liabilities denominated in foreign currencies are recognisedin the income statement. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 2 Basis of preparation and accounting policies (continued) Tax Current tax liabilities and assets for the current and prior periods aremeasured at the amount expected to be paid to or recovered from the taxationauthorities using the tax rates and laws that have been enacted or substantivelyenacted by the balance sheet date. Deferred tax is provided in full, using the liability method, on temporarydifferences arising between the tax bases of assets and liabilities and theircarrying amounts in the financial statements. Currently enacted tax rates areused in the determination of deferred tax. Deferred tax assets are recognised to the extent that it is probable that futuretaxable profit will be available against which the temporary differences can beutilised. Exploration costs The Group has a conservative approach to exploration expenditure and writesthese expenditure off to profit and loss as and when incurred. In 2006, the Group adopted the provisions of IFRS6 "Exploration for andEvaluation of Mineral Resources". The Group's stage of operations as at theperiod end and as at the date of approval of these financial statements have notyet met the criteria for capitalization of exploration costs. Plant and equipment Plant and equipment are stated at historical cost less depreciation. Depreciation is calculated on the straight-line method to write off the cost ofeach asset to their residual values over their estimated useful life. The annualdepreciation rates used are as follows: Motor vehicles 20%Furniture, fixtures and office 10%equipment The assets residual values and useful lives are reviewed, and adjusted ifappropriate, at each balance sheet date. Where the carrying amount of an asset is greater than its estimated recoverableamount, it is written down immediately to its recoverable amount. Expenditure for repairs and maintenance of property, plant and equipment ischarged to the income statement of the year in which they were incurred. Thecost of major renovations is included in the carrying amount of the asset whenit is probable that future economic benefits in excess of the originallyassessed standard of performance of the existing asset will flow to the Company.Major renovations are depreciated over the remaining useful life of the relatedasset. Gains and losses on disposal of plant and equipment are determined by comparingproceeds with carrying amount and are included in profit from operations. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 2 Basis of preparation and accounting policies (continued) Impairment of assets Assets that have an indefinite useful life are not subject to amortisation andare tested annually for impairment. Assets that are subject to depreciation oramortisation are reviewed for impairment whenever events or changes incircumstances indicate that the carrying amount may not be recoverable. Animpairment loss is recognised for the amount by which the asset's carryingamount exceeds its recoverable amount. The recoverable amount is the higher ofan asset's fair value less costs to sell and value in use. For the purposes ofassessing impairment, assets are grouped at the lowest levels for which thereare separately identifiable cash flows (cash-generating units). Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents compriseof cash in hand and balance with banks. 3 Financial risk management Financial risk factors The Group is exposed to interest rate risk, liquidity risk and currency riskarising from the financial instruments that it may hold. The risk managementpolicies employed by the Group to manage these risks are discussed below: Interest rate risk Interest rate risk is the risk that the value of financial instruments willfluctuate due to changes in market interest rates. The Group is exposed tointerest rate risk in relation to its bank deposits. The Group's managementmonitors the interest rate fluctuations on a continuous basis and actsaccordingly. Liquidity risk Liquidity risk is the risk that arises when the maturity of assets andliabilities does not match. An unmatched position potentially enhancesprofitability, but can also increase the risk of losses. The Group hasprocedures with the object of minimising such losses such as maintainingsufficient cash