PARIS, June 18 /CNW/ - EURO Ressources S.A. (TSX:EUR)(Paris:EUR) has
filed with the Canadian securities regulatory authorities amended and restated
management's discussion and analysis for the year ended December 31, 2006,
which now includes disclosure of the conclusions of EURO's senior executives
as to the effectiveness of EURO's disclosure controls and procedures.
EURO has also filed a new technical report regarding the Rosebel Royalty,
and has amended and restated its annual information form in respect of the
year ended December 31, 2006 to reflect the disclosure set out in the new
technical report. The new technical report does not identify any changes to
the reserves or resources at IAMGOLD Inc.'s Rosebel Gold Mine.
The new and amended documents were prepared at the request of Canadian
securities regulatory authorities following their review of EURO's continuous
disclosure record in connection with EURO's application for approval of a
proposed rights offering to shareholders.
James H. Dunnett, Directeur-General of EURO commented: "We have given
active consideration to undertaking a small rights issue to augment the
Company's equity and provide liquidity to repay some of our high cost
borrowing from Golden Star. We also have an option from Golden Star to settle
the remaining amounts due on the purchase of the Rosebel Royalty: this option
is likely to prove an attractive use of proceeds, particularly if IAMGOLD
undertakes the possible expansion of production at Rosebel.
"While we have largely completed the regulatory process to enable us to
proceed with a rights issue, there remain some outstanding matters that would
further delay the closing of a rights issue until late July or August.
Accordingly, management has determined not to proceed with a rights issue at
"We will continue to monitor market conditions and may, in future,
undertake an offering, which would enable us to substantially reduce our
indebtedness. We have also had discussions with our principal bankers,
Macquarie Bank Limited, regarding the restructuring of our existing gold hedge
commitments. These discussions are ongoing, but envision that on repayment of
our indebtedness to Macquarie, the Company would be able to consider payment
of dividends, subject to a reduction in our hedge commitments."
Copies of the amended and restated management's discussion and analysis,
the new technical report and the amended and restated annual information form
are available under EURO's profile at www.sedar.com.
EURO is a French company, presently focused on acquiring and holding
royalties and similar interests on operating gold mines. EURO also holds
certain gold mineral rights in French Guiana including Paul Isnard which
comprises 8 concessions and a PER over 140 sq. km. EURO has approximately 50.5
million shares outstanding.
Statements Regarding Forward-Looking Information: Some statements in this
news release are forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain and involve risks and
uncertainties. Such statements include comments regarding the Company's
intentions with respect to undertaking offerings of securities, restructuring
its gold hedge commitments, repaying indebtedness and paying dividends. There
can be no assurance that future developments affecting the Company will be
those anticipated by management.
Not for distribution to United States newswire services or for
dissemination in the United States. The securities referred to herein have not
been registered under the US Securities Act of 1933 and may not be offered or
sold in the United States or to a US person absent registration or an
applicable exemption from registration.
Additional information relating to EURO Ressources S.A. is available
under EURO's profile on SEDAR at www.sedar.com. Further requests for
information should be addressed to:
James H. Dunnett, Susanne A. Hermans
Directeur-General Vice-President Finance
Tel: +1 604 710 2242 Tel: +1 303 204 7771
Fax: +1 604 608 3283 Email : firstname.lastname@example.org
Email : email@example.com
For further information:
For further information: EURO Ressources S.A. James H. Dunnett, +1
604-710-2242 Directeur-General Fax: +1 604 608 3283 Email: firstname.lastname@example.org
Susanne A. Hermans, +1 303-204-7771 Vice-President Finance Email: