EMED to explore Rehova mine

LONDON, Nov. 27 – On Monday, EMED Mining Public said it had been granted an exclusive 90-day option for the Rehova Exploration Licence in Albania. The company said that the current owner has granted the option for the Rehova Licence to EMED Mining so that it may concentrate on its core projects elsewhere. The premium payable by EMED Mining on grant of the option was $50,000, and was satisfied by the issuance of 280,000 shares at a price of 9.3 cents per share. If EMED Mining elects, in due course, to exercise its option, a further $400,000, which may be satisfied in cash or by the issuance of shares, at the company’s discretion, would be payable to the vendor. The exercise of the option is at the sole discretion of the directors of EMED Mining. The Rehova Licence has a surface area of 46 square kilometers and is located some 5 hours drive southeast of the Albanian capital city Tirana. The license area contains several known Cyprus-type volcanic-hosted massive sulphide deposits as well as untested geophysical anomalies. One deposit has previously reported Russian resources of 2.1 million tones, grading 2.2% copper, 1.2% zinc and 0.3g/t gold. EMED Mining has conducted initial due diligence, which confirmed the exploration potential of the license but has yet to form a fully considered view on the reported Russian resources.