and other highly liquid current assets and by having availablean adequate amount of committed credit facilities. Currency risk Currency risk is the risk that the value of financial instruments will fluctuatedue to changes in foreign exchange rates. The Group is exposed to foreignexchange risk arising from various currency exposures primarily with respect tothe Australian Dollar and the Cyprus Pounds. The Group's management monitors theexchange rate fluctuations on a continuous basis and acts accordingly. TheGroup's policy is not to enter into any currency hedging transactions. Fair value estimation The fair values of the Group's financial assets and liabilities approximatetheir carrying amounts at the balance sheet date. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 4 Tax The Company is subject to corporation tax in Cyprus on its taxable profits atthe rate of 10%. Companies which do not distribute 70% of their profits after tax, as defined bythe relevant Cyprus tax law, within two years after the end of the relevant taxyear, will be deemed to have distributed as dividends 70% of these profits.Special contribution for defence at 15% will be payable on such deemed dividendsto the extent that the shareholders (companies and individuals) are Cyprus taxresidents. The amount of deemed distribution is reduced by any actual dividendspaid out of the profits of the relevant year during the following two years.This special contribution for defence is payable for the account of theshareholders. 5 Business and geographical segments Business segments The Group has only one distinct business segment, being that of mineralexploration. Geographical segments The Group's exploration activities are located in Cyprus, Georgia, Slovakia,Greece and Spain, and its administration and management is based in Cyprus. Six months ended 30 June 2007 Cyprus Georgia Slovakia Europe Spain Consol. Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Operating (973) (97) (624) (251) (1,112) (173) (3,230) loss Financial (6) - - - - - (6) costs -------- -------- -------- -------- -------- -------- -------- Net loss for (979) (97) (624) (251) (1,112) (173) (3,236) period -------- -------- -------- -------- -------- -------- -------- Total assets 2,583 35 41 41 72 914 3,686 Total 417 - - - - - 417 liabilities Depreciation of fixed assets (8) (2) - - (1) - (11) Six months ended 30 June 2006 Cyprus Georgia Slovakia Turkey* Europe Consol. Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Operating (803) (261) (102) (138) (253) - (1,557) loss Financial (5) - - - - - (5) costs -------- -------- -------- -------- -------- -------- -------- Net loss (808) (261) (102) (138) (253) - (1,562) period -------- -------- -------- -------- -------- -------- -------- Total assets 1,291 42 4 5 47 - 1,389 Total 119 11 - - - - 130 liabilities Depreciation of fixed assets 15 - - - - - 15 * Discontinued operations EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 6 Loss per share The calculation of the basic and diluted earnings per share attributable to theordinary holders of the parent based on the following data: Six months Six months ended ended Year 30 June 2007 30 June 2006 ended (Unaudited) (Unaudited) 31 Dec 2006 GBP 000's GBP 000's GBP 000'sFrom continuing operations:Net loss attributable to equity (3,236) (1,559) (2,449)shareholders ========= ========= =========From continuing and discontinuedoperations:Net loss attributable to equity (3,236) (1,559) (2,657)shareholders ========= ========= ========= Number of ordinary share for the 115,095 68,803 92,727purposes of basic earnings per shareEffect of dilutive potential ordinary shares: Share options 18,095 7,726 8,957 -------- -------- -------- 133,190 76,529 101,684 ========= ========= ========= From continuing operations:Basic loss per share (pence) (2.81) (2.27) (2.64)Diluted loss per share (pence) (2.43) (2.04) (2.61) From continuing and discontinuedoperations:Basic loss per share (pence) (2.81) (2.27) (2.87)Diluted loss per share (pence) (2.43) (2.04) (2.61) EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 7 Controlled entities The Company and the Group have the following subsidiaries which have beenconsolidated in these financial statements. Companies names Date of Effective acquisition/ Country of proportion of incorporation incorporation shares heldEastern Mediterranean Minerals 28-Feb-05 Cyprus 