In May 2007, EMED Mining was granted an option to acquire the Rio Tinto Copper Mine (also known as Proyecto de Rio Tinto or "PRT"), an RTZ-built copper mine and processing plant in Spain.

The main assets of the Rio Tinto Copper Mine are the mine and plant site adjacent to the town of Rio Tinto - 65 kilometres northwest of Seville in Andalucia, Spain. The mine was placed on care and maintenance in 2000 due to then-prevailing low copper prices of below $US1.00/lb.

EMED Mining has a 100%-owned subsidiary named EMED Tartessus SL that holds the Company's assets in Spain. Information in Spanish on EMED Mining and this subsidiary is available at www.emed-tartessus.com and in the press release "Compania Minera Invierte en la Faja Piritica Iberica".

In October 2008, EMED Tartessus SL acquired 100% ownership of the Rio Tinto Copper Mine.

The Company has undertaken extensive studies on the Rio Tinto Copper Mine. This work has been independently reviewed by AMC Consultants and Behre Dolbear International.

As detailed in the Behre Dolbear NI-43-101 Technical Report dated 17 November 2010, key anticipated production parameters for the Rio Tinto Copper Mine are:

• Production of approximately 37,000 tonnes of copper-in-concentrate based on processing 9.0 million tonnes of ore per annum;
• An average waste-to-ore ratio for the life of mine of approximately 1.1 to 1.0;
• Total costs of approximately US$1.57/lb including all operating, capital and acquisition costs;
• Employment of approximately 400 to 450 employees and contractors at full production; and
• Potential to extend the 14 year mine life through conversion of more resources to reserves.

EMED Mining will continue refining operating plans and verifying cost and other analyses in consultation with its independent consultants. This may result in changes to the above figures.

Mineral Resources and Ore Reserves for the Rio Tinto Copper Mine

Measured and Indicated Mineral Resources total 203.1 million tonnes at 0.46% copper (0.93 million tonnes of contained copper), at a cut-off grade of 0.20% copper.

Proved and Probable Ore Reserves total 123.0 million tonnes at 0.49% copper (0.61 million tonnes of contained copper), at a cut-off grade of 0.20% copper.

Further information on the Mineral Resources and Ore Reserves for the Rio Tinto Copper Mine is available in the NI 43-101 Technical Report on Reopening the Rio Tinto Copper Mine (2.1MB pdf) dated 17 November 2010.

Restart of the Rio Tinto Copper Mine

The restart of mining operations at the Rio Tinto Copper Mine can only proceed following receipt of various regulatory approvals and the Company raising the necessary funds.

EMED Mining is continuing to progress the permitting process and to resolve the remaining negotiations with private landholders and government agencies.

The principal regulatory approvals required are:

• Approval by the Junta de Andalucia of the transfer of mineral rights to EMED Tartessus; and
• Approval of the restart, operating and rehabilitation plans all of which are based on long-standing and previously approved practices at Rio Tinto Mine that are being updated as appropriate.

The estimated average annual operating cash flows at a copper price of US$3.00/lb are forecast to be greater than the capital expenditure required to restart the operation.

Further Information

Further information on the Rio Tinto Copper Mine is available in the NI 43-101 Technical Report on Reopening the Rio Tinto Copper Mine (2.1MB pdf) dated 17 November 2010.

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