WHITEHORSE, YT, Feb. 6 /CNW Telbec/ - European Goldfields Limited (TSX /
AIM: EGU) is pleased to announce that the final Environmental Impact Study
(EIS) to develop its Certej gold/silver project in Romania has now been
European Goldfields already holds a mining permit for Certej, which is
currently being exploited on a small scale by way of an existing open pit. The
EIS addresses a proposed increase in mine production at Certej and the
processing of ore on site.
The EIS has been carried out over a 12-month period in order to
accumulate all the required base line data during the different seasons. The
EIS is a detailed multi-discipline study comprising over 1,000 pages
subdivided into a number of volumes assessing the environmental, social and
health impacts of the project on the mine area.
In December 2007, European Goldfields also applied for a Zone Urban Plan
(PUZ), which indicates that the project is now in the advanced stages of the
public permitting process. This follows the submission of a Technical
Feasibility Study to the Romanian authorities in March 2007 and the grant by
the local county council of a General Urbanisation Certificate in September
2006. This certificate confirms the designation of Certej as an industrial
mining area and attests to the local community's support for the project.
The PUZ is a detailed urbanisation plan for the project and its approval
involves an initial review of the EIS. The PUZ must be approved through a full
public consultation process by local authorities, county councils and public
utilities before the EIS can be approved by the regional Romanian
environmental authorities in Timisoara.
The PUZ is expected to be approved by the end of Q1 2008, following which
the EIS will be formally submitted to the environmental authorities.
The environmental permit and an updated mining permit are expected in
Q3 2008 following a standard public consultation process with local
communities, which is expected to start 45 days after submission of the EIS.
Customary construction and public utility permits are expected to follow by
end-2008 when the detailed engineering design has been completed for the site
The EIS has been prepared with the contribution of several Romanian
institutes of international reputation, namely the National Institute of
Research and Development for Industrial Ecology (ECOIND), the National
Institute of Research and Development for Environment Protection (ICIM), the
Technical University of Construction Bucharest and the Babes-Bolyai University
of Cluj. The EIS was prepared to the regulatory framework established by
Romanian and EU legislation.
Full feasibility study to be completed in Q2 2008 - European Goldfields
is in the final stage of completing a full feasibility study for the Certej
project, which will be used for internal approval and presentation to banks
and other sources of potential financing of the project. The only major
pending study is the engineering study for the process plant and associated
infrastructure by Aker Kvaerner Engineering Services, scheduled for completion
in Q2 2008.
Mining and processing - The deposit will be mined by open pit methods
with a strip ratio of 3.1:1. The project will involve the mining and
processing of 3.0 million tonnes of ore per annum over at least eleven years.
This is expected to yield approximately 160,000 oz of gold and 820,000 oz of
silver per year in doré, reflecting an average total process recovery of 81%
for gold and approximately 75% for silver.
The metallurgical process involves the production of a gold-bearing
concentrate followed by the production of gold and silver as doré on site by
means of the Albion Process.
The Albion Process is a combination of ultra-fine grinding of
concentrates and oxidative leaching at atmospheric pressure. The liberated
gold and silver is then recovered as doré by the conventional Carbon in Leach
The residues from the flotation and gold plants will be disposed of in
two separate but adjoining tailings management facilities (TMFs), which are
ideally located and designed for this project. The EIS confirms that the
Certej project and its TMFs will have a negligible impact on the local water
streams, flora and fauna.
About European Goldfields
European Goldfields Limited is a resource company involved in the
acquisition, exploration and development of mineral properties in Greece,
Romania and South-East Europe.
Greece - In addition to owning 80% of the Certej project in Romania,
European Goldfields holds a 95% interest in Hellas Gold S.A. Hellas Gold owns
three major gold and base metal deposits in Northern Greece. The deposits are
the polymetallic operation at Stratoni, the Olympias project which contains
gold, zinc, lead and silver, and the Skouries copper/gold porphyry project.
Hellas Gold commenced production at Stratoni in September 2005 and commenced
selling an existing stockpile of Olympias gold concentrates in July 2006.
Hellas Gold is applying for permits to develop the Skouries and Olympias
Certain statements and information contained in this document, including
any information as to the Company's future financial or operating performance
and other statements that express management's expectations or estimates of
future performance, constitute forward-looking information under provisions of
Canadian provincial securities laws. When used in this document, the words
"anticipate", "expect", "will", "intend", "estimate", "forecast", "planned"
and similar expressions are intended to identify forward-looking statements or
information. Forward-looking statements include, but are not limited to, the
estimation of mineral reserves and resources, the timing and amount of
estimated future production, costs and timing of development of new deposits,
permitting time lines and expectations regarding metal recovery rates.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The Company cautions the reader that such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual financial results, performance or
achievements of the Company to be materially different from its estimated
future results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other factors
include, but are not limited to: changes in the price of gold, base metals or
certain other commodities (such as fuel and electricity) and currencies;
uncertainty of mineral reserves, resources, grades and recovery estimates;
uncertainty of future production, capital expenditures and other costs;
currency fluctuations; financing and additional capital requirements; the
successful and timely permitting of the Company's Skouries, Olympias and
Certej projects; legislative, political, social or economic developments in
the jurisdictions in which the Company carries on business; operating or
technical difficulties in connection with mining or development activities;
the speculative nature of gold and base metals exploration and development,
including the risks of diminishing quantities or grades of reserves; the risks
normally involved in the exploration, development and mining business; and
risks associated with internal control over financial reporting. For a more
detailed discussion of such risks and material factors or assumptions
underlying these forward-looking statements, see the Company's Annual
Information Form for the year ended 31 December 2006, filed on SEDAR at
www.sedar.com. The Company does not intend, and does not assume any
obligation, to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as required by
For further information:
For further information: European Goldfields: David Reading, Chief
Executive Officer, +44 (0)20 7408 9534, firstname.lastname@example.org; Buchanan
Communications: Bobby Morse; Ben Willey, +44 (0)20 7466 5000,
email@example.com; Renmark Financial Communication:
www.renmarkfinancial.com; Tina Cameron, firstname.lastname@example.org; Barbara
Komorowski, email@example.com; Media - François Trépanier,
firstname.lastname@example.org, (514) 939 3989, Fax: (514) 939 3717; RBC
Capital Markets: Andrew K Smith, email@example.com; Sarah Wharry, +44
(0)20 7029 7882