95%(Cyprus) LtdTredington Ventures Ltd 28-Feb-05 Cyprus 95%Winchcombe Ventures Ltd 28-Feb-05 Cyprus 95%EMED Mining A.E (Greece) 21-Jun-05 Greece 100%EMED Mining (Slovakia) S.R.O. 10-Jul-05 Slovakia 100%EMED Mining (Caucasus) Ltd 11-Nov-05 Georgia 100%Georgian Mineral Development Company 27-Dec-05 Georgia 100%LtdEastern Mediterranean Resources 21-Mar-06 Romania 100%Romania SRLEMED Mining Armenia LLC 26-May-06 Armenia 100%Slovenske Kovy S.R.O. 30-Mar-07 Slovakia 100%EMED Mining Spain S.L. 12-Apr-07 Spain 100%EMED Tartessus S.L. 12-Apr-07 Spain 51%Slovenske Nerasty Spol S.R.O 14-Apr-07 Slovakia 100% In 2007, the Company incorporated four new fully owned subsidiaries. SlovenskeNerasty Spol S.R.O and Slovenske Kovy S.R.O. were incorporated in Slovakia, andEMED Mining Spain S.L. and EMED Tartessus S.L. were incorporated in Spain. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 8 Plant and equipment Furniture & Fittings & Plant & Office Motor Machinery Equipment Vehicles Total GBP 000's GBP 000's GBP 000's GBP 000's2006CostAt 31 December 2006 1 31 31 63Additions - 12 16 28 -------- -------- -------- --------At 31 Dec. 2006/1 January 1 43 47 912007Additions - 15 23 38 -------- -------- -------- --------30 June 2007 1 58 70 129 DepreciationAt 31 December 2006 1 8 13 22Charge for the year - 10 7 17 -------- -------- -------- --------At 31 Dec. 2006/1 January 1 18 20 392007Charge for the period - 5 8 13 -------- -------- -------- --------30 June 2007 1 23 28 52 Net book valueAt 30 June 2007 - 35 42 77 ======== ======== ======== ========At 31 December 2006 - 25 27 52 ======== ======== ======== ======== 9 Intangible assets 2007 PRT Total Cost GBP'000 GBP'000 On 31 December 2006 - - Additions 1,109 1,109 -------- -------- At 30 June 2007 1,109 1,109 Amortisation -------- -------- On 31 December 2006 - - Amortisation for the period (1,109) (1,109) -------- -------- At 30 June 2007 (1,109) (1,109) -------- -------- Closing net book amount - - Proyecto Rio Tinto ("PRT") On 11 May 2007, EMED Mining announced an opportunity for the Company to acquire,in stages, 100% of Proyecto de Rio Tinto ("PRT") through the Company's Spanishsubsidiary EMED Tartessus SL. The proposal remains subject to the followingconditions: • Regulatory approvals by the Government (Junta de Andalucia), support of the local community and approvals by the relevant statutory authorities in respect of performance bonds; • Settlement satisfactory to EMED Mining of the PRT-vendor's liabilities, liens and contractual arrangements with a number of third parties including landholders. These various obligations arose over the past decade as a result of the ongoing care and maintenance funding and from bankruptcy of various entities and litigation amongst some parties; EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 9 Intangible assets (continued) • Completion of technical due diligence for: i. planning the restart of the mine, processing plant and product marketing operations, and ii. planning for a fast-track approach to site rehabilitation where reasonable to be undertaken concurrently with ongoing long-term production; and iii. completion of all due diligence to EMED Mining's satisfaction including environmental considerations and infrastructure needs. EMED Tartessus SL has submitted its proposals for the restart of production tothe Junta de Andalucia ("Government"). Accordingly, the EMED Tartessus S.L. hasbegun to address the conditions precedent with a view to reaching a commitmentdecision in the last quarter of 2007 to the restart. A shareholder meeting willbe called at the appropriate time to seek approval to proceed if all conditionsprecedent have been met to the satisfaction of the Government and the Company. Should the Company not proceed with PRT it is obliged to pay for care andmaintenance at the site for a period of 6 months from the date of notificationof withdrawal. This gives rise to a contingent liability of €1.5 million. 