WHITEHORSE, YT, Sept. 3 /CNW Telbec/ - European Goldfields Limited (AIM:
EGU/TSX: EGU) ("European Goldfields" or the "Company") is pleased to announce
further progress of its Certej project in Romania.
Technical Feasibility Study now approved and Mining Permit updated
The National Agency for Mineral Resources ("NAMR") has approved the
Technical Feasibility Study for the project recognising the quality of the
work invested into the Certej project by Deva Gold. The NAMR has also now
confirmed the official approval and registration of the project's resources
and reserves. This completes all the approvals required for the project from
NAMR and is a very significant step forward in the development of the Certej
project, as it effectively updates the mining permit and allows the reserve as
outlined in the Technical Feasibility Study to be mined.
New Urbanisation Certificate issued
The environmental permitting process is now in its latter stage and its
successful conclusion will allow for construction and full scale operation of
the project. As part of that process, Deva Gold has received an updated
Urbanisation Certificate from the Hunedoara County Council, renewing that
issued in October 2006. The new Urbanisation Certificate, which incorporates
all the modifications to the project since 2006, is valid until 2010 and can
be extended further. The award of this new certificate, which legally confirms
the designated land use of the project site, again demonstrates the continued
support of the Romanian authorities for the development of the Certej project.
This confirmation of Certej as a designated industrial mining area also
clearly attests to the local community's support for the project.
The Way Forward
The permitting process is now in its final stages. Deva Gold has already
submitted an Environmental Impact Study ("EIS") and a Zonal Urbanisation Plan
("PUZ") to the relevant Romanian authorities. Deva Gold has advanced the
planning procedures for the next step, the PUZ approval, including two public
meetings with the affected local communities.
Following the approval of the PUZ, the EIS will also then be subject to
the last requirement for public consultation prior to the issuance of the
environmental permit. This is expected in late 2008.
These are the final approvals required for the construction and operation
of the plant, the tailings design and other related infrastructure.
New exploration licence
The Company is also pleased to announce that its wholly-owned subsidiary,
European Goldfields Deva SRL, has obtained a new exploration licence for the
Magura Tebii area located along the Certej Brad belt in the historic gold
producing area of the "Golden Quadrilateral" area of Romania. This location
has been subject to historic early stage exploration by Romanian state-owned
entities and data from that period indicates potential for gold-bearing
Commenting on these developments David Reading, Chief Executive Officer
of European Goldfields said:
"The issuance of an updated mining permit for our Certej project is a
very significant step forward. European Goldfields is on track to achieve its
objectives in Romania this year. Certej is an important project at the heart
of our portfolio whose progress is achieved with considerable support from
both the Romanian authorities and the local community".
Certej Project Background
Certej is an epithermal gold/silver deposit located within the "Golden
Quadrilateral" area of the Apuseni Mountains of Transylvania in Western
Romania, 12km from the regional town of Deva.
European Goldfields owns 80% of the project through its subsidiary, Deva
Gold. There is an existing open pit that was operated by the Romanian State
mining entity, Minvest, until 2006 for which Deva Gold holds a valid and
updated operating permit.
Deva Gold has advanced the planning procedures for approval of the PUZ
including two public meetings with the affected local communities. The
regional Environmental Department from Timisoara has received an official
letter from the local Council of Certej giving its full support to the
project, recognising the sustainable development and benefits which the
project brings to the local economy.
On 23rd July the Company announced the completion of a definitive
feasibility study for the Certej project.
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 - 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 started selling an existing stockpile of gold concentrates from
Olympias in July 2006. Hellas Gold is applying for permits to develop and
build the Skouries and Olympias projects.
Romania - European Goldfields owns 80% of the Certej gold/silver project
in Romania. The Company submitted in March 2007 a technical feasibility study
to the Romanian government in support of the necessary permit applications to
develop the project. In March 2008, European Goldfields submitted the
Environmental Impact Study to the Romanian environmental authorities to start
the assessment of the environmental impact of the Certej Project.
Resources & reserves parameters
For additional information on the resource and reserve estimates quoted
in this news release, please refer to the Company's Resources & Reserves
Declaration at www.egoldfields.com/goldfields/resources.jsp. Patrick Forward,
General Manager, Exploration of the Company, was the Qualified Person under
Canadian National Instrument 43-101 responsible for reviewing the disclosure
of resource and reserve estimates quoted in this news release.
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 2007, 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, firstname.lastname@example.org, +44 (0)20 7408 9534; Buchanan
Communications: Bobby Morse / Ben Willey, email@example.com, +44 (0)20
7466 5000; Renmark Financial Communication: Henri Perron,
firstname.lastname@example.org; John Boidman, email@example.com;
Media - Eva Jura, firstname.lastname@example.org +1 514 939 3989,
www.renmarkfinancial.com, Fax: +1 514 939 3717; RBC Capital Markets: Andrew K
Smith, email@example.com, +44 (0)20 7029 7882