EMED Mining (EMED.L) has been on the news quite recently. EMED notified that the schemes involving the miner's shares promoted by a group calling itself Chesterfield Financial Associates are 'fraudulent'.The Europe and Middle East focussed miner said Chesterfield Financial has been contacting investors purporting to act as an agent for EMED in relation to various alleged investment schemes.
"EMED Mining wishes to advise the market that it has no relationship whatsoever with Chesterfield Financial Associates and that the representations being made by them and the schemes being promoted by them are fraudulent," said the group.
The Cyprus-based company earlier in February said its first drillhole at the Slatinske Lazy prospect intercepted gold mineralisation geologically similar to the discoveries at the nearby Biely Vrch and Kralova prospects.
The company said it has recommenced drilling at the Slatinske Lazy prospect, and that its drilling rig will be
sent to Slovakia to expand work in the tenement areas in 2008.EMED Mining said it estimates the Biely Vrch porphyry gold deposit to contain 1.2 mln ounces of gold.
It said several identified prospects are yet to be drill tested within its large licences in central Slovakia.
EMED said that the annual report will be issued in March, but the company had only 2005 and 2006 annual reports on its website.
As of December, 2007 EMED had cash at bank of £2 million. During the quarter finished in December, a new £2.5 million loan was put in place and drawn down to support group activities pending the additional fund raising.
Based on the current situation, the group estimates it will be short of approximately £60 million to support its activity.
At the time of polishing up this article the company's stock was trading at a price of 17.50p at the AIM.
Reference
www.emed-mining.com
User comments