10 Investment in associates 2006 2006The Group GBP'000 GBP'000At 31 December 2006 793 -Additions at cost - 430Share of results (173) (31)Share of equity adjustment 217 394 -------- --------Closing amount based on equity accounting 837 793 ======= ======= EffectiveCompany name Date of Country of proportion incorporation incorporation of shares heldKefi Minerals Public 24 October 2006 United Kingdom 39%Plc 30 June 31 DecemberAmounts relating to associate: 2006 2006 GBP'000 GBP'000Total assets 1,321 1,914Total liabilities (178) (568) -------- -------- 1,143 1,346 ======= =======Loss for the period (690) (201) 11 Debtors and other receivables Six months Six months ended ended Year ended 30 June 2007 30 June 31 Dec 2006 (Unaudited) 2006 GBP 000's (Unaudited) GBP 000's GBP 000's Receivables from associates 77 - 291Deposits and prepayments 139 41 9Other receivables - - 157VAT receivable 119 - 79 335 41 536 ======= ======= ======= EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 12 Cash and cash equivalents Cash included in the cash flow statement comprise the following balance sheetamounts: Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (Unaudited) (Unaudited) GBP 000's GBP 000's GBP 000's Cash at bank and in hand 2,437 1,277 1,207 ======= ======= ======= 13 Share capital and share premium Number Issued Share of Shares Capital Premium Total 000's GBP 000's GBP 000's GBP 000'sAuthorisedOrdinary shares of GBP0.0025 200,000 500 - 500each ======= ======= ======= =======Issued and fully paidBalance 31 Dec. 2005 56,556 141 2,886 3,027 Issued March 2006 at GBP0.125 for cash 12,000 30 1,470 1,500Issued March 2006 atGBP0.125 for databasepurchase 1,889 5 231 236Issued June 2006 at GBP0.125 for database purchase 1,153 3 141 144Issued 2 November 2006 at GBP0.085 20,850 52 1,720 1,772Issued 6 November 2006 at GBP0.0975 280 1 26 27Share issue costs - - (107) (107) -------- -------- -------- --------Balance as at 31 December 2006 92,727 232 6,261 6,493Issued 10 May 2007 at GBP0.12 33,333 83 3,917 4,000Issued 26 June 2007 forpurchase of services 250 1 29 30Share issue costs - - (220) (220)Balance 30 June 2007 126,310 316 9,987 10,303 ======= ======= ======= ======= EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 14 Trade and other payables Six months Six months ended ended Year ended 30 June 2007 30 June 2006 31 Dec 2006 (Unaudited) (Unaudited) GBP 000's GBP 000's GBP 000's -------- -------- -------- Trade payables and accruals 417 130 346 ======= ======= ======= 15 Share option plan Details of share options outstanding as at 30 June 2007: Number of Grant date Expiry date Exercise price Share options GBP 000's 9 May 2005 9 May 2011 0.080 11,381 11 August 2005 11 August 2011 0.100 700 28 April 2006 28 April 2012 0.135 3,697 28 June 2006 28 June 2012 0.135 150 8 September 2006 8 September 2012 0.090 1,000 8 September 2006 8 September 2012 0.110 1,000 25 January 2007 25 January 2013 0.120 1,500 26 February 2007 26 February 2013 0.135 3,850 11 May 2007 11 May 2012 0.120 1,000 11 May 2007 11 May 2013 0.150 2,500 26 June 2007 26 June 2013 0.187 500 26 June 2007 26 June 2013 0.170 625 --------Total 27,903 ======= Number of Share options 000'sOptions- outstanding options at 31 December 2006: 18,261- granted 9,975- cancelled (333)- exercised - -------- 27,903 ======= The Company has issued share options to directors, employees and suppliers ofthe Group. All options, except those noted below, expire six years after grantdate and are exercisable at the exercise price in whole or in part no more thanone third from the grant date, two thirds after two years from the grant dateand the balance after three years from the grant date. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 15 Share option plan (continued) On 11 May 2007, 1 million options were issued to Fox Davies Capital which expirefive years after the grant date, and are exercisable at any time within thatperiod. On 11 May 2007, 2.5 million options were issued to the Managing Director. Theseoptions vest only if the Company exercises its option over Proyecto Rio Tinto(Note 9). The options expire six years after the date of issue and can beexercised at any time during this period once they have vested. The option agreements contain provisions adjusting the exercise price in certaincircumstances including the allotment of fully paid Ordinary Shares by way of acapitalization of the Company's reserves, a sub- division or consolidation ofthe Ordinary Shares, a reduction of share capital and offers or invitations(whether by way of rights issue or otherwise) to the holders of Ordinary Shares. The estimated fair values of the options were calculated using the Black Scholesoption pricing model. The inputs into the model and the results are as follows: 26 26 June 11 May 11 May 26 Feb. 25 Jan. June 2007 2007 2007 2007 2007 