PARIS & TORONTO, June 6 /CNW/ - EURO Ressources S.A. ("EURO") (TSX: EUR)
(Paris: EUR) announces that Golden Star Resources Ltd. ("Golden Star") (TSX:
GSC)(AMEX: GSS) is progressing the exploration and development work on the
Paul Isnard concessions and PER (the "Properties") held by EURO in French
Golden Star has advised EURO that it is reviewing proposals for a scoping
study to be followed by a feasibility study on Montagne d'Or, on which an
historic resource has been identified on the concession areas. It has already
signed contracts for two airborne geophysical surveys, which will commence in
July on the Montagne d'Or area and the adjacent PER at Paul Isnard.
Rehabilitation of the Citron Camp has commenced, as the camp will be used as a
base for exploration on the Properties. A manager has been hired for the
project, and Golden Star is advancing plans for drilling and further
geological surveys on the Properties.
James H Dunnett, Directeur-General of EURO, commented: "We are pleased
that Golden Star has begun work on the Paul Isnard Properties and is moving
forward with an active exploration program. We are optimistic about Golden
Star's initial focus on Montagne d'Or and look forward to further positive
updates as the exploration work gets underway."
Under the March 2007 memorandum of understanding between EURO and Golden
Star, Golden Star has undertaken to spend EUR 1,215,000 on the Paul Isnard
exploration permit held by EURO and has agreed to complete a feasibility study
on at least one project on the Properties within 12 months. Subject to a
positive feasibility study, Golden Star will commence commercial production
within 30 months and EURO will receive royalty payments from production on the
Properties calculated as to 10% on the first 2 million ounces of production
and 5% on the next 3 million ounces of production (in both cases multiplied by
the Market Price of Gold in excess of $400/ounce) and in the event of
commercial production being delayed, Golden Star will pay advance royalties of
$1,000,000 per annum.
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
contained in this news release are forward-looking statements. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially.
Such statements include comments regarding Golden Star's intentions to move
forward on the Paul Isnard Properties. 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 U.S. Securities Act of 1933 and may not be offered
or sold in the United States or to a U.S. person absent registration or an
applicable exemption from registration.
Additional information relating to EURO Ressources S.A. is available on
SEDAR at www.sedar.com.
For further information:
For further information: EURO Ressources S.A. James H. Dunnett,
+1-604-710-2242 Directeur-General firstname.lastname@example.org or Susanne A. Hermans,
+1-303-204-7771 Vice-President Finance email@example.com