2007 Weighted average share 13.50p 13.50p 13.25p 13.25p 11.83p 11.10p price Weighted average exercise 18.66p 17.00p 12.00p 15.00p 13.50p 12.00p price Expected volatility 57.88% 57.88% 57.88% 57.88% 60% 57.88% Expected life (years) 6 6 5 6 6 6 Risk free rate 6.32% 6.32% 6.07% 6.07% 5.85% 5.97% Expected dividend yield nil nil nil nil nil nil Discount factor 30% 30% 30% 30% 30% 30% Estimated fair value 5.09p 5.30p 5.43p 5.37p 4.19p 4.56p 8 8 Sept. 28 June 28 April 11 Aug. 9 May Sept. 2006 2006 2006 2005 2005 2006 Weighted average share 9.00p 9.00p 9.50p 9.50 8.88p 8.75p price Weighted average exercise 11.00p 9.00p 13.50p 13.50p 10.00p 8.00p price Expected volatility 46% 46% 37% 37% 20% 15% Expected life (years) 6 6 6 6 6 6 Risk free rate 4.9% 4.9% 4.8% 4.7% 4.4% 4.4% Expected dividend yield nil nil nil nil nil nil Discount factor 20% 20% 20% 20% 20% 20% Estimated fair value 5.51p 5.86p 3.30p 3.25p 3.18p 2.50p Expected volatility was determined by calculating the historical volatility ofthe Company's share price over the period post AIM admission trading. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 16 Acquisition of subsidiaries In 2007, the Company incorporated four fully owned subsidiaries. SlovenskeNerasty Spol S.R.O and Slovenske Kovy S.R.O. were incorporated in Slovakia, andEMED Mining Spain S.L. and EMED Tartessus S.L. were incorporated in Spain. The share capital for the incorporation of the four subsidiaries was paid incash as follows: GBP'000 Slovenske Nerasty Spol S.R.O 4 Slovenske Kovy S.R.O. 4 EMED Mining Spain S.L. 2 EMED Tartessus S.L. 4 -------- 14 ======= 17 Capital Commitments The Group capital commitments for exploration in Georgia amounting to US$1million (around £500,000) in total for 2006 and 2007, in order to keep thelicence for exploration on the agreed ground. The Group's activities exceededthe amount of capital commitment mentioned above. The Group has also undertaken capital commitments for exploration in Slovakiaamounting to SKK12,000,000 (approximately GBP270,000) from 2006 to 2009. TheGroup's exploration costs from 2006 to date exceed the amount of this capitalcommitment. 18 Contingent liabilities In relation to Proyecto Rio Tinto ("PRT") (Note 9), should the Company notproceed with its option to acquire an interest, it is obliged to pay for careand maintenance at the site for a period of 6 months from the date of thenotification of withdrawal. This gives rise to a contingent liability of €1.5million. As part of the acquisition cost of a 95% in Eastern Mediterranean Minerals(Cyprus) Limited, an additional contingent consideration of GBP600,000 will bepaid by the Company one month after the date on which Eastern MediterraneanMinerals (Cyprus) Limited first receives revenue of GBP1,000,000 from or inrespect of specific exploration tenements. EMED MINING PUBLIC LIMITED Notes to the condensed interim consolidated financial statements for six months to 30 June 2007 19 Subsequent events There were no material post balance sheet events, which have a bearing on theunderstanding of the financial statements other than: Placing of New Ordinary Shares EMED Mining Public Limited placed 20,588,000 new ordinary shares of 0.25 penceeach par value ("New Ordinary Shares") at an issue price of 17 pence each withexisting and new shareholders on September 17th. The placing raised £3.5million gross (£3.3 million net after associated expenses) Establishment of £10 million Standby Facility available for 3 years The Company also entered into a £10.0m Standby Equity Distribution Agreement("SEDA") on 13 September with Yorkville Advisors, LLC, as the Investment Advisorto YA Global Investments, L.P. ("Yorkville"), which enables the Company, at itsdiscretion during the next 3 years, to draw down funds under the SEDA in smalltranches as and when it deems appropriate and in accordance with restrictionsset by the terms of the Agreement. The principal features of the SEDA are as follows: • The maximum aggregate amount of the equity line is £10,000,000 and EMED Mining is entitled to draw down the equity credit line in tranches of up to £250,000 at its option but not more frequently than every 21 days. This may increase to 35 days in certain circumstances. • The facility is for 36 months and is exercisable at any time other than when the Company is in possession of unpublished price sensitive information, or at any time it has become reasonably probable that such information will be required by the AIM rules to be notified. • The Company may at its option state in a notice to Yorkville the minimum market price which it wishes to accept in relation to an advance under the SEDA. Subject to compliance with the minimum market price set by the Company, Yorkville will subscribe for new Ordinary Shares (at a discount of five per cent) at the lowest volume-weighted average price (as derived from Bloomberg) (the "VWAP") of the five trading days following EMED Mining's notice to Yorkville for it to subscribe for new Ordinary Shares. • Yorkville has agreed that it will not and will procure that its affiliates will not during such a five day pricing period sell, transfer, grant any option over or otherwise dispose of the legal, beneficial or any other interest in any Ordinary Shares, or agree to do so. Yorkville has also agreed that it shall not and shall procure that none of its affiliates shall during the 36 month period of the SEDA enter into any contracts for the sale of Ordinary Shares in excess of the total number of Ordinary Shares which Yorkville and its affiliates own (including Ordinary Shares in respect of which EMED Mining has given a notice to Yorkville). • Yorkville may not refuse a notice by EMED Mining to subscribe for new Ordinary Shares provided that each time notice is given the pre-conditions have been met, which includes a requirement that warranties given by the Company have not been materially breached. • There are no restrictions placed on EMED Mining's access to other funding during the term of the agreement. • There is a fee payable to Yorkville of five percent of the amount of each tranche. • EMED Mining will also pay Yorkville an Implementation Fee of £350,000 for the credit line (which can be satisfied in two tranches of 50% each either in cash or in ordinary shares, with the number of such shares being calculated as £175,000 divided by the VWAP for the trading day immediately prior to the date of signing of the SEDA in the case of the first tranche, and in the case of the second tranche £175,000 divided by the VWAP for the earlier of (i) the fifth trading day after the notice date which results in the Company having given notice for advances of £750,000 or more; and (ii) the day before the first anniversary of the date of the SEDA agreement. A total of 1,030,109 were issued as settlement for the first tranche payment • There are no warrants or any other attached instruments to the issue of the shares arising from each put by EMED Mining. REVIEW REPORT TO THE MEMBERS OFEMED MINING PUBLIC LIMITED Report on Review of Interim Financial Information Introduction We have reviewed the accompanying balance sheet of EMED MINING PUBLIC LIMITED at30 June 2007 and the related statements of income and cash flows for the periodthen ended, and a summary of significant accounting policies and otherexplanatory notes. Management in responsible for the preparation and fairpresentation of this interim financial information in accordance withInternational Financial Reporting Standards. Our responsibility is to express aconclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with the International Standard on ReviewEngagements 2410 "Review of Interim Financial Information Performed by theIndependent Auditor of the Entity". A review of interim financial informationconsists of making enquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other review procedures. Areview is substantially less in scope than an audit conducted in accordance withInternational Standards on Auditing and consequently does not enable us toobtain assurance that we would become aware of all significant matters thatmight be identified in an audit. Accordingly, we do not express an auditopinion. Conclusion Based on our review, nothing has come to our attention that causes us to believethat the accompanying interim financial information does not give a true andfair view of the financial position of the entity as at 30 June 2007, and of itsfinancial performance and its cash flows for the period then ended in accordancewith International Financial Reporting Standards. Nicosia, Cyprus, 21 September 2007 MOORE STEPHENS STYLIANOU & CO CERTIFIED PUBLIC ACCOUNTANTS - CY This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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